Ripple has recently become a member of the Decentralized Recovery Alliance (DeRec), a organization focused on developing a simplified and standardized secrets management system. XRPL Labs, Algorand, and Hedera are also part of this initiative.
DeRec aims to enhance accessibility to Web3 by providing open-source management for various “secrets,” including digital assets, accounts, keys, passwords, and photographs. The organization plans to create a user-friendly tool that eliminates the need for advanced technical knowledge. This tool, called the DeRec app, will simplify storage and enable users to recover lost information.
The DeRec app allows users to select trusted helpers who will hold encrypted fragments of their secrets in a library file. In the future, the organization plans to introduce Helper-as-a-Service. Although helpers will not have direct access to the fragments, the organization acknowledges the potential vulnerability to a 51% attack.
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 its compatibility with other blockchains, the DeRec app claims to be capable of securely holding secrets of any type, whether stored onchain or offchain. The app’s use is designed to be undetectable, ensuring the anonymity of both users and helpers. Markus Infanger, Senior Vice President of RippleX, expressed his support for DeRec.
As a founding member of DeRec, Ripple joins Algorand Foundation, Swirlds Labs (affiliated with Hedera), and XRPL Labs in the Technical Oversight Committee. Other members of DeRec include Acoer, a blockchain-enabled healthcare network, industry service providers The Building Blocks and BankSocial, wallet infrastructure provider Blade Labs, blockchain foundations Casper and Constellation, and key backup and recovery solution provider Revive Labs.
For more information on Ethereum wallets and the concept of “account abstraction,” refer to the article titled “‘Account abstraction’ supercharges Ethereum wallets: Dummies guide.”