According to an unofficial draft on Github, the Orange platform leverages the Bitcoin Inscription DID method (did:btc), which incorporates data inscriptions in Bitcoin’s witness sections to manage decentralized identifiers (DIDs). By utilizing unspent transaction outputs (UTXOs) on the Bitcoin blockchain, Microstrategy Orange aims to ensure a secure and efficient management of digital identities, reducing both transaction fees and block space.
“Wouldn’t it be great if instead of a blue check, green check, etc., there was an orange check that was a global standard?” Microstrategy Executive Chairman Michael Saylor asked at the event. “With Microstrategy, maybe we could approach this idea of decentralized identity, with Bitcoin.”
The Orange solution is designed to provide trustless, tamper-proof, and immutable decentralized identities, solely using the public Bitcoin blockchain. This approach distinguishes Microstrategy Orange from earlier methods by embedding the DID information directly onchain, thereby ensuring the “permanence and integrity” of the data without relying on external sources.
Microstrategy is not the first to explore Bitcoin for identity solutions. In 2016, a project known as BitID was introduced to streamline identity verification for online platforms while maintaining user privacy, although it is no longer operational. Additionally, there is ION (Identity Overlay Network), a self-sovereign identity system that utilizes the Bitcoin blockchain and IPFS, employing a Sidetree-based DID network.
There are other blockchain networks employing comparable strategies, such as Worldcoin, which seeks to establish a global digital identity and financial network. Additionally, Ecuador’s Sistema de Dinero Electrónico is notable. Ecuador launched a digital currency connected to a government-issued digital ID system, enabling citizens to access and utilize the digital currency via their ID. Ecuador’s program was eventually discontinued after facing opposition from state banks.
Recently, Microstrategy (Nasdaq: MSTR) shares have struggled, declining 3.45% against the U.S. dollar on Wednesday. Over the last week, MSTR shares have fallen 16.13%, and 30-day statistics indicate a loss of 37.49% against the greenback. Conversely, the stock has climbed over 131% against the U.S. dollar in the past six months.
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