A deep dive into Bitcoin's decentralized identity system

Microstrategy, a company known for its involvement in bitcoin, recently introduced MicroStrategy Orange at the annual MicroStrategy World conference. This new platform is a bitcoin-based decentralized identity system (DID), designed to provide secure and immutable identity verification without the need for a central authority. The platform was announced by MicroStrategy co-founder and CEO Michael Saylor and executive vice president of engineering Cezary Raczko.

The introduction of MicroStrategy Orange follows previous cues from the company about venturing into bitcoin software development, fueled by the popularity of Ordinals signups last summer. The DID system, known as DID:btc, leverages a modified version of these Ordinal inscriptions to securely store identity data on the bitcoin blockchain.

This innovative system aims to offer various applications, from identity verification on social networks to the authentication of documents and medical records. For example, social media platforms could use DID:btc to verify and display a user's identity via an “orange check” mark, while medical records could be authenticated by recording a hash of the document at a specific time in the blockchain.

The proposed DID:btc specification was published on GitHub for public review and collaboration. This specification describes the technical details of the system, including data format and privacy considerations. Despite its potential, the complexity of the plans has sparked mixed reactions, particularly from the crypto twitter community. Some enthusiasts express concern about storing DID data on the bitcoin blockchain, fearing that it could cause unnecessary congestion or detract from the core functions of the blockchain.

Critics have openly expressed their reservations. Udi Wertheimer, CEO of Taproot Wizards, humorously commented that bitcoin supporters who admired Saylor's investment strategies are dismayed by this new development, which he likened to “institutional-level spam.” Other comments on social media have been less humorous: One user unfavorably compared the initiative to the government's actions and another bluntly dismissed it as “dog vomit garbage.”

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.7164179104478″>

Well, Saylor just keep defending the fed boy at your own risk. https://t.co/zN1P8dR3JA

– burn the bridge (@econoalchemist) twitter.com/econoalchemist/status/1785850104424894781?ref_src=twsrc%5Etfw”>May 2, 2024

In terms of functionality, the MicroStrategy Orange platform could revolutionize the way public and private records are maintained. Public deeds, for example, could be recorded on the bitcoin blockchain, providing a permanent, tamper-proof record. The use of Segregated Witness (SegWit) The system's technology helps improve scalability and reduce costs by separating signature data from transaction data.

MicroStrategy has not specified when the Orange protocol will be officially launched. Currently, the information available on GitHub is an initial draft and it remains uncertain how soon the system will be adopted by other bitcoin projects or applications.

The future of MicroStrategy Orange depends on its ability to seamlessly integrate with existing blockchain infrastructures and its acceptance within the broader crypto community. Its success could potentially pave the way for broader applications of blockchain technology in identity verification and beyond.

About MicroStrategy

MicroStrategy is a standout business intelligencee, provider of mobile software and cloud-based services, known for its advanced analytics capabilities. Founded in 1989 by Michael Saylor and Sanju Bansal, the company has been at the forefront of the business intelligence industry, providing software that allows companies to analyze internal and external data to make business decisions. MicroStrategy's offerings include powerful analytics and mobility platforms that help businesses build and deploy analytics and mobile applications to transform their operations.

In recent years, MicroStrategy has gained significant attention for its significant investments in bitcoin, positioning itself as one of the leading corporate proponents of cryptocurrencies. The company views bitcoin as a reliable store of value and an integral part of its treasury management strategy. This bold move has not only impacted MicroStrategy stock, but has also influenced broader market views on cryptocurrencies as a legitimate asset class for corporate investment.

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