Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Hedera (HBAR) and Algorand (ALGO) form DeRec alliance for decentralized recovery
ADOPTION NEWS

Hedera (HBAR) and Algorand (ALGO) form DeRec alliance for decentralized recovery

By Crypto FlexsJanuary 11, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Hedera (HBAR) and Algorand (ALGO) form DeRec alliance for decentralized recovery
Share
Facebook Twitter LinkedIn Pinterest Email

The launch of DeRec Alliance marks the beginning of a pioneering partnership between the two companies. girl name With the (HBAR) and Algorand (ALGO) ecosystems, the blockchain world has advanced to the next level. Cryptocurrency Recovery. This collaboration took place between two ecosystems. The goal of the collaboration, unveiled at the CFC St. Moritz conference in Switzerland, is to modernize the digital asset recovery process by making it simpler and more secure for all parties involved.

Several important organizations are members of the DeRec Alliance, including the HBAR Foundation, Algorand Foundation, Hashgraph Association, Swirlds Labs, DLT Science Foundation, and business partners Building Blocks and BankSocial. These organizations are part of the Hedera and Algorand ecosystems. The primary goal is to establish an interoperable recovery standard that simplifies the process of recovering crypto assets and other digital assets beyond the difficulties of cold storage and self-custodial approaches.

Known as Decentralized Recovery (DeRec) code, this new standard provides an open source solution for managing keys and other confidential information. Recovering a user’s secrets, such as digital assets, accounts, keys, and passwords, involves sharing the secrets among a group of helpers (e.g., friends or companies) who can help the user retrieve the secrets. The information each helper provides to this system does not reveal any information about the initial secret. Even if you lose your phone or other two-step recovery device, users can recover their secrets with the help of 50% assistant.

Losing your password is not uncommon in the cryptocurrency world. As reported by Blockchain.News, Former Ripple executive Stefan Thomas lost the keys to his digital wallet that held $240 million worth of Bitcoin. Thomas wrote down his password on a piece of paper but forgot it. If he doesn’t remember the hard drive unlock code, his cryptocurrency fortune will be locked forever. Thomas was only two guesses away from losing his fortune.

A number of additional features are included in the protocol, such as automatically periodically checking that the helper still has the secret share, and automatically re-sharing secrets if the secret changes or if the helper joins or leaves the organization. In particular, the individuals assisting users remain anonymous, and even individuals assisting users do not know each other’s identities.

DeRec Alliance has made significant progress in the Web3 space with the goal of making the process of protecting and recovering digital assets as simple as it was in Web2 environments. Using newly developed open source standards, coalition members are working together to realize the potential of Web3 while minimizing the complexities associated with working with Web3.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

The Senate encryption bill adds a provision for treating tokenized stocks as securities.

September 7, 2025

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The Senate encryption bill adds a provision for treating tokenized stocks as securities.

September 7, 2025

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025
Most Popular

PRIMEXBT expands its global reach with FSCA regulatory password asset service.

June 2, 2025

Did MicroStrategy create problems by choosing Bitcoin over Ethereum? Analyst Rating

May 26, 2024

Bunzz launches AI-based smart contract audit tool with free auditing for first 20 projects

January 3, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.