MicroStrategy, known as the largest institutional Bitcoin holder, has unveiled a new decentralized identity solution on the Bitcoin network called MicroStrategy Orange.
Announced by co-founder Michael Saylor at the Bitcoin For Corporations conference on May 1, this platform is set to redefine identity verification using blockchain technology.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Paper Hands vs Diamond Hands: Crypto Slang Explained (ANIMATED)
The service will use Ordinal-based inscriptions to manage up to 10,000 decentralized identifiers (DIDs) in a single Bitcoin transaction.
An unofficial draft document posted by MicroStrategy on GitHub states:
The goal of this method is to deliver trustless, tamper-proof, and long-lived decentralized identities using only the public Bitcoin blockchain as a data source.
This approach enhances security and privacy, allowing users to remain anonymous in a way similar to Bitcoin addresses.
The platform consists of three main components: Orange Service, Orange SDK, and Orange Applications. Orange Service will enable users to issue DIDs to their personnel and manage application deployment. Meanwhile, the Orange SDK and Orange Applications will offer tools for developers to customize and integrate the service into mobile and desktop applications.
One of the first tools developed is "Orange For Outlook," which uses digital signatures to verify the identity of email senders. New users are onboarded through an invitation email signed by MicroStrategy’s DID, creating a unique DID and a private and public key pair for each user, which is then inscribed to the Bitcoin blockchain.
MicroStrategy's vision for the Orange applications extends beyond email integration; the company plans to expand its reach to messaging platforms, social media networks, and various applications within the e-commerce, enterprise, and fintech sectors.
With the launch of MicroStrategy Orange, the company aims to establish a new standard for decentralized digital identities, emphasizing security, privacy, and the extensive utility of the Bitcoin network.
In other news related to innovation on Bitcoin, game software company Animoca Brands has recently announced the launch of the OPAL Protocol, aiming to create the largest Web3 ecosystem on the Bitcoin blockchain.
