As a researcher with experience in the blockchain industry, I’m excited about Ripple’s recent announcement that they have joined the Decentralized Recovery Alliance (DeRec). This organization is working on creating a simplified and standardized secrets management system that will make Web3 more accessible to a wider audience.
As a crypto investor, I’m excited to share that Ripple, the company behind the popular cryptocurrency XRP, has recently joined the Decentralized Recovery Alliance (DeRec). This industry organization is working tirelessly to develop a streamlined and standardized secrets management system. With Ripple coming on board, we can look forward to XRPL Labs being part of this initiative as well. Alongside Ripple, Algorand and Hedera, along with their respective ecosystems, are also members of this esteemed alliance.
As a crypto investor, I’m excited about the development of DeRec, a tool designed to make Web3 more accessible for individuals like us. Instead of requiring advanced user sophistication, DeRec aims to offer open-source management for digital assets, accounts, keys, passwords, photographs, and other digital materials. This means easier storage and recovery of information in case of lost devices. The innovative idea was brought to life by Hedera co-founder Leemon Baird and was introduced in January.
The DeRec app enables users to choose assistants who will securely store encrypted pieces of their secrets in a library file. The app aims to offer Helper-on-Demand as a future feature. These helpers won’t be able to view the fragments, but it is important to note that the organization acknowledges the risk of a 51% attack.
“If less than half of Alex’s [a hypothetical “layperson”] helpers were to collude, the helpers would still be unable to access the vault.”
The DeRec app is positioning itself as a replacement for Ethereum‘s ERC-4337 smart account standard, also known as account abstraction, which was launched in March 2023. This standard is supported by various Ethereum Virtual Machine (EVM) compatible networks such as Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
As a researcher examining the DeRec app, I’ve come across an intriguing claim. This app asserts that it can securely store secrets, regardless of whether they’re on-chain or off-chain. Furthermore, its usage would supposedly go unnoticed, keeping the identities of those assisting undiscovered. RippleX Senior Vice President, Markus Infanger, expressed his perspective on this matter.
“Together, we can revolutionize how users manage their private keys, representing a major step forward for user security and adoption – not just for XRP Ledger users, but for everyone in crypto.”
Ripple becomes a founding member of Decentralized Research for Blockchain Standards (DeRec), joining forces with the Algorand Foundation, Swirlds Labs (affiliated with Hedera), and XRPL Labs. Besides these major blockchain organizations and their associates, Acoer (a blockchain-enabled healthcare network), The Building Blocks and BankSocial (industry service providers), Blade Labs (wallet infrastructure provider), Casper and Constellation blockchain foundations, and Revive Labs (key backup and recovery solution provider) are also part of DeRec.
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2024-05-09 22:13