MicroStrategy, known as the largest corporate holder of Bitcoin, announced its intention to develop a decentralized identity service utilizing the Ordinals inscription.
Earlier this year, the software consulting firm changed its name to ‘Bitcoin Development Company’, emphasizing its commitment to advancing the Bitcoin network through a variety of means, including financial markets, advocacy, and innovation. The unveiling of “MicroStrategy Orange” signals the company’s commitment to realizing these goals.
The goal is to provide a decentralized identity that is “trustless, tamper-proof, and long-lasting,” according to Michael Saylor, founder of MicroStrategy Orange. The service allows users to issue decentralized identifiers (DIDs), ensuring pseudonymity similar to Bitcoin transactions that are not directly linked to real-world identities.
MicroStrategy Orange leverages Bitcoin’s Ordinals protocol to allow users to store and communicate information about individual satoshis, the smallest unit of Bitcoin.
MicroStrategy has already developed an application called “Orange For Outlook” using the Distributed Identity Service. This application integrates digital signatures into emails, allowing recipients to securely verify the sender’s identity.
Currently, MicroStrategy holds a significant amount of Bitcoin, totaling 214,400 BTC, or approximately $10 billion. This represents over 1% of the total Bitcoin supply that will ever exist.
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