BTC
by BSC News
May 2, 2024
According to Michael Saylor, the protocol can handle up to 10,000 DIDs in one Bitcoin transaction and is an open-source project.
MicroStrategy co-founder and executive chairman, Michael Saylor, announced the development of a new decentralized identity (DID) protocol at the Bitcoin For Corporations conference on May 1.
This protocol, called MicroStrategy Orange, utilizes the Bitcoin blockchain to enhance digital identity security and control.
For managing Decentralized Identifiers (DIDs), the protocol uses Unspent Transaction Outputs (UTXOs), similar to Bitcoin Ordinals. This approach reportedly allows for robust control and management of digital identities without the need for intermediaries.
Decentralized identity systems allow users to control how and with whom their personal information is shared. The idea is to give users back control and end the reliance on centralized entities to manage personal information.
MicroStrategy has developed multiple tools to support the adoption of the Orange protocol:
Several key players in the Web3 space, like Shiba Inu and Ethereum Name Service, are also focusing on decentralized identity solutions. MicroStrategy’s entry adds a significant Bitcoin-based solution to this growing field.
Since adopting its Bitcoin strategy, MicroStrategy’s stock has outperformed major indices and cryptocurrencies, showcasing the financial viability of its innovative approaches. In April, the firm further invested in Bitcoin, adding 144 BTC to its holdings.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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