HBAR Crypto News: Over the course of the past few months, Hedera (HBAR), which runs on its proprietary Hashgraph technology, has been steadily developing new products and services. Now, according to recent reports, Hedera’s “DeRec” protocol, which has been in development for a while, is rumored to be released in the third quarter of this year.
DeRec enables recovery of lost coins
DeRec, which is an acronym for “Decentralized Recovery”, aims to solve the market-wide problem of recovering lost coins or private keys to regain access to crypto wallets. This unique mechanism provides a “safety net” for stolen or misplaced cryptocurrencies, resulting in an environment that is still too cumbersome and risky for many to handle.
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The DeRec protocol uses “automatic rule enforcement”, allowing for the addition of features not normally found in mainstream cryptocurrencies. Hedera currently holds the patent on this system which was initially submitted for consideration in January 2022 and then granted in December of last year.
HBAR price action after release
According to a prominent Hedera lawyer who tweet under the alias HederaInform, the debut date for DeRec is speculated to be sometime in the third quarter of 2023. the network’s native cryptocurrency. Previous such announcements witnessed a significant increase in the price of HBAR tokens as proponents of the Hedera network await the launch of the protocol with bated breath.
In light of this HBAR crypto news, the price of Hedera (HBAR) is currently trading hands at $0.063, representing a 2.90% gain in the last 24 hours as opposed to a 12% gain in the last seven days. Additionally, it should be noted that HBAR’s technical analysis (TA) indicators at CoinGape’s crypto market tracker currently recommend holding a neutral position, recommending a “neutral” at level 10 and a “buy” at level 6 by its moving averages.
Also Read: Prominent NFT app migrates from Ethereum to Hedera, but why?
Pratik has been a crypto evangelist since 2016 and has experienced almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin’s halving so far – he’s seen it all.
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This post Hedera’s patented coin recovery system is coming
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