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MicroStrategy, the leading company in Bitcoin (BTC) reserves, made an unprecedented announcement at the MicroStrategy World 2024 in Las Vegas, announcing the launch of MicroStrategy Orange. This revolutionary new blockchain-based identity system utilizes the power of Bitcoin’s blockchain, thus promising to redefine identity management in the digital realm.
During the event’s Bitcoin for Corporations segment, MicroStrategy Chairman Michael Saylor posed a thought-provoking question: Mentioning, “Couldn’t it be better if we instead got rid of blue checks or checks of another color and had an orange check that became the world’s standard?” Saylor expanded the concept of decentralized identity, underpinned by Bitcoin, thereby signaling the emergence of MicroStrategy Orange.
Dylan LeClair, who discussed MicroStrategy’s Orange protocol with the market participant, was attracted to MicroStrategy’s disruptive approach. LeClair emphasized the use of the Bitcoin Inscription DID method (did:btc), which is subsidized by both BTC holders who recurrently spend their bitcoin (BTC) and unspent transaction outputs (UTXOs), which are used to give way to decentralized identity control.
The platform MicroStrategy Orange uses UTXOs to create secure and efficient hashes of digital wallets. The protocol aims to optimize identity management processes while reducing the number of entry points and space utilization in the block.
During his Bitcoin Security session, Saylor advocated for a vision of MicroStrategy, which involves introducing an internet-native decentralized digital identity with Bitcoin, a digital smart money, as the project’s backbone. He particularly highlighted how bitcoin is superior to other blockchains by pointing to its impeccable fault tolerance, censorship resistance, and outstanding cryptography.
MicroStrategy’s financial report for Q1 2024 seemed to spark the release of a new product, MicroStrategy Orange. The company announced a net loss of $53.1 million for the period, but the gross profit of $85.2 million is an outstanding achievement, representing a substantial 74.0% gross margin.
MicroStrategy Orange’s rollout signals a stepping stone into the mass implementation of blockchain technology in identity solutions. The goal of MicroStrategy is to reinvent the worldwide digital identity standard by introducing a novel and one of the most powerful approaches that any technology can provide.