At the Bitcoin For Corporations conference, MicroStrategy, led by executive chairman Michael Saylor, revealed plans to launch ‘MicroStrategy Orange,’ a decentralized identity solution leveraging the Bitcoin network.
The solution, per a draft released on GitHub, aims to establish trustless, tamper-proof identities solely using the public Bitcoin blockchain.
Decentralized identifiers (DIDs) will offer pseudonymity, ensuring real-world identities remain disconnected from Bitcoin addresses and transactions.
The components of MicroStrategy Orange include Orange Service, facilitating DID issuance and application deployment, along with Orange SDK and Orange Applications, offering customization and integration tools across various devices.
MicroStrategy has already developed “Orange For Outlook,” an application embedding digital signatures into emails to authenticate sender identities.
Users accepting invitations initiate a unique DID creation process, with their DID and public key stored on the Bitcoin network, facilitating personnel onboarding.
MicroStrategy intends to expand the Orange suite’s capabilities to other messaging platforms, social networks and applications within e-commerce, enterprise and fintech sectors.
This initiative follows the company’s recent financial report, showing a net loss of $53.1 million for Q1, though not reflecting the substantial increase in their Bitcoin holdings’ market value.
MicroStrategy currently holds 214,400 Bitcoin, valued at $15.2 billion as of the report.
While MicroStrategy explores Bitcoin-based identity solutions, it joins previous endeavours like BitID and ION, utilizing Bitcoin’s blockchain for privacy-focused identity verification.
Additionally, initiatives like Worldcoin and Ecuador’s Sistema de Dinero Electrónico have explored similar avenues for establishing global digital identity and financial networks.
