Ripple joins the Hedera and Algorand Foundations and industry players to advance a recovery standard to rival ERC-4337.
Ripple is among the new members onboarded to the Decentralized Recovery Alliance (DeRec), an industry organization seeking to create a simplified, standardized secrets management system. It brings XRPL Labs with it 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 for “secrets,” such as digital assets, accounts, keys, passwords, photographs and other digital material, that will not require the high level of user sophistication necessary today. The DeRec app would simplify storage and provide a means of recovering information in case of a lost device. It was invented by Hedera co-founder Leemon Baird and debuted in January.
The DeRec app allows users to select helpers who will hold encrypted fragments of the user’s secrets held in a library file. It hopes to introduce Helper-as-a-Service in the future. Helpers will not have access to the fragments, although the organization notes that it is liable to 51% attack: