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MicroStrategy to Launch Decentralized Identity Solution on Bitcoin Network
MicroStrategy recently revealed plans to introduce a decentralized identity solution on the Bitcoin (BTC) network using Ordinal-based inscriptions. This new solution, dubbed ‘MicroStrategy Orange,’ was announced by the company’s executive chairman, Michael Saylor, during the Bitcoin For Corporations conference on May 1.
The main goal of MicroStrategy Orange is to offer trustless, tamper-proof, and durable decentralized identities by leveraging the public Bitcoin blockchain exclusively. This approach ensures secure and long-lasting decentralized identifiers (DIDs) that maintain pseudonymity and privacy for users.
The MicroStrategy Orange ecosystem consists of three key components: Orange Service, Orange SDK, and Orange Applications. These components enable users to issue DIDs to their personnel, deploy applications, and customize/integrate tools across various devices.
One of the initial applications developed by MicroStrategy is “Orange For Outlook,” which integrates digital signatures into emails to verify the sender’s identity. By accepting an invitation email signed with a DID, users can create their unique DID and public/private key pair stored on the Bitcoin network.
Moving forward, MicroStrategy plans to expand the capabilities of its Orange applications to messaging platforms, social networks, and applications in e-commerce, enterprise, and fintech sectors.
While MicroStrategy is not the first to explore Bitcoin-based identity solutions, its innovative approach sets it apart from previous projects like BitID and ION. These initiatives aimed to simplify identity verification and enhance user privacy using blockchain technology.
MicroStrategy’s foray into decentralized identities comes amidst financial developments, with the company reporting a net loss in the first quarter. However, the significant increase in the market value of their Bitcoin holdings, totaling 214,400 BTC valued at $15.2 billion, highlights the potential for growth and innovation in the cryptocurrency space.
