MicroStrategy, the largest corporate holder of Bitcoin (BTC), announced the launch of a decentralized identity solution on the Bitcoin network that uses ordinal-based inscriptions to store and retrieve information.
The solution, MicroStrategy Orange, was announced by Executive Chairman Michael Saylor. meanwhile The company’s Bitcoin For Corporations conference will be held on May 1st.
MicroStrategy Orange is open source, does not rely on sidechains, and can handle up to 10,000 decentralized identifiers in a single Bitcoin transaction, Saylor claimed.
“[Its aim is to] It uses only the public Bitcoin blockchain as its data source, providing a trustless, tamper-proof, and long-lived decentralized identity. ” according to Add to the solution’s unofficial draft documentation shared by MicroStrategy on GitHub.
Decentralized identifiers (DIDs) allow anonymity in the same way that real-world IDs are not tied to Bitcoin addresses or transactions.
MicroStrategy Orange consists of Orange Service, Orange SDK, and Orange Application.
Orange Service allows users to issue DIDs to personnel to deploy applications. Orange SDK and Orange Applications also provide customization tools to integrate specific services on mobile and desktop devices.
One such application already built by MicroStrategy is Orange For Outlook. It integrates electronic signatures into emails, allowing recipients to verify the true identity of the sender.
The onboarding process includes accepting an invitation email signed by MicroStrategy’s DID. This will generate the user’s unique DID, public and private key pair.
The user’s DID and public key will be registered with the Bitcoin network, and the user can start sending invitations to agents to create their own digital ID.
The company wants to extend the MicroStrategy Orange application to other messaging platforms, social media networks, and applications in the e-commerce, enterprise, and fintech industries.
Related: MicroStrategy’s listing on the S&P 500 index could expose millions to Bitcoin
This comes after MicroStrategy reported a first-quarter net loss of $53.1 million on April 30th.
However, the report, based on traditional accounting methods, did not take into account that MicroStrategy’s market value of 214,400 Bitcoins (worth $15.2 billion at the time) increased 65% in the same quarter.
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