Aimed at enterprises, MicroStrategy Orange would use inscriptions in witness data to store and manage decentralized IDs.
MicroStrategy Orange would beable to process 10,000 decentralized identifiers in one transaction, according to MicroStrategy CEO Michael Saylor.
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Posted May 2, 2024 at 3:09 am EST.
MicroStrategy, the Nasdaq-listed software company that made headlines for its first multi-million dollar purchase of bitcoin for its balance, is getting more involved in the Bitcoin ecosystem.
In a presentation at the MicroStrategy World conference in Las Vegas, Michael Saylor, the firm’s co-founder and Executive Chairman, unveiled the firm’s plans to launch a Decentralized Identity protocol built on Bitcoin, dubbed MicroStrategy Orange
“Why would we use Bitcoin? Well, it is fault tolerance, it is censorship resistance, it does use the most advanced cryptography, it’s a lot better than most people’s taskwork managers and this federated system.” Saylor said.
MicroStrategy $MSTR launches an enterprise platform for building decentralized identity applications on #Bitcoin — called MicroStrategy Orange 👀 pic.twitter.com/IfvAQVZ6OC
— TB. 🇺🇸 (@realtombibiyan) May 2, 2024
MicroStrategy vice president of engineering Cezary Raczko talked the audience through the product, and the case for decentralized identity and did decentralized identifiers.
“He [Michael Saylor] made an even more compelling case why it makes sense to anchor digital identity into the Bitcoin blockchain, protected by the strength and the security of the Bitcoin network,” said Raczko.
MicroStrategy Orange would be an enterprise-grade platform that implements Bitcoin-based DIDs across organizations.
MicroStrategy also published an unofficial draft of the MicroStrategy Orange technical specifications to Github, outlining its approach for storing data in similar fashion to Bitcoin Ordinals and inscriptions.
Unlike Ordinals, MicroStrategy Orange would store only DID-related data and updates, allowing for DID documents to be created and updated with few restrictions on size and content, but a the same time, taking advantage of the SegWit discount.
SegWit transactions place all data necessary to satisfy the spending conditions for the inputs in the witness rather than the inputs at a fraction of the rate that other transaction data is weighted, making it significantly cheaper.
The user’s DID and public key would be inscribed on the Bitcoin network, and organizations can send out invitations to their personnel to create their own digital identity. These DIDs would allow pseudonymity in the same way that real-world identities are not tied to Bitcoin addresses and transactions.
According to Saylor, MicroStrategy Orange would be able to process 10,000 decentralized identifiers in a single Bitcoin transaction.
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