Hedera And Algorand Cooperate To Form DeRec Alliance To Facilitate Asset Recovery And Increase Crypto Adoption

ALGO and HBAR crypto assets. (Photo; Doc. Allincrypto)

JAKARTA - Two prominent blockchain platforms, Hedera Hashgraph (HBAR) and Algorand (ALGO), are collaborating on a new alliance in the crypto industry, DeRec Alliance. This new initiative is designed to create a decentralized digital asset recovery protocol. This protocol aims to simplify the recovery process and increase cryptocurrency adoption and other digital assets in various crypto wallets.

DeRec Alliance is the result of collaboration between various entities in the Hedera and Algorand ecosystems, including the HBAR Foundation, Algorand Foundation, Hashgraph Association, Switzerland Labs, DLT Science Foundation, and industry partners such as The Building Blocks and BankSocial.

DeRec Alliance was introduced at the CFC St. Moritz conference in Switzerland on Tuesday 11 January 2024. The event was filled by Dr. Leemon Total, founder of Hedera and Co-CEO Swirds Labs, and John Woods, CTO Algorand Foundation.

Dr.men explain that DeRec Alliance was formed through a collective effort of professionals and organizations that want to simplify the process of securing and restoring digital assets, accounts, passwords, and other secrets, so that it fits the familiar Web2 experience. These organizations contribute to realizing the potential of Web3 for users and the global community, without any inhibiting complexity.

"DeRec Alliance is an individual group and organization that is committed to making the process of securing and restoring digital assets, accounts, passwords, and other secrets as easy as the existing Web2 experience," said Dr.

DeRec Alliance Invites United Blockchain Developers

DeRec Alliance aims to unite the Web3 ecosystem and form a new industry standard, which ensures a smooth and secure digital asset recovery process in various wallets. DeRec Alliance invites blockchain developers to unite and create the standards and open source code needed to provide security to the promise of the Web3 ecosystem.

Dr.mengatakan bahwa DeRec Alliance menggunakan teknik secret sharing, di mana pengguna dapat memilih sejumlah helper, baik teman maupun bisnis, yang dapat membantu mereka memulihkan rahasia mereka jika diperlukan. Dengan ini, pengguna tidak perlu khawat kehilangan akses ke aset digital mereka.

John Woods, CTO Algorand Foundation, stressed the importance of a user experience that runs smoothly in Web3 products. He said that projects such as Hedera and Algorand must be accessible to the global audience, by maximizing the ease of users and minimizing the risk of self-regulation.

"DeRec Alliance is an ambitious effort to solve one of the biggest UX Web3 problems, namely key ownership. And the best of all, this is done in a project-agnostic way, meaning it is completely interoperable across the industry. Algorand is delighted to be a part of this story," Woods said.