Ripple and XRPL Labs joined DeRec, an alliance that brings together blockchain devs and Web3 companies to build a new standard for recovering digital assets, passwords, and other information.
RippleX, the developer arm of Ripple, and XRPL Labs, a company that develops wallets and other software for the XRP Ledger blockchain, joined DeRec as founders and members of the Technical Oversight Committee (TOC).
The Decentralized Recovery Alliance (DeRec) was organized in January this year by developers and participants within the Hedera and Algorand blockchains. The alliance aims to create a new standard that will enable fast and easy recovery of digital assets, account access keys, and other data. DeRec members seek to create an open-source standardized system that would enable secure recovery of digital assets via wallets.
The standard being developed by DeRec is intended to simplify data storage and provide Web3 industry participants with a means of recovering information if the devices storing it are lost. The system will allow users to select “helpers” that will store encrypted portions of a user data without having direct access to it. DeRec members are in the process of developing Helper-as-a-Service, an open-source initiative to enable interoperability for “helpers.”
In addition to Ripple and XRPL Labs, current DeRec members are:
- The HBAR Foundation, a developer of the Hedera blockchain network;
- The Algorand Foundation, a non-profit organization behind the design and development of the Algorand blockchain;
- The Hashgraph Association, a non-profit organization developing initiatives on the Hedera network;
- Swirlds Labs, a developer and support arm of the Hedera network;
- The DLT Science Foundation (DSF), a non-profit organization created to promote the adoption of distributed ledger technologies (DLT);
- The Building Blocks, a Web3 developer;
- BankSocial, a cryptocurrency exchange;
- Acoer, a software development company specializing in the healthcare industry;
- Blade Labs, a developer of a non-custodial crypto wallet;
- Casper Association, a non-profit organization dedicated to the development of the public blockchain network Casper;
- Constellation Network, a blockchain fund;
- Revive Labs, a provider of key backup and recovery.
According to Markus Infanger, Senior Vice President of RippleX, DeRec addresses one of the biggest challenges facing mass crypto adoption — secure and convenient private key management. He believes the development of a new standard will allow crypto users to simplify control over their digital assets. Wietse Wind, Founder and CEO of XRPL Labs, added that key recovery solutions are important as part of mass crypto adoption in retail.
The system being developed by DeRec is an alternative to the ERC-4337 standard launched last March, known as account abstraction. The alliance members aim to create a universal solution, the use of which won’t be limited to networks compatible with the Ethereum Virtual Machine (EVM). Moreover, the DeRec standard will allow storing both on-chain and off-chain information.
As part of the Pectra update to the Ethereum mainnet later this year, the ability to delegate fund management via Externally Owned Account (EOA) is planned to be implemented.
