Posted 1/11/2024, 9:01:00 AM
DeRec Alliance Launches to Simplify Crypto Asset Recovery via Decentralized Standard
- DeRec Alliance formed between Hedera, Algorand, and partners to develop decentralized recovery standard for crypto assets
- Aims to simplify user experience by eliminating need for cold storage, self-custody, etc.
- Uses secret sharing protocol to enable recovery via network of helpers, enhancing security
- Seeks open standard adopted across web3 to ease asset recovery and boost adoption
- Founding members include HBAR Foundation, Algorand Foundation, DLT Science Foundation, and industry partners