Identity

Bitcoin

Orange

Reported by Cointelegraph, MicroStrategy, the largest corporate holder of Bitcoin, has announced it will launch a decentralized identity solution on the Bitcoin network that uses Ordinal-based inscriptions to store and retrieve information.
The solution — MicroStrategy Orange — was unveiled by MicroStrategy executive chairman Michael Saylor <a rel="noopener noreferrer nofollow" target="_blank" href="https://www.microstrategy.com/video/bitcoin-for-corporations-2024">during</a> the company’s Bitcoin For Corporations conference on May 1.
MicroStrategy Orange is open-source, not dependent on sidechains and can process up to 10,000 decentralized identifiers in a single Bitcoin transaction, Saylor claimed.
“[Its aim is to] deliver trustless, tamper-proof, and long-lived decentralized identities using only the public Bitcoin blockchain as a data source,” <a rel="noopener noreferrer nofollow" target="_blank" href="https://microstrategy.github.io/did-btc-spec/">according</a> to an unofficial draft document of the solution shared by MicroStrategy on GitHub.
The decentralized identifiers (DIDs) will allow pseudonymity in the same way that real-world identities are not tied to Bitcoin addresses and transactions.
MicroStrategy Orange comprises Orange Service, Orange SDK and Orange Applications.
Orange Service allows users to issue DIDs to their personnel and deploy applications, while Orange SDK and Orange Applications provide customization tools to integrate specific services on mobile and desktop devices.
One application already built by MicroStrategy is “Orange For Outlook,” which integrates digital signatures into emails to ensure recipients can verify the true identity of the sender.
The onboarding process involves accepting an invitation email signed by MicroStrategy’s DID, which will then generate a unique DID, a public and private key pair for the user.
The user’s DID and public key are inscribed on the Bitcoin network, and they can then start sending out invitations to their personnel to create their own digital identity.
The firm wants MicroStrategy Orange applications to extend to other messaging platforms, social media networks and applications in the e-commerce, enterprise and fintech industries.

MicroStrategy to Launch a Decentralized Identity Solution on Bitcoin Using Ordinal Inscriptions

TokenInsight

Outros artigos publicados em 3 de mai. de 2024

Cheniere Energy (LNG) Reports $4.25 Billion in Revenue for Q1, EPS Miss

5 Cryptos Poised to Outpace XRP in the Upcoming Crypto Surge

MultiBank.io to revolutionaze cryptocurrency derivatives trading

TON Price Soars 9% On Pantera Capital’s Investment, Capitalizing On Telegram User Potential

Chainalysis Joins Forces with Tether (USDT) to Enhance Transaction Monitoring and Fight Crypto Cr...

3 May: Four Solana Memecoins That Could Skyrocket 9,000% and Challenge Shiba Inu and Dogecoin

Join our free newsletter for daily crypto updates!