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MicroStrategy co-founder and executive chairman, Michael Saylor, announced the development of a new decentralized identity (DID) protocol at the Bitcoin For Corporations conference on May 1.
This protocol, called MicroStrategy Orange, utilizes the Bitcoin blockchain to enhance digital identity security and control.
For managing Decentralized Identifiers (DIDs), the protocol uses Unspent Transaction Outputs (UTXOs), similar to Bitcoin Ordinals. This approach reportedly allows for robust control and management of digital identities without the need for intermediaries.
Decentralized identity systems allow users to control how and with whom their personal information is shared. The idea is to give users back control and end the reliance on centralized entities to manage personal information.
Key Features and Benefits
- Decentralized Control: Users gain sovereignty over their digital personas, ensuring privacy and security.
- High Capacity: The system can process up to 10,000 DIDs in a single Bitcoin transaction, making it scalable.
- Open-source Framework: Ensures that the protocol remains transparent and accessible to developers.
- Integration with Existing Systems: The protocol is designed to work seamlessly with various applications, enhancing its utility across different platforms.
MicroStrategy has developed multiple tools to support the adoption of the Orange protocol:
- Orange Service: Enables organizations to issue DIDs to their staff.
- Orange SDK: Provides developers with the tools to integrate the protocol into existing applications.
- Orange Applications: Supports customization on mobile and desktop platforms for tailored usage scenarios.
- Orange For Outlook: An application that integrates digital signatures into emails to confirm sender identity.
Market Context
Several key players in the Web3 space, like Shiba Inu and Ethereum Name Service, are also focusing on decentralized identity solutions. MicroStrategy’s entry adds a significant Bitcoin-based solution to this growing field.
Since adopting its Bitcoin strategy, MicroStrategy’s stock has outperformed major indices and cryptocurrencies, showcasing the financial viability of its innovative approaches. In April, the firm further invested in Bitcoin, adding 144 BTC to its holdings.