Key Takeaways:
- MicroStrategy launches Orange: MicroStrategy has unveiled a new decentralized identity platform named MicroStrategy Orange, using the Bitcoin blockchain for processing up to 10,000 decentralized identifiers (DIDs) per transaction.
- Enhanced Privacy and Security: The platform facilitates pseudonymity by not directly linking real-world identities with Bitcoin addresses, thereby enhancing user privacy and security.
- Extensive Platform Integration: MicroStrategy Orange includes a suite of tools like Orange Service, SDK, and Applications that support integration across various platforms, aiming to extend its use to messaging, social media, e-commerce, and fintech sectors.
MicroStrategy has announced the launch of a new decentralized identity solution, known as MicroStrategy Orange, leveraging the Bitcoin network.
This innovative platform was introduced by Michael Saylor, the company’s executive chairman, during the Bitcoin For Corporations conference held on May 1.
JUST IN: MicroStrategy launches an enterprise platform for building decentralized identity applications on #Bitcoin — MicroStrategy Orange 👀 pic.twitter.com/P5PXz80kSD
— Bitcoin Magazine (@BitcoinMagazine) May 1, 2024
MicroStrategy Orange, distinctively open-source and not reliant on sidechains, can process up to 10,000 decentralized identifiers (DIDs) in a single Bitcoin transaction.
Saylor highlighted that the primary goal of this solution is to provide “trustless, tamper-proof, and long-lived decentralized identities” using solely the public Bitcoin blockchain as a data repository, as per an unofficial draft document available on GitHub.
The DIDs facilitate pseudonymity, ensuring that real-world identities are not directly linked to Bitcoin addresses and transactions.
BREAKING: @saylor the Executive Chairman of MicroStrategy just announced that @MicroStrategy is building a decentralized identity protocol on top of the Ordinals Protocol pic.twitter.com/f1VW5taZek
— Ord.io (@ord_io) May 1, 2024
This functionality enhances the privacy and security for users.
Additionally, the suite includes Orange Service, Orange SDK, and Orange Applications, which altogether offer tools and applications for mobile and desktop platforms to customize and extend service integration.
Notably, one of the already developed applications, Orange For Outlook, uses digital signatures in emails, allowing recipients to verify the identity of the sender authentically.
BREAKING:
— WhaleFUD (@WhaleFUD) May 2, 2024
Michael Saylor's MicroStrategy to launch "MicroStrategy Orange" on the Bitcoin network
Users begin by receiving an invitation email signed by MicroStrategy’s DID, which generates a unique DID along with a public and private key pair.
This information is then inscribed on the Bitcoin network, enabling users to issue further invitations for creating digital identities.
MicroStrategy aims to expand the application of Orange to various platforms, including other messaging services, social media networks, and applications across e-commerce, enterprise, and fintech sectors.
"Wouldn't it be great if instead of a blue check, green check, etc., there was an orange check that was a global standard? With MicroStrategy, maybe we could approach this idea of decentralized identity, with Bitcoin."
— MicroStrategy (@MicroStrategy) May 1, 2024
–@saylor, Executive Chairman, MicroStrategy… pic.twitter.com/KFaQH7CaZm
This announcement comes in the wake of MicroStrategy reporting a $53.1 million net loss for the first quarter, which did not account for a 65% increase in the market value of their substantial Bitcoin holdings — approximately 214,400 Bitcoins valued at $15.2 billion.
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