MicroStrategy intends to exploit the Bitcoin blockchain to manage identities through a new platform called “Orange.”
According to a draft posted on GitHub, the platform uses the “Bitcoin Inscription DID” (did:btc) method, which includes data records in Litecoin’s certificate sections for decentralized identifier (DID) management.
MicroStrategy's Orange platform aims to ensure secure and efficient management of digital identities, through the use of unconsumed transaction outputs (UTXOs) on the Bitcoin blockchain, which contributes to reducing both transaction fees and block space.
During the event, Michael Sailor, the company's CEO, introduced the idea, saying:
Wouldn't it be great if instead of the blue or green mark, there was an orange mark that would be a global standard?
With MicroStrategy, perhaps we can embrace this idea of decentralized identity with Bitcoin.
The Orange solution is designed to provide secure, tamper-proof, and immutable decentralized identities using only the public Bitcoin blockchain.
This approach differentiates MicroStrategy's Orange platform from previous methods by listing DID information directly on-chain, ensuring the “permanence and integrity” of the data without relying on external sources.
MicroStrategy is not the first to explore using Bitcoin for identity solutions.
In 2016, a project known as BitID was introduced to simplify identity verification for online platforms while maintaining user privacy, although it is no longer operational.
In addition, there is the ION (Identity Overlay Network), a self-sovereign identity system that uses the Bitcoin blockchain and IPFS, and operates on the DID network built on Sidetree.
There are other blockchain networks using similar strategies, such as Worldcoin, which seeks to create a global digital identity and financial network.
Also, the “Sistema de Dinero Electronico” system in Ecuador is notable, as Ecuador launched a digital currency linked to a digital identity system issued by the government, which enabled citizens to access and use the digital currency through their identity.
Posted Using InLeo Alpha