Thursday, May 23, 2024

Ripple Partners with DeRec Alliance for Cross-Chain Secrets Management

Aiming to establish a streamlined, uniform secret management mechanism, the Decentralised Recovery Alliance (DeRec) is an industry association that has welcomed Ripple as one of its new members. Along with Algorand, Hedera, and other members of respective ecosystems, it also carries XRPL Labs.

By offering open-source management for “secrets,” such as digital assets, accounts, keys, passwords, images, and other digital data, DeRec is creating a platform that will increase Web3 accessibility without requiring the high level of user understanding required today. In the event of a lost device, the DeRec app would make storage simpler and offer a way to recover information. Leemon Baird, a co-founder of Hedera, invented it, and it made its debut in January.

Users of the DeRec programme can choose which helpers to encrypt and store encrypted portions of their crets in a library file.  In the future, it plans to launch Helper-as-a-Service. The fragments won’t be accessible to helpers, but the organisation warns that a 51% attack might still happen:

Even in the unlikely event that fewer than half of Alex’s [a hypothetical “layperson”] assistance banded together, they would still not be able to open the vault.

Known as account abstraction, the DeRec app positions itself as a substitute for Ethereum’s ERC-4337 smart account standard, which was unveiled in March 2023. Among the networks that can employ that standard and are compatible with the Ethereum Virtual Machine are Polygon, Optimism, Arbitrum, BNB Smart Chain, Avalanche, and Gnosis Chain.

The DeRec app asserts that it can store any kind of secret, offchain or on, in addition to being accessible to other blockchains. Its use would also be imperceptible, and the helpers’ identities would remain hidden. Markus Infanger, senior vice president of RippleX, said:

“By working together, we can completely transform the way users handle their private keys, which will be a significant advancement for user security and uptake for all cryptocurrency users, not just XRP Ledger users.”

In addition to Hedera-affiliated Swirlds Labs, Ripple also joins the Algorand Foundation and XRPL Labs as founding members of DeRec, gaining a seat on the latter’s Technical Oversight Committee. In addition to the three main blockchain associations and their subsidiaries, members of DeRec include the blockchain-enabled healthcare network Acoer, industry service providers The Building Blocks and BankSocial, wallet infrastructure provider Blade Labs, the blockchain foundations Casper and Constellation, and key backup and recovery solution provider Revive Labs.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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