MicroStrategy has recently introduced a new decentralized identity solution, termed ‘MicroStrategy Orange,’ which operates on the Bitcoin network. The announcement came during the Bitcoin For Corporations conference on May 1. Michael Saylor, the executive chairman of MicroStrategy, spearheaded the unveiling. This new platform aims to offer decentralized identities that are secure, permanent, and invulnerable to tampering, all verified via the public Bitcoin blockchain.
Core Components and Functionality
The MicroStrategy Orange framework consists of three main elements: the Orange Service, Orange SDK, and Orange Applications. The Orange Service offers organizations the ability to issue decentralized identifiers (DIDs) to their employees and to set up applications. The Orange SDK and Orange Applications aid in customizing and integrating these services across different devices.
One of the standout applications developed is “Orange For Outlook,” which integrates digital signatures into emails. This allows email recipients to verify the sender’s identity securely. The onboarding process begins when a user accepts an invitation email signed by a MicroStrategy DID. This process generates a unique DID along with a public and private key pair for the user. These details are then securely stored on the Bitcoin network, enabling users to invite others to create their digital identities.
Expansion and Industry Applications
Looking forward, MicroStrategy plans to expand the use of its Orange applications across various platforms including messaging services, social media, and other applications in e-commerce, enterprise, and fintech sectors. This move could significantly enhance digital identity verification processes across numerous industries.
While MicroStrategy’s venture into Bitcoin-based identity solutions is notable, it is not the first in the industry. Projects like BitID and ION have previously explored Bitcoin for online identity verification, although with varying degrees of success. Additionally, it’s important to note that despite a reported net loss of $53.1 million in the first quarter, MicroStrategy’s Bitcoin assets have appreciated. The company holds 214,400 Bitcoin, which saw a 65% increase in value last quarter, amounting to $15.2 billion at that time.