MicroStrategy declares the release of MicroStrategy, a Bitcoin blockchain-based decentralized identity solution.
The biggest Bitcoin (BTC) holding corporation, MicroStrategy, is currently introducing MicroStrategy Orange, a blockchain-based decentralized identification solution. At MicroStrategy World 2024 in Las Vegas, the platform unveiled MicroStrategy Orange as part of the Bitcoin for Corporations section.
Michael Saylor, chairman of MicroStrategy, posed an intriguing idea during the event: “Wouldn’t it be fantastic if there was an orange check that was a worldwide standard instead of a blue check, green check, etc.” He went on to say that MicroStrategy will make this decentralized identification using Bitcoin a reality.
Crypto enthusiast Dylan LeClair discussed MicroStrategy’s Orange protocol on X. In his description of the protocol’s implementation of Bitcoin DID, he said, “The Bitcoin Inscription DID method (did:btc) leverages inscriptions in witness data to store and manage DIDs, using UTXOs for DID management.”
Unspent transaction outputs (UTXOs) are supposedly the key to MicroStrategy Orange’s vision for the safe and effective administration of digital identities. Also, the protocol is working on a way to make blocks smaller and cut down on transaction costs.
Saylor emphasised their goal of implementing a “internet native decentralized digital identity powered by Bitcoin” in a section titled Bitcoin Security. His explanation of why Bitcoin is better than other blockchains was further detailed when he said,
“Well, it [Bitcoin] is fault tolerance, it is censorship resistance, it does employ the most sophisticated encryption, and it’s a lot better than most people’s taskwork managers and this federated system.”
The announcement follows a loss of $53.1 million in MicroStrategy’s fiscal report for the first quarter of 2024. On the other hand, the first quarter gross profit was $85.2 million, or 74.0% of the gross margin, according to the report.
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