Ripple Joins DeRec Alliance to Simplify and Secure Secrets Management in Crypto
Summary:
Ripple joins the Decentralized Recovery Alliance (DeRec) to develop a user-friendly management system for "secrets" like digital assets, keys, accounts, etc. The DeRec app enables users to select 'helpers' to hold encrypted parts of the user's secrets with no access to them. This app provides a simpler alternative to Ethereum's account standard ERC-4337, compatible with multiple Ethereum Virtual Machine networks. Ripple, along with Algorand, Hedera-associated Swirlds, and XRPL Labs, are founding members of DeRec and are joined by other key industry players.
Emerging as a new recruit to the Decentralized Recovery Alliance (DeRec), Ripple is among the latest entrants set on developing a simplified, universal system for managing secrets. Ripple has introduced XRPL Labs into the alliance, joining distinguished members such as Algorand, Hedera and others from their respective ecosystems.
DeRec is hard at work, crafting a tool aimed at democratizing Web3 by offering an open-source management system for "secrets"—a broad category encompassing digital assets, accounts, keys, passwords, photos, and other digital data. This will eliminate the current need for extensive user proficiency. The soon-to-be-introduced DeRec app promises easy storage as well as recovery options for lost data. The inventive brain behind the app is Hedera's co-founder, Leemon Baird, who unveiled it earlier in January. The information comes from Dagnum P.I.
The DeRec app proposes a novel approach: users can choose 'helpers' who will possess encrypted portions of the user's secrets, stored in a library file. With an eye on the future, it also aspires to unveil a Helper-as-a-Service provision. The helpers, however, won't have any access to the fragments and risk being subjected to a 51% attack. This means, even if less than half of the hypothetical user Alex’s helpers unite, they won't be able to access the vault.
In a bid to offer an alternative to Ethereum's ERC-4337 smart account standard, also known as account abstraction, introduced in March 2023, the DeRec app comes forth. Networks compatible with Ethereum's Virtual Machine, such as Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain are already utilizing this standard.
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Asserting its usage far beyond other blockchains, the DeRec app vouches for its ability to hold any digital secret, regardless of whether it's onchain or offchain. The users of the app will remain undetected and the identities of the helpers will stay undisclosed. Markus Infanger, RippleX Senior Vice President, shared his excitement about their endeavor saying that it will revolutionize how users manage their private keys. This transformation will fuel user security and acceptance beyond the XRP Ledger users to everyone in the crypto world.
Ripple, now on the DeRec Technical Oversight Committee, has joined the pioneer members; the Algorand Foundation, Swirlds Labs connected to Hedera, and Ripple-affiliated XRPL Labs. The alliance also includes several other key blockchain organizations and their subsidiaries such as Acoer, a blockchain-enabled healthcare network, industry service providers like The Building Blocks and BankSocial, wallet infrastructure provider Blade Labs, the Casper and Constellation blockchain foundations and Key, a backup and recovery solution provider, Revive Labs.
Suggested Reading: 'Account abstraction' reenergizes Ethereum wallets: a guide for beginners.
Published At
5/9/2024 10:00:00 PM
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