As an experienced analyst, I have closely followed the developments in the Bitcoin and decentralized identity space. MicroStrategy’s recent proposal of “MicroStrategy Orange” as a solution to combat online spam using a Bitcoin-based decentralized identity system is an intriguing concept that has sparked debate among industry experts.
MicroStrategy, known for its business intelligence software, recently put forth a novel plan for counteracting internet spam using Bitcoin. However, the Bitcoin community expresses reservations about the feasibility of this approach.
As a crypto investor, I’m excited to share that during this year’s MicroStrategy World conference on Wednesday, Michael Saylor, our executive chairman, introduced an innovative new project called “MicroStrategy Orange.” This is an open-source, decentralized identity solution that is built directly on the Bitcoin network. I believe this development has the potential to revolutionize digital identification and further strengthen Bitcoin’s role as a foundational technology for the future of finance.
What is MicroStrategy Orange?
MicroStrategy characterizes their technology as a robust solution for integrating Decentralized Digital Identifiers (DIDs) throughout any organization.
As a crypto investor, I’m always on the lookout for ways to secure my digital communications. That’s why I’m excited about one of the platform’s key features: “Orange for Outlook.” This service acts as a verification system for emails, ensuring they come from authentic individuals or entities, rather than spam or phishing attempts. It’s similar to Twitter’s yellow checkmark, but for email. Plus, it offers several benefits: it’s quick, virtually free, permanent, and most importantly, respects user privacy.
“Saylor expressed our goal as creating a decentralized digital identity on the internet, fortified by Bitcoin,” he stated. “This system boasts fault tolerance and resistance to censorship. It employs cutting-edge cryptography for enhanced security.”
As a crypto investor, I’m excited about MicroStrategy’s approach to decentralized identities (DIDs) because it surpasses the limitations of previous attempts. With this platform, I believe enterprises can easily onboard their teams of tens of thousands in just a few hours.
Digital identities would be securely linked to the Bitcoin blockchain through the use of public-private key cryptography.
Users can authenticate the headers of their emails using personal keys created via MicroStrategy Orange. These keys have associated public keys that are permanently linked to a Decentralized Identifier (DID) on the Bitcoin blockchain. By checking the DID against the user’s corresponding public key on-chain, email authenticity can be verified.
In the words of Saylor, these identifiers are remarkably space-efficient for on-chain storage and can accommodate up to ten thousand Decentralized Identifiers (DIDs) in a single Bitcoin transaction. This method doesn’t necessitate the use of a Bitcoin sidechain but might work in harmony with second-layer Bitcoin networks.
Criticisms Of Saylor’s Offering
MicroStrategy employs a unique method to save Decentralized Identifier (DID) information onto the Bitcoin blockchain through a modified version of Ordinal inscriptions. By capitalizing on Bitcoin’s capacity to hold additional data within a transaction’s witness, this technique has paved the way for NFT and token trading directly on the Bitcoin network. However, this innovation can lead to significantly increased network fees due to the high demand for these transactions.
“Tony Giorgio, co-founder of Mutiny Wallet, stated on Twitter that DIDs (Decentralized Identifiers) never move or go anywhere. Regarding Saylor, he utilizes Bitcoin as both his personal and corporate database.”
Daniel Buchner, an authority on decentralized identities at Block, commented that Michael Saylor’s approach for Bitcoin “unnecessarily adds complexity,” suggesting that although the concept is commendable, it could have been implemented in a simpler manner.
Supporters of ordinal numbers were elated by the declaration, viewing it as validation for their previously employed procedure, which had primarily been utilized for creating non-fungible tokens with speculative value or serving as a meme token trendsetter.
“I agree. Ordinals have their merit in the context of Bitcoin, offering numerous potential uses.”
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2024-05-03 03:49