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 Crypto Finance Conference in St. Moritz by Leemon Baird, co-founder of Hedera, and John Woods, chief technology officer of the Algorand Foundation, during a joint panel.
According to the two decentralized finance (DeFi) executives, the DeRec Alliance aims to streamline the process of securing and recovering digital assets, aligning with conventional Web2 experiences.
