Hedera and Algorand team up to develop decentralized wallet recovery system

Key participants in the Hedera and Algorand ecosystems, including the HBAR Foundation and Algorand Foundation, announced the establishment of a new alliance called DeRec Alliance on January 11th to create a decentralized digital asset recovery system. The goal of the DeRec Alliance is to simplify the process of protecting and recovering digital assets, and introduces the decentralized recovery (DeRec) open source protocol as a standardized method for secret management. The DeRec protocol will automatically confirm helpers to retain secret shares and automatically re-share them when secrets change or helpers join or leave, without revealing the identity or number of helpers.