MicroStrategy Announces Decentralized Identity Solution on Bitcoin Network
Summary:
MicroStrategy, a significant corporate Bitcoin holder, plans to launch a decentralized identity solution on the Bitcoin network, called MicroStrategy Orange. The solution, using Ordinal-based inscriptions, aims to create tamper-proof and enduring decentralized identities. It includes Orange Service, SDK, and Applications, with a capability to handle up to 10,000 decentralized identifiers in a single transaction. Though the company registered a $53.1 million net loss in Q1, it didn't factor the 65% increase in the market value of its bitcoins.
MicroStrategy, a major corporate Bitcoin (BTC) holder, has revealed plans to introduce a decentralized identity solution on the Bitcoin network. This solution, known as MicroStrategy Orange, will use Ordinal-based inscriptions to manage information storage and retrieval. The announcement was made by the company's executive chairman, Michael Saylor, at the Bitcoin For Corporations conference on the first day of May.
The open-source MicroStrategy Orange doesn't rely on sidechains and is designed to handle as many as 10,000 decentralized identifiers in a single Bitcoin transaction, according to Saylor. He described the aim of the solution as creating "immutable, tamper-proof, and long-lasting decentralized identities using the public Bitcoin blockchain solely as a data source", as referenced in a preliminary document provided by MicroStrategy on GitHub.
Similar to the way Bitcoin addresses and transactions are not linked to real-world identities, the decentralized identifiers (DIDs) generated by MicroStrategy Orange will support pseudonymity. The MicroStrategy Orange is comprised of three main components: Orange Service, Orange SDK, and Orange Applications. Users can issue DIDs to their staff and launch applications using the Orange Service, whereas the Orange SDK and Orange Applications provide tools for customizing specific services for mobile and desktop applications.
MicroStrategy has already created an application named "Orange For Outlook" that embeds digital signatures into emails so that the recipients can verify the sender's authenticity. To get started, users have to accept an invitation email signed by MicroStrategy’s DID, which generates a unique DID and a pair of public and private keys for them. These keys are inscribed on the Bitcoin network, allowing the user to start issuing invitations for their personnel to establish their own digital identities.
One of the primary objectives of the company is to extend MicroStrategy Orange applications to other messaging platforms, social media networks, and applications used in the e-commerce, enterprise, and fintech sectors. Despite reporting a net loss of $53.1 million for the first quarter on April 30, the company's 214,400 bitcoins, valued at $15.2 billion, witnessed a 65% market value surge over the quarter. This growth was not included in traditional accounting methods.
Published At
5/2/2024 5:30:50 AM
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