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Cryptocurrency News Articles
MicroStrategy Unleashes Revolutionary Decentralized Identity on Bitcoin Network
May 02, 2024 at 08:57 pm
MicroStrategy, a notable Bitcoin corporate holder, unveiled its project to introduce a decentralized identity solution on the Bitcoin network, harnessing Ordinal-based inscriptions for information storage and retrieval. Dubbed MicroStrategy Orange, this open-source solution eliminates the need for sidechains and boasts the capacity to handle up to 10,000 decentralized identifiers within a single Bitcoin transaction.
MicroStrategy Unveils Decentralized Identity Solution on Bitcoin Network, Empowering Digital Trust and Pseudonymity
MicroStrategy, renowned as the world's largest corporate Bitcoin holder, has unveiled MicroStrategy Orange, a groundbreaking decentralized identity solution built upon the robust Bitcoin network. This revolutionary approach leverages Ordinal-based inscriptions to securely store and access identity information, enabling users to establish trustless, tamper-proof, and enduring digital identities.
Spearheaded by MicroStrategy's visionary executive chairman, Michael Saylor, MicroStrategy Orange stands as an open-source solution, eliminating the need for sidechains. Its exceptional scalability empowers the processing of up to 10,000 decentralized identifiers (DIDs) within a single Bitcoin transaction.
"MicroStrategy Orange aims to provide unyielding trust, tamper-proof protection, and enduring decentralized identities, utilizing the public Bitcoin blockchain as the sole source of data," stated an unofficial draft document of the solution shared by MicroStrategy on GitHub.
The DIDs facilitated by MicroStrategy Orange mirror real-world identities by allowing pseudonymity, ensuring that users' digital footprints remain distinct from their Bitcoin addresses and transactions.
MicroStrategy Orange encompasses a comprehensive suite of components: Orange Service, Orange SDK, and Orange Applications. Orange Service empowers users to issue DIDs to their team members and deploy applications effortlessly. Orange SDK and Orange Applications serve as customization tools, enabling the seamless integration of specific services across mobile and desktop platforms.
As a testament to its versatility, MicroStrategy has already developed "Orange For Outlook," an innovative application that adds digital signatures to emails. This feature allows recipients to verify the sender's identity with unwavering certainty.
The onboarding process for MicroStrategy Orange is designed to be user-friendly and efficient. Users simply accept an invitation email signed by MicroStrategy's DID, which subsequently generates a unique DID and a corresponding public-private key pair. Upon inscription of the user's DID and public key on the Bitcoin network by MicroStrategy, the user can extend invitations to their team members, empowering them to establish their own digital identities.
MicroStrategy's vision for MicroStrategy Orange extends beyond its current applications. The company plans to expand its utility to encompass messaging platforms, social media networks, and a diverse range of applications within the e-commerce, enterprise, and fintech industries.
This transformative solution aligns with MicroStrategy's recent rebranding as a Bitcoin development company, a strategic move driven by the soaring demand for the recently launched Bitcoin ETF. MicroStrategy's unwavering commitment to Bitcoin underscores its belief in its immense potential to revolutionize digital identity and beyond.
With MicroStrategy Orange, MicroStrategy takes a bold step towards a future where digital trust and pseudonymity are intertwined. This solution empowers users to establish and manage their digital identities with unprecedented autonomy and security, paving the way for a more equitable and empowered digital landscape.
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