MicroStrategy, the leading holder of Bitcoin among corporations, has announced its plans to introduce a decentralized identity solution on the Bitcoin network. This groundbreaking solution, known as MicroStrategy Orange, was unveiled by Michael Saylor, the executive chairman of MicroStrategy, during the company’s Bitcoin For Corporations conference on May 1. Unlike other identity solutions, MicroStrategy Orange is open-source and does not rely on sidechains. It has the capability to process up to 10,000 decentralized identifiers in a single Bitcoin transaction.
The main 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. These decentralized identifiers (DIDs) will offer pseudonymity, ensuring that real-world identities are not linked to Bitcoin addresses and transactions.
The MicroStrategy Orange solution consists of three components: Orange Service, Orange SDK, and Orange Applications. Orange Service enables users to issue DIDs to their personnel and deploy applications, while Orange SDK and Orange Applications offer customization tools to integrate specific services on mobile and desktop devices. One notable application already created by MicroStrategy is “Orange For Outlook,” which incorporates digital signatures into emails, guaranteeing that recipients can authenticate the true identity of the sender.
To onboard users onto the MicroStrategy Orange platform, they must accept an invitation email signed by MicroStrategy’s DID. This will generate a unique DID, as well as 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 to create their own digital identity.
MicroStrategy aims to expand the reach of its Orange applications to other messaging platforms, social media networks, and industries such as e-commerce, enterprise, and fintech.
In other news, MicroStrategy reported a net loss of $53.1 million for the first quarter on April 30. However, this traditional accounting method did not take into account the 65% increase in the market value of MicroStrategy’s 214,400 Bitcoin, which was worth $15.2 billion at the time, over the quarter.
As MicroStrategy continues to make strides in the Bitcoin industry, there is growing discussion about whether children should be educated about Bitcoin. Some argue in favor of introducing Bitcoin-themed children’s books as a way to educate and familiarize younger generations with the concept of cryptocurrency.