{"id":13146,"date":"2024-05-02T11:37:12","date_gmt":"2024-05-02T08:37:12","guid":{"rendered":"https:\/\/forklog.com\/en\/microstrategy-to-launch-bitcoin-based-decentralized-identity-solution\/"},"modified":"2024-05-02T11:37:12","modified_gmt":"2024-05-02T08:37:12","slug":"microstrategy-to-launch-bitcoin-based-decentralized-identity-solution","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/microstrategy-to-launch-bitcoin-based-decentralized-identity-solution\/","title":{"rendered":"MicroStrategy to Launch Bitcoin-Based Decentralized Identity Solution"},"content":{"rendered":"<p>MicroStrategy intends to launch a decentralized identity protocol, MicroStrategy Orange, built on Bitcoin. This was reported by influencer Dylan LeClair, who attended the presentation.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Source: I\u2019m at the presentation. <a href=\"https:\/\/t.co\/bVJvWh2PxB\">pic.twitter.com\/bVJvWh2PxB<\/a><\/p>\n<p>\u2014 Dylan LeClair ? (@DylanLeClair_) <a href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/1785793777883599093?ref_src=twsrc%5Etfw\">May 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The solution stores and interacts with users&#8217; personal information using unspent transaction outputs (UTXO) on the blockchain.\u00a0<\/p>\n<p>MicroStrategy has developed a method called Bitcoin Inscription DID (did:btc), where UTXOs are used to manage decentralized identifiers (DID).\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cInscribing data into the transaction ledger provides greater scalability and granularity in creating DID credentials, while simultaneously reducing fees and block space usage,\u201d according to an unofficial project description.\u00a0<\/p>\n<\/blockquote>\n<p>Privacy is achieved through UTXO-based transactions, which make it nearly impossible to steal or falsify personal information.\u00a0<\/p>\n<p>The company has not yet announced the launch timeline or application areas for the service.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">&#8220;Wouldn&#8217;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.&#8221;<br \/>\u2014<a href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@saylor<\/a>, Executive Chairman, MicroStrategy\u2026 <a href=\"https:\/\/t.co\/KFaQH7CaZm\">pic.twitter.com\/KFaQH7CaZm<\/a><\/p>\n<p>\u2014 MicroStrategy (@MicroStrategy) <a href=\"https:\/\/twitter.com\/MicroStrategy\/status\/1785789595797606674?ref_src=twsrc%5Etfw\">May 1, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWouldn&#8217;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,\u201d said the firm&#8217;s former CEO, Michael Saylor.\u00a0<\/p>\n<\/blockquote>\n<p>MicroStrategy and its founder have long been advocates of the leading cryptocurrency. By the end of April, the company <a href=\"https:\/\/forklog.com\/en\/news\/microstrategy-acquires-additional-122-btc\">held reserves of 214,400 BTC<\/a> (~$13.5 billion) \u2014 over 1% of the total issuance of digital gold.\u00a0<\/p>\n<p>In February, Saylor stated that MicroStrategy <a href=\"https:\/\/forklog.com\/en\/news\/microstrategy-shifts-focus-to-bitcoin-development\">plans to refocus<\/a> as a \u201cBitcoin and Bitcoin-based product development company.\u201d Since its inception, it has concentrated on creating and supporting analytical software.<\/p>\n<p>Earlier, the company&#8217;s founder expressed interest in Ordinals and readiness to use the protocol for application development.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MicroStrategy intends to launch a decentralized identity protocol, MicroStrategy Orange, built on Bitcoin. This was reported by influencer Dylan LeClair, who attended the presentation.\u00a0 Source: I\u2019m at the presentation. pic.twitter.com\/bVJvWh2PxB \u2014 Dylan LeClair ? (@DylanLeClair_) May 1, 2024 The solution stores and interacts with users&#8217; personal information using unspent transaction outputs (UTXO) on the blockchain.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,605,1207],"class_list":["post-13146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-identification","tag-microstrategy"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13146"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13145"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}