Blockchain advancements continue to captivate the industry’s attention, and Ripple has recently made a significant move by joining the Decentralized Recovery Alliance (DeRec). This alliance is an industry organization with the goal of creating a simplified and standardized system for managing personal data. In addition to Ripple, XRPL Laboratories has also joined DeRec, along with members from other ecosystems such as Algorand and Hedera.
The DeRec alliance is currently developing a tool that aims to make Web3 more accessible. This tool will provide open-source management for personal data, including crypto assets, accounts, keys, passwords, photos, and other digital materials. Notably, the DeRec application will also offer storage and recovery capabilities in case a device is lost. It was created by Leemon Baird, the co-founder of Hedera, and was launched in January.
One of the key features of the DeRec application is the ability for users to select helpers who will securely store encrypted parts of their personal information in a library file. The application also plans to introduce a Helper-as-a-Service service. Despite concerns about potential vulnerabilities to a 51% attack, helpers will not have access to the encrypted parts of the user’s data.
The DeRec application positions itself as an alternative to Ethereum’s account abstraction, which is known as the ERC-4337 smart account standard. This standard was introduced in March 2023. The DeRec application is compatible with various networks that use the Ethereum Virtual Machine, including Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.
In addition to its compatibility with other blockchains, the DeRec application claims to be capable of securely holding any type of secret, whether it is stored on-chain or off-chain. It also emphasizes that the use of the application will be undetectable, and the identities of the helpers will remain confidential.
Ripple’s decision to join the Decentralized Recovery Alliance as a founding member has earned the company a place on the Technical Oversight Committee. Other prominent organizations and affiliates in the blockchain space, such as the Algorand Foundation, Swirlds Labs (affiliated with Hedera), XRPL Labs (affiliated with Ripple), Acoer (a blockchain-enabled health network), The Building Blocks and BankSocial (industry service providers), Blade Labs (a wallet infrastructure provider), Casper and Constellation blockchain foundations, and Revive Labs (a key backup and recovery solution provider), are also part of the alliance.
As always, it is important for investors to conduct their own research and be aware of the high volatility and risks associated with cryptocurrencies. The information provided in this article should not be considered investment advice.
