MicroStrategy to launch Bitcoin-based decentralized ID solution

MicroStrategy created an application named “MicroStrategy Orange: Orange For Outlook,” which adds digital signatures into emails to verify sender identification. Furthermore, MicroStrategy, the biggest corporate Bitcoin owner, has disclosed intentions to launch a decentralized identity solution on the network. Executive chairman Michael Saylor unveiled this solution, called MicroStrategy Orange, on May 1 at the company’s Bitcoin For Corporations conference. Saylor claims that MicroStrategy Orange can handle up to 10,000 decentralized IDs in a single Bitcoin transaction, is open-source, and is not dependent on sidechains. The goal of MicroStrategy Orange, as per an unauthorized draft paper that the company released on GitHub, is to create long-lasting, tamper-proof, and trustless decentralized identities using just the public Bitcoin blockchain as a data source.

In the same manner that real-world identities are unrelated to Bitcoin addresses and transactions, pseudonymity will permitted by the decentralized identifiers (DIDs).

Establishing Digital Identities with MicroStrategy Orange

Orange Service, Orange SDK, and Orange Applications are the components of MicroStrategy Orange. Its Applications and Orange SDK give users the customization tools to combine particular services on desktop and mobile devices, while Orange Service lets users distribute DIDs to their staff and install apps.

“Orange For Outlook” is one such program that MicroStrategy has already developed. It incorporates digital signatures into emails so that receivers may confirm the sender’s identity.

Accepting an invitation email signed by MicroStrategy’s DID is the first step in the onboarding process. After that, the user will receive a unique DID and a public and private key pair. Once the user records their public key and DID on the Bitcoin network, they can invite their staff members to establish their own digital identities.

The company is interested in expanding the use of MicroStrategy Orange applications to social media networks, e-commerce, enterprise, and financial sectors in addition to other messaging platforms.

It occurs on the heels of MicroStrategy’s April 30 announcement of a $53.1 million net loss for the first quarter. Nonetheless, MicroStrategy’s 214,400 Bitcoin, which valued at $15.2 billion at the time, saw a 65% gain in market value over the quarter, which not taken into consideration in the reporting under the usual accounting technique.