MicroStrategy Pitches for Bitcoin-based Decentralized ID Solution Dubbed MicroStrategy Orange

Michael Saylor’s MicroStrategy, the world’s largest corporate holder of Bitcoins, recently announced its plans to launch a decentralized identity solution on the Bitcoin blockchain network. This solution will leverage Ordinal-based inscriptions in order to store and retrieve information.

Dubbed MicroStrategy Orange, the company’s executive chairman Michael Saylor unveiled this solution on Wednesday, May 1, at the Bitcoin For Corporations conference. Saylor also stated that MicroStrategy Orange will be an open-source solution capable of processing up to 10,000 decentralized identifiers without depending on any sidechains.

As per an unofficial draft document on GitHub, MicroStrategy Orange aims to “deliver trustless, tamper-proof, and long-lived decentralized identities using only the public Bitcoin blockchain as a data source”. Decentralized identifiers (DIDs) will enable pseudonymity, akin to how real-world identities are not directly linked to Bitcoin addresses and transactions. Speaking on the development, MicroStrategy executive vice president of engineering Cezary Raczko said:

“Michael presented a very compelling case for why we need decentralized identity and did decentralized identifiers. He made an even more compelling case why it makes sense to anchor digital identity into the Bitcoin blockchain, protected by the strength and the security of the Bitcoin network.”

MicroStrategy Orange And Its Key Services

The MicroStrategy Orange would comprise three key services – Orange Service, Orange SDK, and Orange Applications.

Through the Orange Service, users will be able to able to issue decentralized IDs (DIDs) to their personnel in order to deploy applications. On the other hand, Orange SDK and Orange Applications will offer customization tools to users allowing them to integrate specific services on mobile and desktop devices.

MicroStrategy has developed an application called “Orange For Outlook,” which incorporates digital signatures into emails, allowing recipients to verify the sender’s true identity. To begin using the application, users must accept an invitation email signed by MicroStrategy’s DID. This action generates a unique DID for the user, along with a public and private key pair.

Moreover, the user’s DID and public key are recorded on the Bitcoin network, enabling them to send invitations to their staff to establish their own digital identity. “The whole idea of burning a piece of data on the blockchain opens the door to the possibility that I might burn a digital signature, or I might burn a registration, or I might burn a hash of a document. Right now, enterprises have weak security compared to Bitcoin,” said Saylor.

The company said that it wants to expand MicroStrategy Orange applications to other messaging apps, social media networks, and other applications in the enterprise, e-commerce, and fintech industries.

next

Blockchain News, Cryptocurrency News, News