Hedera’s Patented Token Recovery System To Go Live Soon; What It Means For HBAR Price?

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.

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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 show a neutral position, recommending a “neutral” at level 10 and a “buy” at level 6.

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

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