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MicroStrategy to Introduce Decentralized Identity Platform on Bitcoin Network

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MicroStrategy recently unveiled its decentralized identity platform, MicroStrategy Orange, at the MicroStrategy World 2024 event in Las Vegas. This innovative platform leverages the Bitcoin blockchain to provide identity management solutions. The Orange platform employs the Bitcoin Inscription DID method to manage decentralized identifiers (DIDs), utilizing Bitcoin’s witness sections to securely and efficiently manage digital identities. This method helps reduce transaction fees and conserve block space.

MicroStrategy Executive Chairman Michael Saylor hinted at the potential of establishing an “orange check” as a global standard for decentralized identity, emphasizing Bitcoin’s role in this initiative. The Orange solution embeds DID information directly onto the Bitcoin blockchain, creating secure, immutable identities without reliance on external sources. Despite not being the first to explore Bitcoin for identity solutions, MicroStrategy’s approach stands out due to its unique methodology and the use of a public blockchain for enhanced security and permanence.

MicroStrategy to Use Bitcoin Blockchain for Identity Management

An unofficial draft on GitHub suggests that the Orange platform utilizes the Bitcoin Inscription DID method (did: BTC) to manage decentralized identifiers (DIDs). This method incorporates data inscriptions in Bitcoin’s witness sections, which helps to secure and efficiently manage digital identities while reducing transaction fees and block space.

During an event, Microstrategy Executive Chairman Michael Saylor suggested the possibility of creating an orange check as a global standard for decentralized identity and using Bitcoin to achieve this.

Microstrategy Plans to Launch a Decentralized Identity Solution on Bitcoin

MicroStrategy Launches Orange: A Groundbreaking Blockchain-Based Identity System

MicroStrategy’s latest innovation, the Orange solution, leverages the public Bitcoin blockchain to offer a decentralized identity system that provides tamper-proof and immutable identities. What sets Orange apart is its method of embedding Decentralized Identifiers (DIDs) directly onto the blockchain, ensuring data permanence and security without depending on external systems.

While MicroStrategy isn’t the pioneer in using Bitcoin for identity solutions, it has carved a niche with its distinctive approach. Notably, previous projects like BitID and ION have also utilized Bitcoin for identity verification, but Orange’s direct use of the blockchain for data embedment offers a robust security enhancement.

Similar endeavors in the blockchain space include Worldcoin and Ecuador’s now-defunct Sistema de Dinero Electrónico, both aimed at establishing global digital identities linked to financial systems.

  • Market Performance: MicroStrategy shares (Nasdaq: MSTR) saw a downturn of 3.45% against the U.S. dollar recently, with a weekly drop of 16.13% and a monthly decline of 37.49%, despite a six-month gain of over 131%.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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