During MicroStrategy’s Bitcoin for Corporations event, Michael Saylor introduced the MicroStrategy Orange decentralized identity protocol. This protocol, anchored on Bitcoin, utilizes Ordinals inscriptions to store identity data and SegWit to separate other data. Saylor believes that MicroStrategy Orange will revolutionize enterprise identity and security.
MicroStrategy unveiled the open-source MicroStrategy Orange Decentralized Identity protocol at the MicroStrategy World 2024 event in Las Vegas. This protocol leverages a modified approach to inscriptions similar to Ordinals but focuses solely on storing data related to digital identity documents. This allows for the creation and updating of documents with fewer restrictions on size and content.
MicroStrategy Orange, also known as Orange, takes advantage of Bitcoin’s secure network to store identity inputs. It modifies the popular Ordinals inscription method, which was introduced in early 2023 and expanded the use cases of the Bitcoin blockchain. By embedding data within transaction outputs, Ordinals enables users to add various types of data, such as memes, videos, images, and digital signatures, onto a Satoshi, the smallest unit of Bitcoin.
Saylor, a well-known Bitcoin enthusiast, expressed his vision for MicroStrategy Orange during the event. He stated that the protocol aims to redefine the digital identity landscape by harnessing the secure and widely recognized Bitcoin network.
While Orange mimics many aspects of Ordinals, it only stores data related to a user’s digital identity on the Bitcoin blockchain. To separate other data, the protocol utilizes Segregated Witness (SegWit). This enables users to leverage the protocol for storing virtually unlimited data sizes.
Orange is the brainchild of Saylor, who has been exploring applications that leverage the Bitcoin blockchain since the launch of Ordinals. Last year, he mentioned DocuSign as a business model that could greatly benefit from Bitcoin’s enhanced security while addressing weak corporate security. Saylor has now delivered on his promise by unveiling MicroStrategy Orange.
Cezary Raczko, MicroStrategy’s VP of Engineering, explained that the new protocol relies on three fundamental aspects. The first is the Orange Service, which serves as the primary platform for building and issuing decentralized identities. It includes a hosted service cloud that allows organizations to issue identifiers to their users and deploy prepackaged applications on the MicroStrategy Orange platform.
Additionally, Orange provides a software development kit (SDK) that simplifies integration into existing systems and applications. The team has already utilized the SDK to develop an ‘Orange for Outlook’ application that verifies the authenticity of email senders.
MicroStrategy’s focus on Bitcoin has received criticism from some quarters, who argue that it has come at the expense of its main software business. Despite recording a net loss of $53.1 million in Q1, the company’s Bitcoin holdings have appreciated by over 60% and are now valued at over $15 billion. MicroStrategy plans to raise half a billion dollars to purchase more BTC.
At the time of writing, BTC is trading at $57,709 and has remained relatively stable over the past day.
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