Hedera, Algorand Partner To Develop Wallet Recovery System
Hedera and Algorand ecosystems have formed the DeRec Alliance to develop a decentralized recovery system for digital assets.
The alliance, unveiled at the Crypto Finance Conference, aims to streamline the process of securing and recovering digital assets, aligning with conventional Web2 experiences.
The DeRec open-source protocol, introduced alongside the alliance, is a standardized approach to secret management.
It operates with automatic confirmations that helpers retain shares of secrets, and automatic resharing when secrets change or helpers join or leave.
The protocol also ensures that identities or numbers of helpers are not disclosed, allowing them to remain unaware of each other.
(With inputs from Shikha Singh)
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