More than just buying Bitcoin! MicroStrategy launches decentralized identity protocol MicroStrategy Orange
At this year's MicroStrategy World conference, MicroStrategy CEO Michael Saylor announced a new decentralized identity (DID) open-source protocol for the Bitcoin ecosystem called MicroStrategy Orange, which also incorporates technology related to Ordinals nomenclature protocol.
Table of Contents
Introduction to MicroStrategy Orange
Decentralized Identity System in the Bitcoin Ecosystem
MicroStrategy announced yesterday the launch of MicroStrategy Orange, a decentralized identity solution based on the Bitcoin ecosystem. It will utilize the UTXO ledger on the Bitcoin blockchain to store and retrieve users' personal information, aiming to provide decentralized identity services at a lower cost and will be built within the Bitcoin ecosystem.
It is currently unclear when MicroStrategy will launch the MicroStrategy Orange project.
Based on the Ordinals Protocol
According to the draft protocol content, MicroStrategy Orange will build a decentralized identity system based on the Ordinals protocol, creating a Bitcoin DID method - did:btc, using the script in the witness data to store and manage DIDs, utilizing UTXO to control user identities.
Using the script in the witness data to engrave DID information can reduce the cost and block space consumption when creating DIDs, providing greater scalability.
Recommended Reading: Bitcoin Ecosystem Asset Types Summary, Plain Language Explanation of Technical Differences Behind ARC-20, SRC-20, etc.
Reason for recommendation: The article covers the evolution and differences of token standards in the Bitcoin ecosystem since the appearance of Ordinals, comparing with this article.
MicroStrategy's New Strategy Attempt
MicroStrategy's involvement in the Bitcoin ecosystem has primarily been buying BTC spot and holding it, without much participation in other on-chain ecosystems, making this venture into protocol development quite rare.
MicroStrategy buys more Bitcoin, software losses, BTC fair value not recognized
Perhaps MicroStrategy is exploring new development directions, with the decentralized identity protocol being just the first step, and more news is expected to follow.
MicroStrategy will continue to drive the development of the Bitcoin ecosystem with traditional financial resources in the future, but it may do so in different ways, sparking anticipation and imagination within the community.