Hedera, which Turkish crypto money investors also include in their baskets, announced good news. In this context, the altcoin project will soon implement DeRec, the patented token recovery system. What does this improvement mean for HBAR price?
DeRec allows recovery of lost coins
According to the latest HBAR crypto news, Hedera’s patented token recovery technology ‘DeRec’ is expected to go live in Q3 of 2023. cryptocoin.comAs you can see from , Hedera has been working on proprietary Hashgraph technology for the past few months, and is constantly developing new products and services. Now, according to recent reports, Hedera’s ‘DeRec’ protocol, which has been in development for a while, is said to be released in the third quarter of this year.
DeRec, short for ‘Decentralized Recovery’, aims to solve the market-wide problem of recovering lost cryptocurrencies or private keys to regain access to crypto wallets. This unique mechanism provides a ‘safety net’ for cryptocurrencies stolen or misplaced due to an environment that is still too cumbersome and risky for many to deal with. The DeRec protocol uses ‘automatic rule enforcing’ which allows the addition of features not typically seen in regular cryptocurrencies. Hedera currently holds the patent for this system, which was first submitted for consideration in January 2022 and then granted in December of last year.
How will altcoin price react to the launch of DeRec?
DeRec’s release date is predicted to happen at some point in the third quarter of 2023, according to a prominent Hedera advocate tweeting under the pseudonym HederaInform. The launch is expected to be met with great enthusiasm from the crypto community, which will also impact the price of the network’s native cryptocurrency, HBAR. While proponents of the Hedera network hold their breath for the launch of the protocol, such previous announcements have brought with it significant increases in the price of the HBAR token.
In light of the latest developments, Hedera (HBAR) is currently changing hands at $0.0639. This represents a 1.5% increase in the last 24 hours, alongside the 12% gain recorded in the previous seven days. Additionally, HBAR’s technical analysis (TA) indicators currently recommend holding a neutral position. It should also be noted that the indicators recommend ‘neutral’ at the 10th level and ‘buy’ at the 6th level according to the moving averages.
Hedera currently ranks 33rd on CoinMarketCap with a market cap of around $2 billion. Meanwhile, the altcoin hit an all-time high of $0.5701 in September 2021. HBAR, which has since depreciated, is now 89% below its peak.
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