MicroStrategy has developed a new decentralized identity system called ‘MicroStrategy Orange’. During the ‘Bitcoin For Corporations’ conference on May 1, executive chairman Michael Saylor made the announcement.
This method involves directly incorporating data into Bitcoin’s transaction outputs via a unique kind of Ordinals inscription, as opposed to existing identifying methods that rely on networks or sidechains.
Saylor said that Orange has the capacity to process a maximum of 10,000 decentralized identifiers (DIDs) each transaction, demonstrating its potential for large-scale operations.
A preliminary iteration of MicroStrategy Orange on GitHub fulfills the specifications outlined by the W3C for Decentralized Identifiers (DID).
These criteria allow the establishment of secure, long-lasting, and self-reliant identities only via the use of the Bitcoin network.
The system’s framework consists of Orange Service, Orange SDK, and applications. The DIDs provided by the Orange Service provide secure identity verification without the need for disclosing personal information, making them particularly useful in sectors that need a high level of trust, such as healthcare and banking.
Developers may use the Orange SDK to enhance current systems by including identity verification functionalities, hence enhancing email security and social network verification.
Orange for Outlook employs digital signature verification to authenticate email senders. This demonstrates the ability of an SDK to enhance the security of a digital platform.
MicroStrategy Orange enhances security against fraud and theft by integrating digital identities into the Bitcoin network.
The financial report indicates a quarterly loss of $53.1 million, which corresponds to the launch in question. The significant increase of 65% in MicroStrategy’s Bitcoin holdings, reaching a total value of $15.2 billion, is remarkable.
This new MicroStrategy approach represents a significant and substantial shift. Bitcoin will be used for innovation outside the realm of cryptocurrency investment.
These identities might be included into a broader system to provide a universal “orange check” for verified individuals, akin to social media authentication.
This blockchain-powered initiative has the potential to completely transform the way digital identity management and verification are conducted, establishing new standards in the digital realm.
