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MicroStrategy unveils Bitcoin-based decentralized identity system

Bitcoin Identity System
Bitcoin Identity System

MicroStrategy, Bitcoin’s largest corporate holder, has unveiled a Bitcoin-focused decentralized identity system called MicroStrategy Orange. This open-source system uses Ordinal-based inscriptions for data handling and can manage approximately 10,000 decentralized identifiers per Bitcoin transaction.

The system maintains transparency while giving users complete control over their data and privacy. It also allows developers and corporations to collaborate on the system and enhance data handling through Ordinal-based inscriptions.

MicroStrategy Orange extends beyond cryptocurrency, making Bitcoin a platform for secure, decentralized digital identities. This new system will change the blockchain industry’s current data privacy and security concepts.

The company aims to create tamper-resistant, durable, and trust-free decentralized identities sourced from the Bitcoin blockchain. These identities will not be attached to Bitcoin addresses or transactions, ensuring users’ anonymity and privacy. The identities will also use unique hash values derived from the blockchain for enhanced security and reliability.

User’s information remains secure and inaccessible, and no single authority will control these identities, emphasizing the principle of decentralization.

MicroStrategy’s Bitcoin-based identity system explained

This could potentially revolutionize online verification processes and decrease fraudulent activities in the digital world.

MicroStrategy Orange comprises three main components: Orange Service, Orange SDK, and Orange Applications. Orange Service lets users issue DIDs to their employees and integrates with applications. Orange SDK and Orange Applications let users meet personalized requirements on both computer and mobile device setups.

The system includes applications like “Orange For Outlook,” which allows the integration of digital signatures within emails to verify the sender’s identity. This application and the system’s other features reduce the risk of identity theft and foster secure communication.

MicroStrategy intends to apply the Orange suite across several platforms, including social media, messaging networks, e-commerce, fintech, and enterprise sectors. This could lead to more user engagement, streamlined transactions, improved operational efficiency, and better decision-making.

Despite reported losses for the first quarter, the company’s balance sheet may be healthier than it appears, thanks to its strategic Bitcoin investment. With Bitcoin’s recent bullish market trend, this investment could offset near-term losses and potentially positively impact their financial results.

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