- MicroStrategy announces the launch of MicroStrategy, a decentralized identity solution using Bitcoin blockchain.
- During the MicroStrategy World 2024 event in Las Vegas, Michael Saylor hinted at the platform’s plan to launch the Orange protocol.
- The firm envisions ensuring a secure and efficient management of digital identities through UTXOs.
MicroStrategy, the largest corporate holder of Bitcoin (BTC), has recently announced the launch of MicroStrategy Orange, a decentralized identity solution using the Bitcoin blockchain. The platform introduced MicroStrategy Orange during the Bitcoin for Corporations segment at the MicroStrategy World 2024 event in Las Vegas.
At the event, MicroStrategy Chairman Michael Saylor put forward an interesting question, “Wouldn’t it be great if instead of a blue check, green check, etc., there was an orange check that was a global standard?” He added that such an idea of decentralized identity with Bitcoin would be realized through MicroStrategy.
A Bitcoin proponent, Dylan LeClair, took to X to share insights on MicroStrategy’s Orange protocol. Explaining the protocol’s use of Bitcoin DID, he wrote, “The Bitcoin Inscription DID method (did:btc) uses inscriptions in witness data to store and manage DIDs, leveraging UTXOs for DID control.”
Reportedly, MicroStrategy Orange envisions ensuring the secure and efficient management of digital identities through unspent transaction outputs (UTXOs). In addition, the protocol aims to reduce transaction fees and block space.
Saylor highlighted their vision of introducing an “internet native decentralized digital identity backed by Bitcoin” in a segment called Bitcoin Security. Further, he elaborated on the preference for Bitcoin over any other blockchains, stating,
“Well, it [Bitcoin] is fault tolerance, it is censorship resistance, it does use the most advanced cryptography, it’s a lot better than most people’s taskwork managers and this federated system. It is distributed … It’s open, permisionless, egalitarian.”
The news comes on the heels of MicroStrategy’s financial report of 2024 Q1, which marked a loss of $53.1 million. However, the report also revealed a gross profit of $85.2 million in the first quarter, representing a 74.0% gross margin.
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