Ripple joins the multi-chain Derek Alliance for secret management
Ripple is among the new members onboarded to the Decentralized Recovery Alliance (DeRec), an industry organization working to create a simplified, standardized secret management system. He brings the XRPL Lab with him and joins Algorand and Hedera and members of their ecosystems, among others.
DeRec is developing a tool to make Web3 more accessible by providing open source management of digital assets, accounts, keys, passwords, photos and other digital materials without the high user complexity required today. . The DeRec app simplifies storage and provides a way to recover data in the event of a lost device. It was invented by Hedera co-founder Lemon Baird and launched in January.
The DeRec app allows users to select assistants that hold pieces of the user's secrets encrypted in a library file. It hopes to introduce Help-as-a-Service in the future. Although the organization claims to be responsible for 51% of attacks, assistants can't find the pieces.
“If it's less than half of Alex [a hypothetical “layperson”] The assistants were about to join, the assistants still couldn't reach the rack.
The DeRec app is positioning itself as an alternative to Ethereum's ERC-4337 smart tag standard, known as tag abstraction, which was introduced in March 2023. Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain are among the Ethereum virtual machine-compatible networks that can use that standard.
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In addition to being available for other blockchains, the Derek application claims to be able to store any type of secrets, both onchain and offchain. In addition, the use will be unknown, and the identity of the assistants could not be known. RippleX Senior Vice President Marcus Infanger commented:
“Together, we can revolutionize how users manage their private keys, representing a huge step forward for user security and adoption – not just for XRP Ledger users, but for everyone in crypto.”
Ripple is joined by Algorand Foundation, Hedera-affiliated Swirlds Labs and Ripple-Associated XRPL Labs as founding members of DeRec, providing a seat on the Technical Oversight Committee. In addition to the three major blockchain organizations and their partners, blockchain-enabled healthcare network Accor, industry service providers The Building Blocks and BankSocial, wallet infrastructure provider Blade Labs, Casper and Constellation blockchain foundations, and key backup and recovery solutions provider Revive Labs are members. Derrick
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