MicroStrategy Reveals Plan for Bitcoin-Based Decentralized Identity System Using Ordinals
MicroStrategy, known as the largest corporate holder of bitcoin, has announced its intention to develop a decentralized identity service utilizing Ordinals inscriptions.
Earlier this year, the software consulting firm rebranded itself as a “bitcoin development company,” emphasizing its commitment to advancing the Bitcoin network through various means such as financial markets, advocacy, and innovation. The unveiling of “MicroStrategy Orange” signifies the company’s dedication to realizing this objective.
MicroStrategy Orange aims to offer decentralized identities that are “trustless, tamper-proof, and long-lived,” according to founder Michael Saylor. The service will enable users to issue decentralized identifiers (DIDs), ensuring pseudonymity similar to bitcoin transactions, which are not directly linked to real-world identities.
Leveraging Bitcoin’s Ordinals Protocol, MicroStrategy Orange enables the storage and communication of information on individual satoshis, the smallest unit of bitcoin.
MicroStrategy has already developed an application called “Orange For Outlook” using its decentralized identity service. This application integrates digital signatures into emails, allowing recipients to verify the identity of the sender securely.
Currently, MicroStrategy holds a substantial amount of bitcoin, totaling 214,400 BTC, which amounts to approximately $10 billion. This constitutes more than 1% of the total bitcoin supply that will ever exist.
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