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MicroStrategy Unveils Decentralized Identity Service Built On Bitcoin's Ordinals Protocol

Published 02/05/2024, 19:17
Updated 02/05/2024, 20:40
© Reuters.  MicroStrategy Unveils Decentralized Identity Service Built On Bitcoin's Ordinals Protocol
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Benzinga - by Murtuza Merchant, Benzinga Staff Writer.

MicroStrategy (NASDAQ:MSTR), recognized as the largest corporate holder of Bitcoin (CRYPTO: BTC), is taking significant strides into blockchain innovation with the launch of a new decentralized identity service called “MicroStrategy Orange.”

What Happened: This initiative leverages the Bitcoin network’s Ordinals inscriptions to offer “trustless, tamper-proof and long-lived” decentralized identities, as stated by executive chairman Michael Saylor during the company’s Bitcoin For Corporations conference, Coindesk reported.

The new service aims to enhance user privacy by enabling the creation of decentralized identifiers (DIDs), which promote pseudonymity similar to the anonymity of Bitcoin transactions.

These identifiers do not link to real-world identities, thereby enhancing security and privacy in digital interactions.

MicroStrategy Orange represents a pivotal development for the firm, which earlier this year began to redefine itself as a “bitcoin development company.”

Also Read: BlackRock Anticipates Renewed Institutional Interest In Bitcoin Spot ETFs

The company has committed to engaging in the development of the Bitcoin network through avenues such as financial markets, advocacy, and innovation.

One of the first applications of this service, “Orange For Outlook,” has been developed to integrate digital signatures into emails, allowing recipients to verify the sender’s identity securely.

This application showcases the practical use of the decentralized identity framework in everyday digital communications.

Holding over 214,400 BTC, which accounts for more than 1% of all Bitcoin that will ever exist, MicroStrategy is uniquely positioned to influence and innovate within the cryptocurrency space.

As the digital asset landscape continues to evolve, the development of decentralized identity solutions on top of the Bitcoin blockchain is set to be a hot topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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