MicroStrategy, an American software company known for pioneering the addition of Bitcoin to its corporate balance sheet, is further immersing itself in the Bitcoin ecosystem.
During the MicroStrategy World conference in Las Vegas, Michael Saylor, the firm’s co-founder and executive chairman, unveiled plans to introduce a decentralized identity protocol named MicroStrategy Orange, built on Bitcoin.
The proposed MicroStrategy Orange platform aims to implement Bitcoin-based DIDs for enterprises and enable them to invite their personnel to create digital identities. These DIDs offer pseudonymity, similar to how real-world identities are not directly tied to Bitcoin addresses and transactions.
Saylor highlighted Bitcoin’s superiority, emphasizing its fault tolerance, censorship resistance, advanced cryptography, and superior performance compared to most taskwork managers.
“Why would we use Bitcoin? Well, it is fault tolerance, it is censorship resistance, it does use the most advanced cryptography, it’s a lot better than most people’s taskwork managers and this federated system.”
Saylor explained.
The company has even published a preliminary draft of the project’s technical specifications on GitHub. This document outlines a data storage approach similar to Bitcoin Ordinals and inscriptions, focusing solely on DID-related data and updates. This allows for creating and updating DID documents with fewer restrictions on size and content, leveraging the SegWit discount. SegWit transactions, which store data necessary to satisfy spending conditions in the witness, are significantly cheaper compared to other data storage options.
Saylor mentioned that MicroStrategy Orange could process 10,000 decentralized identifiers in a single Bitcoin transaction, demonstrating its scalability and efficiency.
This new initiative signifies MicroStrategy’s commitment to further integrating Bitcoin into innovative solutions beyond traditional investment strategies.
Saylor had earlier suggested that in February 2024, the company will reorganise itself to focus on building solutions on Bitcoin and blockchain technology. According to him, this new business model provides additional versatility than an investment trust because it would be able to develop software, generate cash flow, and simultaneously accumulate reserves in Bitcoin.
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