MicroStrategy to Launch Bitcoin-Based Decentralized Identity Solution

MicroStrategy intends to launch a decentralized identity protocol, MicroStrategy Orange, built on Bitcoin. This was reported by influencer Dylan LeClair, who attended the presentation. 

Source: I’m at the presentation. pic.twitter.com/bVJvWh2PxB

— Dylan LeClair ? (@DylanLeClair_) May 1, 2024

The solution stores and interacts with users’ personal information using unspent transaction outputs (UTXO) on the blockchain. 

MicroStrategy has developed a method called Bitcoin Inscription DID (did:btc), where UTXOs are used to manage decentralized identifiers (DID). 

“Inscribing data into the transaction ledger provides greater scalability and granularity in creating DID credentials, while simultaneously reducing fees and block space usage,” according to an unofficial project description. 

Privacy is achieved through UTXO-based transactions, which make it nearly impossible to steal or falsify personal information. 

The company has not yet announced the launch timeline or application areas for the service.

“Wouldn’t it be great if instead of a blue check, green check, etc., there was an orange check that was a global standard? With MicroStrategy, maybe we could approach this idea of decentralized identity, with Bitcoin.”
—@saylor, Executive Chairman, MicroStrategy… pic.twitter.com/KFaQH7CaZm

— MicroStrategy (@MicroStrategy) May 1, 2024

“Wouldn’t it be great if instead of a blue or green check, there was an orange one that became a global standard? With MicroStrategy, perhaps we could approach the idea of decentralized identity with Bitcoin,” said the firm’s former CEO, Michael Saylor. 

MicroStrategy and its founder have long been advocates of the leading cryptocurrency. By the end of April, the company held reserves of 214,400 BTC (~$13.5 billion) — over 1% of the total issuance of digital gold. 

In February, Saylor stated that MicroStrategy plans to refocus as a “Bitcoin and Bitcoin-based product development company.” Since its inception, it has concentrated on creating and supporting analytical software.

Earlier, the company’s founder expressed interest in Ordinals and readiness to use the protocol for application development.