MicroStrategy has introduced a new decentralized identity protocol called Orange, which is based on the robust Bitcoin blockchain.
Michael Saylor's business intelligence company MicroStrategy has been working on more than just expanding its Bitcoin holdings.
During the first day of activity of its annual conference MicroStrategy World 2024, the company introduced a new enterprise decentralized identity protocol, which it has been working on in order to allow companies to create decentralized applications to manage identities using the most capitalized and robust blockchain in the blockchain industry.
En documents Shared on GitHub, MicroStrategy explained that its new decentralized digital identity solution will use a similar, but slightly modified, approach to Ordinals inscriptions on Bitcoin satoshis.
The changes implemented in the model allow the solution enroll decentralized identifiers directly into Bitcoin, but storing only the data and updates related to the digital identity. This, in turn, allows DID documents to be created and updated with few size and content restrictions, while taking advantage of Bitcoin's Segregated Witness (SegWit) feature to reduce fees and block space consumed, the company highlighted. .
Digital identity on the Bitcoin blockchain
Building decentralized identity on the Bitcoin blockchain network could introduce a new level of security to the sector, Saylor explained, during his keynote speech at the conference.
The company emphasized that Orange inherits both the security and privacy (pseudo-anonymity) of the Bitcoin network, making it a fairly robust solution, which is resistant to spying and replay attacks, incorrect data insertion attacks, man-in-the-middle attacks and denial of service or DoS attacks, as well as the risks of deletion or modification of data transactions, thanks to the immutability of the chain.
According to Cezary Raczko, executive vice president of engineering at the company, in addition to all these advantages inherited from Bitcoin, Orange will also offer companies a development toolkit (SDK) with which they will be able to not only deploy and run “prepackaged” applications on the platform, but they will also be able to integrate Orange functionalities into their own solutions and applications.
MicroStrategy becomes a Bitcoin development company
After several years of investing in Bitcoin as its primary reserve asset, Saylor's company took a step forward in Bitcoin adoption and announced that it was expanding into Bitcoin protocol software development, becoming the first public company to publicly traded company to take this approach to cryptocurrencies.
In addition to Orange, MicroStrategy has presented other solution based on the Bitcoin blockchain. A year ago, the company revealed the creation of its first blockchain application, developed using Bitcoin's scalability layer, the Lightning Network.
When presenting this solution, called MicroStrategy Lightning, Saylor highlighted that companies could access a series of digital products and services to explore the potential of the Bitcoin chain and advance the adoption of this technological innovation.
As for its BTC holdings, MicroStrategy holds a total of 214.400 BTC, valued at over $12.300 billion, at the time of writing. This has made the company the largest institutional investor in the cryptocurrency, to date. On the other hand, Saylor has assured that MicroStrategy will continue to invest in bitcoins on a recurring basis and that it will not sell its holdings in the short term, so it is expected that its BTC reserves will continue to grow.
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Main image by @oBryan (in X)
