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Blockchain developments continue to capture attention in the industry. Accordingly, Ripple has joined the Decentralized Recovery Alliance (DeRec), an industry organization aiming to create a simplified and standardized personal data management system. This process also brings along XRPL Laboratories and joins members from other ecosystems such as Algorand, Hedera.
Significant Step from Ripple
DeRec; is developing a tool that will make Web3 more accessible by providing open-source management that does not require high levels of user complexity for personal data such as crypto assets, accounts, keys, passwords, photos, and other digital materials. The DeRec application will facilitate storage and provide a tool for recovering information in case the device is lost. It was invented by Hedera’s co-founder Leemon Baird and launched in January.
The DeRec application allows users to select helpers who will keep encrypted parts of the user’s personal information in a library file. It also hopes to introduce a Helper-as-a-Service service. Despite stating that it is vulnerable to a 51% attack, helpers will not have access to the parts.
The DeRec application positions itself as an alternative to Ethereum’s account abstraction known as the ERC-4337 smart account standard introduced in March 2023. It is among networks compatible with the Ethereum Virtual Machine including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
Noteworthy Details on the Subject
In addition to being usable on other blockchains, the DeRec application claims to be able to hold any kind of secret, both on-chain and off-chain. It also claims that the use would be undetectable and the identities of the helpers would not be revealed. RippleX Senior Vice President Markus Infanger said:
“Together we can revolutionize the way users manage their private keys; this represents a significant step forward not only for XRP Ledger users but for everyone in crypto in terms of user security and adoption.”
Ripple joins the Decentralized Recovery Alliance as founding members along with the Algorand Foundation, Swirlds Labs affiliated with Hedera, and XRPL Labs affiliated with Ripple, and is given a place on the Technical Oversight Committee. Other major blockchain organizations and affiliates, as well as blockchain-enabled health network Acoer, industry service providers The Building Blocks and BankSocial, wallet infrastructure provider Blade Labs, Casper and Constellation blockchain foundations, and key backup and recovery solution provider Revive Labs are also among the members.
