Ripple has recently joined the Decentralized Recovery Alliance (DeRec), an industry group that aims to develop a simplified and standardized system for managing secrets. As part of this alliance, Ripple brings along XRPL Labs and joins Algorand and Hedera, along with other members from their respective ecosystems.
DeRec is working on a tool that will make Web3 more accessible by providing open-source management for secrets, such as digital assets, accounts, keys, passwords, and other digital materials. The goal is to create a system that does not require high levels of user expertise. The DeRec app, which was created by Leemon Baird, co-founder of Hedera, was introduced in January.
The DeRec app allows users to choose helpers who will securely hold encrypted fragments of their secrets in a library file. In the future, the app aims to offer Helper-as-a-Service. Although the helpers will not have access to the fragments, it is important to note that there is a potential risk of a 51% attack, as acknowledged by the organization.
The DeRec app positions itself as an alternative to Ethereum’s ERC-4337 smart account standard, known as account abstraction, which was introduced in March 2023. Several Ethereum Virtual Machine-compatible networks, including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain, can utilize this standard.
In addition to being compatible with various blockchains, the DeRec app claims to be capable of securely storing secrets of any type, whether they are onchain or offchain. It also emphasizes that its use is undetectable, and the identities of the helpers cannot be revealed. Markus Infanger, RippleX Senior Vice President, expressed his thoughts on this development.
Ripple, along with the Algorand Foundation, Swirlds Labs (affiliated with Hedera), and XRPL Labs (associated with Ripple), is one of the founding members of DeRec. As a result, Ripple has a seat on the alliance’s Technical Oversight Committee. Apart from these major blockchain organizations and their affiliates, DeRec includes other members such as Acoer (a blockchain-enabled healthcare network), The Building Blocks and BankSocial (industry service providers), Blade Labs (a wallet infrastructure provider), the Casper and Constellation blockchain foundations, and Revive Labs (a key backup and recovery solution provider).
In a related article, it discusses how the introduction of the “account abstraction” feature has enhanced Ethereum wallets, providing a beginner-friendly guide for readers.
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Source: Dagnum P.I.