Ripple has recently become a member of the Decentralized Recovery Alliance (DeRec), an industry group focused on developing a simplified and standardized secrets management system. As part of its membership, Ripple is bringing XRPL Labs with it and joining forces with Algorand and Hedera, along with other members of their ecosystems.
The main goal of DeRec is to create a tool that makes Web3 more accessible by offering open-source management for “secrets” such as digital assets, accounts, keys, passwords, photos, and other digital materials. The aim is to eliminate the need for users to possess a high level of technical knowledge. The DeRec app, which was created by Leemon Baird, co-founder of Hedera, was introduced in January.
One of the key features of the DeRec app is the ability for users to select helpers who will hold encrypted fragments of their secrets in a library file. The app plans to introduce a Helper-as-a-Service feature in the future. It’s important to note that helpers will not have access to the fragments, although there is a risk of a 51% attack, as highlighted by the organization.
The DeRec app is positioning itself as an alternative to Ethereum’s ERC-4337 smart account standard, known as account abstraction, which was introduced in March 2023. It is compatible with Ethereum Virtual Machine-compatible networks such as Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
In addition to being available for other blockchains, the DeRec app claims to be capable of holding secrets of any type, whether they are stored on-chain or off-chain. The app also ensures that its usage remains undetectable and the identities of the helpers cannot be revealed. Markus Infanger, Senior Vice President at RippleX, expressed his excitement about joining DeRec and becoming a founding member.
Apart from Ripple, Algorand, and Hedera, DeRec’s founding members include Swirlds Labs (affiliated with Hedera), XRPL Labs (associated with Ripple), 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).
Overall, DeRec aims to revolutionize secrets management in the blockchain industry and provide a simpler and more secure solution for users.