According to an unofficial draft on Github, the Orange platform leverages the Bitcoin Inscription DID (did: BTC) method, which combines data inscriptions in the Bitcoin witness to manage decentralized identification numbers (DIDs). ).
By utilizing unspent transaction outputs (UTXOs) on the Bitcoin blockchain, MicroStrategy Orange aims to ensure secure and efficient management of digital identities, reducing both transaction fees and block space.
MicroStrategy Executive Chairman Michael Saylor asked at the event:
“Wouldn't it be great if instead of blue check, green check, etc., there was orange check which is the global standard?”.
“With MicroStrategy, maybe we can approach this idea of decentralized identity with Bitcoin.”
The Orange solution is designed to provide a trustless, tamper-proof and immutable decentralized identity, using only the public Bitcoin blockchain.
This approach differentiates MicroStrategy Orange from previous methods by embedding DID information directly on-chain, thereby ensuring data “permanence and integrity” without relying on external sources. .
Microstrategy is not the first to explore Bitcoin for an identity solution.
In 2016, a project called BitID was introduced to streamline identity verification for online platforms while maintaining user privacy, although this project is no longer active. again.
In addition, there is ION (Identity Overlay Network), a self-sovereign identity system using the Bitcoin blockchain and IPFS, using the Sidetree-based DID network.
There are other blockchain networks that use comparable strategies, such as Worldcoin, which seeks to establish a global digital identity and financial network.
In addition, Ecuador's Sistema de Dinero Electrónico is also noteworthy. Ecuador has launched a digital currency connected to its government-issued digital ID system, allowing citizens to access and use the digital currency through their ID.
Ecuador's program was eventually discontinued after facing opposition from state banks.
Microstrategy (Nasdaq: MSTR) stock has been struggling lately, falling 3.45% against the USD on Wednesday.
Over the last week, MSTR shares fell 16.13% and the 30-day statistics show a decline of 37.49% against the greenback.
In contrast, the stock has gained more than 131% against the USD in the past six months.
General Bitcoin News.
