MicroStrategy has introduced a new decentralized identity solution based on the Bitcoin network, using Ordinals inscription technology to store and retrieve information, promising to provide a secure and transparent method of identity verification.
The solution called “MicroStrategy Orange” was introduced by Executive Chairman Michael Saylor at the Bitcoin for Corporations conference on May 1. Orange's highlights are its open source nature, sidechain independence, and the ability to process up to 10,000 decentralized identifiers (DIDs) in a single Bitcoin transaction.
MicroStrategy Orange's goal is to provide a decentralized, tamper-proof, and long-lived identity system based on the Bitcoin blockchain. Users can use pseudonyms, completely separate from actual Bitcoin addresses and transactions, ensuring privacy and security.
The Orange ecosystem has three main components, including Orange Service, which allows issuing DIDs to employees and deploying applications; Orange SDK, which provides custom tools to integrate services on mobile devices and computers, and Orange Application, specific applications developed based on Orange SDK, such as “Orange for Outlook” that integrates digital signatures into email to verify the sender's identity.
For example, the Public Key and Private Key generated with MicroStrategy Orange will be recorded on the Bitcoin blockchain using the Ordinals protocol. This DID protocol uses a recording method similar to Ordinals but only stores DID data, allowing documents to be created and updated with few limitations on size and content. After verifying the email, the DID and key pair will be generated.
Micro Strategy Orange's application ecosystem
The launch of Orange marks a new step for MicroStrategy in applying Bitcoin technology to different fields, contributing to promoting the development and application of cryptocurrency in life. MicroStrategy expects Orange to be widely applied across messaging, social networking, e-commerce, enterprise and financial technology platforms.