MicroStrategy, the leading holder of Bitcoin in the corporate world, has announced the launch of its decentralized identity solution on the Bitcoin network. This innovative solution, called MicroStrategy Orange, was revealed by Michael Saylor, the executive chairman of MicroStrategy, during the company’s Bitcoin For Corporations conference on May 1.
MicroStrategy Orange is an open-source solution that is not reliant on sidechains. It has the capability to handle up to 10,000 decentralized identifiers (DIDs) in a single Bitcoin transaction, according to Saylor. The main objective of MicroStrategy Orange is to provide trustless, tamper-proof, and long-lasting decentralized identities using the public Bitcoin blockchain as the primary data source.
The introduction of DIDs in MicroStrategy Orange will allow for pseudonymity, similar to how real-world identities are not directly linked to Bitcoin addresses and transactions. To achieve this, MicroStrategy has developed three components: Orange Service, Orange SDK, and Orange Applications.
Orange Service enables users to issue DIDs to their staff and deploy various applications. On the other hand, Orange SDK and Orange Applications offer customization tools to integrate specific services on both mobile and desktop devices. One of the applications already created by MicroStrategy is “Orange For Outlook,” which incorporates digital signatures into emails to ensure the authenticity of the sender.
The onboarding process for MicroStrategy Orange involves accepting an invitation email signed by MicroStrategy’s DID. This step then generates a unique DID for the user, along with a public and private key pair. The user’s DID and public key are recorded on the Bitcoin network, allowing them to send invitations to their staff to create their own digital identities.
MicroStrategy aims to expand the reach of MicroStrategy Orange applications to other messaging platforms, social media networks, and industries such as e-commerce, enterprise, and fintech.
In other news, MicroStrategy recently reported a net loss of $53.1 million for the first quarter. However, this report does not account for the significant increase in the market value of MicroStrategy’s 214,400 Bitcoin, which was valued at $15.2 billion at the time. This demonstrates the potential impact of Bitcoin on the company’s financials.
Overall, MicroStrategy’s launch of MicroStrategy Orange signifies a significant step towards decentralized identity solutions on the Bitcoin network. With its innovative features and potential for expansion, it could revolutionize the way identities are managed and authenticated in various industries.