Blockchain advancements continue to attract attention in the industry, and Ripple has recently made a significant move by joining the Decentralized Recovery Alliance (DeRec). This industry organization aims to develop a simplified and standardized system for managing personal data. Joining Ripple in this endeavor are XRPL Laboratories and members from other ecosystems, such as Algorand and Hedera.
DeRec is working on a tool that will make Web3 more accessible by providing open-source management for personal data, including crypto assets, accounts, keys, passwords, photos, and other digital materials. The DeRec application will not only facilitate storage but also offer a means of recovering information in case of device loss. The application was created by Leemon Baird, co-founder of Hedera, and was launched in January.
The DeRec application allows users to choose helpers who will store encrypted portions of their personal information in a library file. The organization also plans to introduce a Helper-as-a-Service service. Although helpers are susceptible to a 51% attack, they will not have access to the stored information.
The DeRec application positions itself as an alternative to Ethereum’s account abstraction, known as the ERC-4337 smart account standard, which was introduced in March 2023. It is compatible with Ethereum Virtual Machine networks such as 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 storing any type of secret, both on-chain and off-chain. It also ensures that the use of the application will be undetectable and that the identities of the helpers will remain anonymous. Markus Infanger, RippleX Senior Vice President, expressed his enthusiasm for Ripple’s involvement in the Decentralized Recovery Alliance.
Ripple joins the Decentralized Recovery Alliance as a founding member, alongside the Algorand Foundation, Swirlds Labs (affiliated with Hedera), and XRPL Labs (affiliated with Ripple). Ripple is also given a place on the Technical Oversight Committee. Other prominent blockchain organizations and affiliates, including Acoer (a blockchain-enabled health network), The Building Blocks, BankSocial (industry service providers), Blade Labs (wallet infrastructure provider), Casper and Constellation blockchain foundations, and Revive Labs (a key backup and recovery solution provider), are also among the members.
Please note that the information provided in this article is not investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
