HBAR Crypto News: Hedera (HBAR), a platform that utilizes its proprietary Hashgraph technology, has been working diligently over the past few months to introduce a range of new products and services. Recent reports suggest that the ‘DeRec’ protocol, which has been in the works for some time now, is expected to launch during the third quarter of this year.
DeRec Protocol To Recover Lost Crypto Coins
DeRec, an acronym for “Decentralized Recovery”, is aimed at addressing the market-wide issue of recovering lost coins or private keys to regain access to crypto wallets. This particular system offers a “safety net” for stolen or misplaced cryptocurrencies, which is still considered too risky and complicated for many.
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The DeRec protocol makes use of “automated rule enforcement” for the addition of features not normally seen in regular cryptocurrencies. Hedera currently holds the patent for this system, which was first submitted for consideration in January 2022 and was ultimately granted in December of the same year.
HBAR Price Action After DeRec Release
A prominent Hedera advocate who tweets under the name HederaInform, has speculated that the launch of the DeRec protocol is likely to take place in the third quarter of 2023. This news has been met with much enthusiasm from the crypto community, which is expected to result in a spike in the price of the HBAR token, the network’s native cryptocurrency. Much like previous announcements, the launch of DeRec is expected to drive the HBAR token’s price up.
At the moment, Hedera (HBAR) is exchanging hands at $0.063, showing a 2.90% increase in the past 24 hours, and a 12% gain in the last seven days. Meanwhile, the technical analysis (TA) indicators at CoinGape’s crypto market tracker portray a neutral stance, suggesting a “neutral” at level 10 and a “buy” at level 6.
Also Read: Popular NFT App Migrates To Hedera Blockchain From Ethereum, Here’s Why
