Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

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

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.

Read Next: Jack Dorsey's Block Under Examination From Authorities Over Alleged Sanctions Violations

Image: Shutterstock

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

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.