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Home»BLOCKCHAIN NEWS»MicroStrategy is unveiling a Bitcoin-based decentralized identity protocol using technology inspired by Ordinals.
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MicroStrategy is unveiling a Bitcoin-based decentralized identity protocol using technology inspired by Ordinals.

By Crypto FlexsMay 2, 20244 Mins Read
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MicroStrategy is unveiling a Bitcoin-based decentralized identity protocol using technology inspired by Ordinals.
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MicroStrategy announced development of a decentralized identity solution on the Bitcoin blockchain. The protocol, called MicroStrategy Orange, adopts the Bitcoin Inscription DID method, similar to the Ordinals technology, to manage decentralized identifiers (DIDs) using Unspent Transaction Outputs (UTXOs) for control. Michael Saylor, the company’s co-founder and chairman, unveiled the innovation on May 1 at the Bitcoin For Corporations conference.

“The Bitcoin Inscription DID method (did:btc) uses the Bitcoin blockchain solely to store and retrieve DID information. UTXOs on the chain are used to control DIDs. Recording data in a transaction witness improves scalability and verbosity in DID document creation while reducing fees and block space consumed.” draft Potential specifications (documentation) for new solutions on MicroStrategy GitHub.

According to Saylor, MicroStrategy Orange is an open source initiative that can handle up to 10,000 DIDs in a single Bitcoin transaction without relying on sidechains. The system aims to simplify the adoption of DID by organizations and individuals and provide a secure and anonymous way to manage their online identities.

“The goal of this method is to provide trustless, tamper-resistant, long-term decentralized identity using only the public Bitcoin blockchain as the data source, while also providing full compatibility with the (DID-CORE) specification and future compatibility for future expansions. It’s about support. ” stated in the document.

DID enhances privacy by providing a pseudonymous way to manage your online identity that is distinct from your real identity. The MicroStrategy Orange suite includes Orange applications such as Orange Service, which allows organizations to issue DIDs, Orange SDK for developers, and “Orange For Outlook” for email digital signatures.

The onboarding process includes an invitation from the organization, creation of a DID, and inscription on the Bitcoin blockchain to ensure that the data is permanent and tamper-proof.

According to Cezary Raczko, MicroStrategy vice president of engineering, MicroStrategy Orange’s vision is to integrate Bitcoin’s DID with the broader “verifiable credential ecosystem.”

This means that anyone can verify the authenticity of these credentials across a variety of applications without relying on a central authority. Verification is achieved by verifying information on the Bitcoin blockchain, which is famous for its immutability and security.

DIDs can be used to verify user identities on social media platforms, potentially enabling a more secure, user-controlled, decentralized way to issue and verify credentials. Raczko highlighted potential use cases for the new protocol.

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