Hedera and Algorand partner to develop decentralized wallet recovery system
The blockchain ecosystems Hedera and Algorand collaborated on a new alliance and open source protocol to troubleshoot the need for decentralized recovery for digital assets.
Major players from within the Hedera and Algorand ecosystems – including the HBAR Foundation and Algorand Foundation – announced the launch of a new alliance called the DeRec Alliance on Jan. 11 to build a decentralized recovery system for digital assets.
The alliance was unveiled at the CFC St. Moritz conference by Dr. Leemon Baird, the co-founder of Hedera, and John Woods, CTO of Algorand Foundation, during a joint panel.
According to the two DeFi executives, the DeRec Alliance aims to streamline the process of securing and recovering digital assets, aligning with conventional Web2 experiences.
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