If we do the research, you can get alpha!
Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!
Go to Alpha Report
Michael Saylor, MicroStrategy co-founder and chairman, unveiled the open source MicroStrategy Orange Decentralized Identity protocol during a presentation at the annual MicroStrategy World conference in Las Vegas.
“Michael made a very compelling case for why we need decentralized identities and implemented decentralized identifiers,” Cezary Raczko, MicroStrategy vice president of engineering, told the audience. “He presented an even more compelling case for why it makes sense to anchor your digital identity to the Bitcoin blockchain, protected by the power and security of the Bitcoin network.”
Along with the announcement, MicroStrategy posted an unofficial draft of the MicroStrategy Orange specification on Github.
The timing of the news was unexpected, but Saylor had previously hinted that his company was working in the field of identity verification and authentication. he said decryption Last year, MicroStrategy became more familiar with Ordinals following the protocol’s launch in January and was interested in exploring how it could inspire software innovation.
“The idea of burning a piece of data on a blockchain opens up the possibility of burning a digital signature, burning a register, or burning a hash of a document,” Saylor said. “Currently, businesses have less security compared to Bitcoin.”
A Bitcoin advocate says innovation with the world’s largest cryptocurrency could introduce a whole new level of security.
“The platform consists of three basic elements, Raczko said late Wednesday.
“At its core is a hosted service cloud that can issue those identifiers to users in your organization,” he explained. “We can also deploy prepackaged, ready-to-use applications that run on the MicroStrategy Orange platform.”
Raczko said the Orange software development kit will allow coders to easily take advantage of these capabilities and integrate them into their own applications and systems.
Using the email as an example, Raczko said Bitcoin-based public and private keys generated using MicroStrategy Orange will be recorded using the Ordinals protocol.
According to MicroStrategy Orange documentation, the decentralized identity protocol uses an ordinal-modified approach to the inscription, but only stores data associated with decentralized identities (DIDs). Bitcoin’s Segregated Witness (SegWit) feature.
“Once you confirm that the email is genuine and accept the invitation, a unique decentralized identifier and a pair of public and private keys are generated,” Raczko explained. “We will send the decentralized identifier and public key to the Orange servers to be recorded on the Bitcoin blockchain, and from that point on we will be ready to send Orange signatures or emails.”
BREAKING NEWS: Laser Eye Maxis in total disarray as their Lord and Savior. @Sailor Announces new “protocol” to record digital identity documents on Bitcoin blockchain
Institutional level spam has entered the chat. pic.twitter.com/EMGsZBcZvw
— Woody | BIP-420 🐱 (@udiWertheimer) May 1, 2024
“The opportunity we see and want to pursue is to integrate Bitcoin-based digital identity with this larger, verifiable credential ecosystem. This is another very interesting use case, where I can now prove my identity is anchored to Bitcoin. It opens the case.” Raczko said.
He added that MicroStrategy Orange decentralized identifiers could also be used to identify users in social media applications or authenticate text messages, college degrees or medical records.
“We present it and then verify everything in a decentralized way, but the ultimate identity lives and is fixed on the Bitcoin blockchain,” Raczko added. It was suggested that this could allow Orange to show “orange checks” for verified users. platform.
Edited by Ryan Ozawa.