During the Bitcoin for Corporations event hosted by MicroStrategy, Michael Saylor introduced a groundbreaking decentralized identity protocol called MicroStrategy Orange. This protocol, built on the foundation of Bitcoin, utilizes Ordinals inscriptions to store identity data while employing SegWit to separate other types of data.
MicroStrategy, at its annual MicroStrategy World 2024 event in Las Vegas, unveiled MicroStrategy Orange Decentralized Identity protocol. This open-source protocol, inspired by Ordinals, focuses solely on storing data related to digital identities, allowing for the creation and updating of documents with minimal restrictions on size and content.
MicroStrategy Orange leverages the secure network of Bitcoin to store identity inputs and modifies the popular Ordinals inscription method. With Ordinals launching in 2023 and expanding the use cases of the Bitcoin blockchain, it enables users to embed various data types such as memes, videos, images, and digital signatures onto a Satoshi, the smallest unit of Bitcoin.
Michael Saylor, a well-known advocate of Bitcoin, expressed his vision for MicroStrategy Orange during the event, emphasizing its potential to revolutionize enterprise identity and security. He believes that by harnessing the reliable security and widespread recognition of the Bitcoin network, MicroStrategy Orange can redefine the digital identity landscape.
While MicroStrategy Orange shares similarities with Ordinals, it only stores data associated with a user’s digital identity on the Bitcoin blockchain. The protocol utilizes Segregated Witness (SegWit) to separate other types of data, enabling users to store virtually unlimited data sizes through the protocol.
MicroStrategy Orange is the brainchild of Michael Saylor, who has been exploring applications that leverage the Bitcoin blockchain since the launch of Ordinals. Last year, he revealed his company’s interest in utilizing Bitcoin to address corporate security vulnerabilities, highlighting DocuSign as a business model that could greatly benefit from enhanced Bitcoin security.
MicroStrategy’s VP of Engineering, Cezary Raczko, shared insights into MicroStrategy Orange, stating that the protocol relies on three fundamental aspects. The first is the Orange Service, a primary platform that allows users to build and issue decentralized identities. Additionally, it provides prepackaged out-of-the-box applications running on the MicroStrategy Orange platform.
MicroStrategy Orange also offers a software development kit (SDK) to facilitate easier 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.
While MicroStrategy’s focus on Bitcoin has drawn criticism from some quarters, citing potential neglect of its main software business, the company’s BTC holdings have appreciated by over 60%, exceeding $15 billion in value. MicroStrategy plans to raise half a billion dollars to acquire more BTC.
At the time of writing, BTC is trading at $57,709 and has experienced sideways movement in the past day.
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