Microstrategy to launch a Bitcoin-based decentralized identity solution

Bitcoin (BTC)'s largest corporate owner, Microstrategy, has announced that its decentralized identity solution will use plaintext to store and retrieve information on the Bitcoin network.

The solution, MicroStrategy Orange, was announced on May 1 at the company's Bitcoin For Corporations conference by executive chairman Michael Saylor.

Microstrategy Orange is open source, doesn't rely on sidechains and can process up to 10,000 decentralized accounts per bitcoin transaction, Salor said.

“[Its aim is to] According to a non-public draft document of the solution shared by MicroStrategy on GitHub, it uses the public Bitcoin blockchain as a data source to deliver trustless, decentralized and long-lived decentralized identities.

Decentralized Identifiers (DIDs) allow anonymity in the same way that real-world identities are not tied to Bitcoin addresses and transactions.

MicroStrategy Orange includes Orange Services, Orange SDK, and Orange Apps.

Orange Services allow users to assign DIDs to their employees and deploy applications, while Orange SDK and Orange Apps provide customization tools to integrate specific services on mobile and desktop devices.

One of the applications already developed by Microstrategy is “Orange for Outlook” – it integrates digital signatures into emails so that recipients can verify the true identity of the sender.

The onboarding process involves receiving an invitation email signed by MicroStrategy's DID, which creates a unique DID, public and private key pair for the user.

The user's DID and public key are mapped to the Bitcoin network, and they can start sending invitations to their employees to create their own digital IDs.

The company intends to extend MicroStrategy's Orange applications to other messaging platforms, social media networks and applications in the e-commerce, corporate and fintech industries.

Related: A Micro-Strategy List in the S&P 500 Index Could Expose Millions to Bitcoin

It comes as MicroStrategy reported a net loss of $53.1 million for the first quarter on April 30.

However, reporting in the traditional accounting method did not result in MacroStrategy's 214,400 bitcoins at a 65% increase in market value – $15.2 billion at the time – in the quarter.

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