Unlocking Bitcoin’s Potential: An In-Depth Look at MicroStrategy Orange’s Decentralized ID (BTC)
- MicroStrategy has announced the development of a Bitcoin-based decentralized identity (DID) system, MicroStrategy Orange.
- The system aims to provide immutable, decentralized identities, allowing individuals to control and verify their identity without relying on a central authority.
- Despite its potential applications, the proposal has received mixed reactions from the crypto community due to its technical complexity.
MicroStrategy announces the development of a Bitcoin-based decentralized identity system, MicroStrategy Orange, aiming to provide immutable, decentralized identities. However, the proposal has sparked mixed reactions from the crypto community.
Introducing MicroStrategy Orange
MicroStrategy Orange is a Bitcoin-based decentralized identity (DID) system introduced by MicroStrategy co-founder and Executive Chairman Michael Saylor, and Executive VP of Engineering Cezary Raczko. The system aims to provide immutable, decentralized identities, offering individuals a way to control and verify their identity without relying on a central authority.
Real-Life Applications of Orange
MicroStrategy Orange and decentralized identifiers on Bitcoin could be used to verify users on social media applications, authenticate text messages or medical records. For instance, a social media app could verify a user’s DID on the Bitcoin blockchain and display an “orange check” to other users. Similarly, a medical record’s metadata could be stored on Bitcoin and used to authenticate its owner and ensure it hasn’t been modified.
How Bitcoin Fits into DID:BTC
By establishing a decentralized identity system on Bitcoin, dubbed DID:BTC, users can benefit from the robust security and global decentralized network of the Bitcoin blockchain. DID:BTC uses a modified version of Ordinals inscriptions, digital assets that are “inscribed” onto an individual Satoshi, the smallest denomination of a Bitcoin. In the case of MicroStrategy Orange, the inscription space would ... Read the full article for FREE at COINOTAG!
