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In a presentation at the annual MicroStrategy World Conference in Las Vegas, MicroStrategy Co-Founder and Executive Chairman Michael Saylor unveiled MicroStrategy's Orange Decentralized Identity Protocol.
“Michael made a very compelling case for why we need decentralized identity and why he created decentralized accounts,” Cesari Racco, MicroStrategy's vice president of engineering, told the audience. “The strength and security of the Bitcoin network makes a more compelling case for why it makes sense to bring digital identity to the Bitcoin blockchain.”
Alongside the announcement, MicroStrategy has published an unofficial draft of the MicroStrategy Orange specification to Github.
While the timing of the news is unexpected, Saylor has previously hinted that his company is working in the identity and authentication space. He told Decrypt last year that after the protocol's launch in January, he was interested in learning more about Ordinals and how it might inspire software innovation.
“The whole idea of burning data on the blockchain opens the door to being able to burn a digital signature or burn a registration or burn a hash of a document,” he said. “Enterprises currently have poor security compared to Bitcoin.”
A Bitcoin advocate says innovations using the world's largest cryptocurrency could introduce an entirely new level of security.
“The platform consists of three basic components,” Rakko said late Wednesday.
“At the heart of it is a service cloud, hosted, that allows you to assign those accounts to users in your organization,” he explained. “It also allows you to deploy out-of-the-box packaged applications that run on the MicroStrategy Orange platform.”
Rakko said Orange's software development kit enables coders to take these capabilities and integrate them into their own applications and systems.
Using email as an example, Rakko said that Bitcoin-based public and private keys generated using Orange by MicroStrategy are written using a standard protocol.
According to MicroStrategy Orange's documentation, the Decentralized Identity Protocol uses an improved approach to documents as trivial, but only stores information related to a Decentralized Identity (DID), meaning documents can be created and updated with fewer restrictions on size and content. Bitcoin SegWit (SegWit).
“Once you've verified that email is genuine, you'll accept the invitation, and at that point, we'll generate your unique decentralized account and public-private key pair,” Rakko explained. “We send a decentralized account and public key to the Orange server to be written on the Bitcoin Blockchain. [and] From then on, you're ready to start sending emails with Orange Signature.
“[The] “The opportunity we see and want is to combine the Bitcoin-based digital identity with this large and verifiable ecosystem, which opens up a large number of other very interesting use cases. I can now stick my identity to Bitcoin,” Rakko said.
He added that MicroStrategy Orange's decentralized identity could be used to verify users on social media apps or to verify a text message, college degree or medical record.
“Provide those and verify those all in a decentralized way, but having the ultimate identity and anchoring it to the Bitcoin blockchain,” Rakko added — suggesting that Orange would allow users to show an “orange check” to authenticated users. Forums.
Edited by Ryan Ozawa.
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