MicroStrategy to Launch Bitcoin-Backed Decentralized ID Solution

MicroStrategy Unveils Bitcoin-Backed Decentralized ID Solution

MicroStrategy, flaunting the claim of being the biggest corporate Bitcoin holder, has unveiled intentions to introduce a decentralised identity solution on the Bitcoin network. This pioneering method employs Ordinal-based inscriptions for both storing and retrieving information.

Dubbed MicroStrategy Orange, the solution was unveiled by executive chairman Michael Saylor at the company’s Bitcoin For Corporations conference on May 1st.

MicroStrategy Orange operates as an open-source platform, free from reliance on sidechains, and boasts the capability to handle up to 10,000 decentralised identifiers in a single Bitcoin transaction, as asserted by Saylor.

“[Its aim is to] deliver trustless, tamper-proof, and long-lived decentralised identities using only the public Bitcoin blockchain as a data source,” according to an unofficial draft document of the solution shared by

MicroStrategy Introduces Orange: Decentralized IDs on Bitcoin Network

The decentralised identifiers (DIDs) will enable pseudonymity much like real-world identities are detached from Bitcoin addresses and transactions.

MicroStrategy Orange consists of three components: Orange Service, Orange SDK, and Orange Applications.

Orange Service enables users to issue DIDs to their staff and deploy applications. Orange SDK and Orange Applications offer customisation tools for integrating specific services on mobile and desktop devices.

An example of such an application developed by MicroStrategy is “Orange For Outlook,” which incorporates digital signatures into emails, ensuring recipients can authenticate the true identity of the sender.

The onboarding process entails accepting an invitation email signed by MicroStrategy’s DID, which then generates a unique DID and a public and private key pair for the user.

The user’s DID and public key are recorded on the Bitcoin network, enabling them to send invitations to their staff to create their own digital identity.

The company aims for MicroStrategy Orange applications to expand onto various messaging platforms, social media networks, and applications within the e-commerce, enterprise, and fintech sectors.

MicroStrategy disclosed a net loss of $53.1 million for the first quarter on April 30th.

Nevertheless, the traditional accounting method failed to incorporate the 65% surge in the market value of MicroStrategy’s 214,400 Bitcoin, valued at $15.2 billion at the time, throughout the quarter.

Conclusion:

MicroStrategy’s introduction of a Bitcoin-backed decentralized identity solution marks a significant milestone in the evolution of secure and trustless digital identities. The innovative MicroStrategy Orange platform offers unparalleled capabilities for managing decentralized identifiers, ensuring tamper-proof and long-lasting identities through the Bitcoin blockchain.

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