Hedera’s Patented Coin Recovery System Is Coming

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HBAR Cryp­to News: Over the course of the past few months, Hed­era (HBAR), which runs on its pro­pri­etary Hash­graph tech­nol­o­gy, has been steadi­ly churn­ing out new prod­ucts and ser­vices. Now, accord­ing to recent reports, Hedera’s “DeRec” pro­to­col, which has been in devel­op­ment for some time now, is rumored to be released in the third quar­ter of this year.

DeRec Allows 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 offers a “safe­ty net” for stolen or mis­placed cryp­tocur­ren­cies, result­ing in an envi­ron­ment that is still, for many, too cum­ber­some and risky to engage with.

Read More: Why Chi­nese Cryp­to Coins May Sky­rock­et In Com­ing Weeks?

The DeRec pro­to­col makes use of “auto­mat­ic rule enforce­ment” which enables the addi­tion of fea­tures that are not typ­i­cal­ly seen in reg­u­lar cryp­tocur­ren­cies. Hed­era cur­rent­ly holds the patent for this sys­tem which was ini­tial­ly sub­mit­ted for con­sid­er­a­tion in Jan­u­ary 2022 and was sub­se­quent­ly grant­ed in Decem­ber of last year.

HBAR Price Action Following Release

Accord­ing to a promi­nent Hed­era advo­cate who tweets under the alias Hed­eraIn­form, the debut date for DeRec is spec­u­lat­ed to take place at some point dur­ing the third quar­ter of 2023. The launch is expect­ed to be met with much fan­fare from the cryp­to com­mu­ni­ty, which will be reflect­ed in the HBAR token, the network’s native cryp­tocur­ren­cy. Pre­vi­ous such announce­ments have been wit­ness to a sig­nif­i­cant uptick in the price of HBAR tokens, as pro­po­nents of the Hed­era net­work wait with bat­ed breath for the launch of the protocol.

In light of this HBAR cryp­to news, the price of Hed­era (HBAR) is cur­rent­ly exchang­ing hands at $0.063, which rep­re­sents an increase of 2.90% over the past 24 hours as opposed to a gain of 12% record­ed over the pre­vi­ous sev­en days. Addi­tion­al­ly, it should be not­ed that, HBAR’s tech­ni­cal analy­sis (TA) indi­ca­tors at CoinGape’s cryp­to mar­ket track­er present­ly rec­om­mend keep­ing a neu­tral posi­tion, advis­ing a “neu­tral” at lev­el 10 and a “buy” at lev­el 6 by its mov­ing averages.

Also Read: Promi­nent NFT App Migrates To Hed­era From Ethereum, But Why?

Pratik has been a cryp­to evan­ge­list since 2016 & been through almost all that cryp­to has to offer. Be it the ICO boom, bear mar­kets of 2018, Bit­coin halv­ing to till now — he has seen it all. 

The pre­sent­ed con­tent may include the per­son­al opin­ion of the author and is sub­ject to mar­ket con­di­tion. Do your mar­ket research before invest­ing in cryp­tocur­ren­cies. The author or the pub­li­ca­tion does not hold any respon­si­bil­i­ty for your per­son­al finan­cial loss.

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