As a researcher with a background in blockchain technology and decentralized systems, I find MicroStrategy’s announcement of their decentralized identity solution, named MicroStrategy Orange, on the Bitcoin network to be an intriguing development. The use of Ordinal-based inscriptions for storing and retrieving information is a novel approach that could potentially offer trustless, tamper-proof, and durable decentralized identities.
MicroStrategy unveils plans for a new decentralized identity system on the Bitcoin (BTC) network. This system will utilize Ordinal inscriptions to store and access data.
At the MicroStrategy Bitcoin For Corporations conference on May 1, Michael Saylor, the company’s executive chairman, unveiled a new solution called MicroStrategy Orange.
As a researcher studying decentralized identities, I can share that Saylor’s proposed solution aims to deliver trustworthy, unalterable, and enduring identities through the exclusive use of the public Bitcoin blockchain. This method ensures security without relying on intermediaries or central authorities.
This proposal aims to create reliable, immutable, and enduring decentralized identities solely utilizing the public Bitcoin blockchain as the data repository. (MicroStrategy’s unauthorized GitHub draft)
Decentralized identifiers (DIDs) allow for pseudonymous transactions similar to how real-world identities are unlinked from Bitcoin addresses in the physical world.
MicroStrategy Orange is made up of several parts: the Orange Service, the Orange Software Development Kit (SDK), and the Orange Applications.
With Orange Service, users can assign phone numbers (DIDs) to their team members and implement applications. Simultaneously, the Orange Software Development Kit (SDK) and Orange Applications offer the essential resources for tailoring and linking features across diverse devices.
As an analyst, I’d propose paraphrasing it as follows: “It’s an intriguing thought: what if there was a universal verification badge, such as an orange checkmark, instead of the various blue and green checks we see now? MicroStrategy could potentially contribute to this concept of decentralized identity using Bitcoin as its foundation.”
— MicroStrategy (@MicroStrategy) May 1, 2024
MicroStrategy offers an application named “Orange for Outlook” that allows email recipients to verify the authenticity of senders through integrated digital signatures.
As a researcher studying MicroStrategy’s onboarding process, I can explain it this way: Receiving an invitation email from MicroStrategy with DID in the signature initiates a series of events. This results in the creation of a distinct digital identity (DID) for each user, alongside the generation of a pair of public and private keys.
The user’s Decentralized Identifier (DID) and public key are registered on the Bitcoin network. Afterward, they can extend invitations for their personnel to establish their own digital identities.
As a researcher looking into MicroStrategy’s future plans, I have discovered that the company intends to expand the functionalities of its Orange applications beyond messaging platforms and social media networks. This expansion will also encompass e-commerce, enterprise, and fintech sectors, allowing for a more comprehensive and versatile user experience.
Previous BTC-based identity solutions
Microstrategy isn’t the pioneer in exploring Bitcoin as a prospective identity solution. In fact, back in 2016, there was an initiative called BitID which aimed to streamline identity verification for digital platforms while preserving user privacy. Regrettably, this project is no longer operational.
Additionally, ION functions as an independent identity system on the Decentralized Identifier (DID) network built on Sidetree. It integrates both the Bitcoin blockchain and InterPlanetary File System (IPFS) in its design.
other blockchain platforms, like Worldcoin, employ comparable strategies to build a unified digital identity and financial infrastructure on a global scale.
As a crypto investor, I’ve come across Ecuador’s Electronic Money System, which is quite intriguing. This South American country introduced a digital currency linked to a government-issued digital ID system. With this setup, citizens could easily access and use the currency by utilizing their unique IDs. However, despite its innovative nature, Ecuador’s initiative ultimately faced opposition from state banks, leading to its eventual phase out.
MicroStrategy recently disclosed this news following their reporting of a $53.1 million loss in the first quarter, which was announced on April 30th.
Significantly, the figure excludes the substantial growth in the worth of the company’s 214,400 Bitcoins during the past quarter. The value of these Bitcoins rose by 65% and were valued at an impressive $15.2 billion at that point in time.
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2024-05-02 13:48