- Hedera and Algorand are collaborating on the development of a decentralized crypto wallet recovery system.
- In order to achieve this, key players in the blockchain industry have come together to form the DeRec Alliance.
- The primary objective of this cooperation is to streamline the process of safeguarding and restoring access to digital assets.
A decentralized system for recovering crypto wallets is being developed by representatives from Hedera and Algorand blockchains. To facilitate this effort, several organizations in the Web3 space have established the DeRec Alliance.
The announcement of the alliance was made during the Moritz Conference at the CFC St. The presentation of the alliance was conducted by Lemon Baird, co-founder of Hedera, and John Woods, CTO of the Algorand Foundation.
The DeRec Alliance comprises prominent organizations and partners associated with the aforementioned blockchains. Included in this alliance are the following projects:
- HBAR Foundation;
- Algorand Foundation;
- Hashgraph Association;
- Swirlds Labs;
- DLT Science Foundation.
The primary objective of this alliance is to develop a system that simplifies the process of restoring access to digital assets, accounts, keys, and passwords.
“The DeRec Alliance is a collective of individuals and organizations dedicated to making the protection and recovery of digital assets, accounts, passwords, and other sensitive information as effortless as the current Web2 experience,” stated Leamon Baird.
The project representatives acknowledged the ambitious nature of their task. They envision creating a universal tool for recovering confidential user data that can be utilized across the entire crypto industry.
Let’s also remember that we previously highlighted the addition of the ChatGPT plugin to the Hedera blockchain.