Fun

Ripple joins multi-chain DeRec Alliance for secrets management

News Feed - 2024-05-10 04:05:00

Derek Andersen5 hours agoRipple joins multi-chain DeRec Alliance for secrets managementRipple joins the Hedera and Algorand Foundations and industry players to advance a recovery standard to rival ERC-4337.876 Total views9 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksRipple 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.Source: Dagnum P.I. 


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:“If less than half of Alex’s [a hypothetical “layperson”] helpers were to collude, the helpers would still be unable to access the vault.”


The DeRec app is setting itself up as an alternative to Ethereum’s ERC-4337 smart account standard, known as account abstraction, 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.


Related: Tokenized mortgages can prevent another housing bubble crisis, says Casper exec


Besides being available to other blockchains, the DeRec app claims to be able to hold secrets of any type, whether onchain or offchain. In addition, its use would be undetectable, and the identities of the helpers could not be discovered. RippleX Senior Vice President Markus Infanger commented:“Together, we can revolutionize how users manage their private keys, representing a major step forward for user security and adoption – not just for XRP Ledger users, but for everyone in crypto.”


Ripple joins the Algorand Foundation, Hedera-affiliated Swirlds Labs and Ripple-associated XRPL Labs as founding members of DeRec, giving it a seat on its Technical Oversight Committee. Besides the three major blockchain organizations and their affiliates, blockchain-enabled healthcare network Acoer, industry service providers The Building Blocks and BankSocial, wallet infrastructure provider Blade Labs, the Casper and Constellation blockchain foundations and Key backup and recovery solution provider Revive Labs are members of DeRec.


Magazine: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide# Blockchain# Ethereum# Ripple# Private Keys# Algorand# Hedera# Seed PhraseAdd reaction

News Feed

Russian Opposition Leader Navalny Raises $700,000 in Crypto Donations
Russian Opposition Leader Navalny Raises $700,000 in Crypto Donations Alexei Navalny, Russia’s leading critic of the current Kremlin administration, has attracted a serious
Goldman Sachs Brings Back Bitcoin Trading Desk as the Firm Sees Crypto Market Becoming More Mature
Goldman Sachs Brings Back Bitcoin Trading Desk as the Firm Sees Crypto Market Becoming More Mature Global investment bank Goldman Sachs has brought back its bitc
Dogecoin Faces Make-Or-Break Support Level – Will DOGE Hold?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Oliver Rust3 hours agoWhy is Jerome Powell gaslighting us about the odds of recession?Economic data seems to indicate an economic slowdown is inevitable. So why is Fed Chairman Jerome Powell trying to gaslight Americans?
CFTC Fines Stablecoin Issuer Tether and Crypto Exchange Bitfinex $42.5 Million
CFTC Fines Stablecoin Issuer Tether and Crypto Exchange Bitfinex $42.5 Million On Friday, October 15, 2021, the U.S. Commodity Futures Trading Commission (CFTC) announced that it h
Billionaire Fund Manager Jeffrey Gundlach Convinced Bitcoin Will Fall Below $23K, US Dollar Is ‘Doomed’
Billionaire Fund Manager Jeffrey Gundlach Convinced Bitcoin Will Fall Below $23K, US Dollar Is "Doomed" Doubleline Capital CEO Jeffrey Gundlach, also known as th
Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies
Golden State Warriors Point Guard Stephen Curry Asks for Advice About Cryptocurrencies The popular Golden State Warriors point guard, Stephen Curry, asked his 15.5 million follower
Spot Ethereum ETFs See $515 Million Record Weekly Inflows – Details
Este artículo también está disponible en español. The US-based spot Ethereum ETFs have continued to experience a high market interest following Donald Trump’s emergence
Savannah Fortis10 hours agoBiden administration issues executive order for new AI safety standardsBiden’s executive order establishes six new standards for AI safety and security and its intentions for ethical AI usage
US gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bears
William Suberg30 minutes agoUS gov’t Bitcoin sale ‘doesn’t affect anything’ as analyst blames bearsGovernments divesting themselves of their BTC is a non-event, but Bitcoin bears make sure that the market feels t
Medici LA 22: Report Investigates a Secret, Invitation-Only Crypto Event Held in Beverly Hills
Medici LA 22: Report Investigates a Secret, Invitation-Only Crypto Event Held in Beverly Hills According to a recent report, a secretly held, invitation-only crypto gala took place
MoAfrika – Africa’s Biggest Online Tour Operator now Accepts Bitcoin
MoAfrika - Africa’s Biggest Online Tour Operator now Accepts Bitcoin PRESS RELEASE. With relaxed restrictions on lockdown measures in numerous countries around