MicroStrategy, the leading corporate holder of Bitcoin, has revealed its plans to introduce a decentralized identity solution on the Bitcoin network. This innovative solution, called MicroStrategy Orange, was unveiled by Michael Saylor, the executive chairman of MicroStrategy, during the company’s Bitcoin For Corporations conference on May 1.
MicroStrategy Orange stands out as an open-source solution that is not reliant on sidechains. It has the capability to process up to 10,000 decentralized identifiers (DIDs) in a single Bitcoin transaction, as claimed by Saylor. The primary objective of MicroStrategy Orange is to provide trustless, tamper-proof, and long-lasting decentralized identities by utilizing the public Bitcoin blockchain as a data source.
The implementation of DIDs will enable pseudonymity, similar to real-world identities that are not directly linked to Bitcoin addresses and transactions. MicroStrategy Orange consists of three components: Orange Service, Orange SDK, and Orange Applications.
Orange Service empowers users to issue DIDs to their personnel and deploy applications. On the other hand, Orange SDK and Orange Applications offer customization tools that facilitate the integration of specific services on mobile and desktop devices. One notable application that has already been developed by MicroStrategy is “Orange For Outlook,” which incorporates digital signatures into emails to ensure the authenticity of the sender’s identity.
To initiate the onboarding process, users need to accept an invitation email signed by MicroStrategy’s DID. This action will generate a unique DID along with a public and private key pair for the user. The user’s DID and public key are then recorded on the Bitcoin network, allowing them to send invitations to their personnel and establish their own digital identities.
MicroStrategy aims to expand the reach of its Orange applications to various messaging platforms, social media networks, and applications in the e-commerce, enterprise, and fintech sectors.
In other news, MicroStrategy reported a net loss of $53.1 million for the first quarter on April 30. However, this report did not take into account the 65% increase in the market value of MicroStrategy’s substantial Bitcoin holdings, which amounted to 214,400 BTC valued at $15.2 billion during that period.
As MicroStrategy continues to make strides in the cryptocurrency industry, there is a growing debate regarding the merits of introducing Bitcoin-focused educational material, such as children’s books, to ensure wider adoption and understanding of the digital currency.