Ripple Partners with DeRec to Establish Guidelines for Digital Asset Recovery

Ripple and XRPL Labs have become part of DeRec, an alliance that unites blockchain developers and Web3 firms to establish a new benchmark for the recovery of digital assets, passwords, and other types of information.

RippleX, the development division of Ripple, along with XRPL Labs, a company focused on creating wallets and other software for the XRP Ledger blockchain, have joined DeRec as founding members and participants in the Technical Oversight Committee (TOC).

The Decentralized Recovery Alliance (DeRec) was established in January of this year by developers and stakeholders from the Hedera and Algorand blockchains. The alliance’s goal is to formulate a new standard that facilitates the swift and straightforward recovery of digital assets, access keys, and additional data. Members of DeRec aim to develop an open-source standardized framework that would allow for the secure recovery of digital assets through wallets.

The standard being crafted by DeRec is designed to streamline data storage and provide participants in the Web3 sector with a method for recovering information if the devices that hold it are misplaced. The system will enable users to choose “helpers” who will retain encrypted segments of a user’s data without having direct access to it. DeRec members are currently working on Helper-as-a-Service, an open-source project aimed at enabling interoperability for these “helpers.”

Alongside Ripple and XRPL Labs, the current members of DeRec include:

• The HBAR Foundation, a developer of the Hedera blockchain network;
• The Algorand Foundation, a non-profit entity responsible for the design and development of the Algorand blockchain;
• The Hashgraph Association, a non-profit organization focused on initiatives within the Hedera network;
• Swirlds Labs, a development and support branch of the Hedera network;
• The DLT Science Foundation (DSF), a non-profit organization established to foster the adoption of distributed ledger technologies (DLT);
• The Building Blocks, a Web3 development firm;
• BankSocial, a cryptocurrency trading platform;
• Acoer, a software development firm with a focus on the healthcare sector;
• Blade Labs, a developer of a non-custodial cryptocurrency wallet;
• Casper Association, a non-profit organization committed to the advancement of the public blockchain network Casper;
• Constellation Network, a blockchain investment fund;
• Revive Labs, a provider specializing in key backup and recovery.

Markus Infanger, Senior Vice President of RippleX, stated that DeRec tackles one of the primary obstacles to widespread crypto adoption — secure and user-friendly private key management. He believes that the creation of a new standard will enable crypto users to simplify their control over digital assets. Wietse Wind, Founder and CEO of XRPL Labs, emphasized that key recovery solutions are crucial for the mass adoption of cryptocurrency in retail.

The system being developed by DeRec serves as an alternative to the ERC-4337 standard introduced last March, known as account abstraction. The alliance members aspire to create a universal solution that is not confined to networks compatible with the Ethereum Virtual Machine (EVM). Furthermore, the DeRec standard will support the storage of both on-chain and off-chain data.

As part of the Pectra update to the Ethereum mainnet scheduled for later this year, the capability to delegate fund management through Externally Owned Accounts (EOA) is expected to be implemented.

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