As a seasoned crypto investor with a keen interest in decentralized technologies and their potential real-world applications, I find MicroStrategy’s latest announcement of MicroStrategy Orange particularly intriguing. MicroStrategy, being the largest corporate holder of Bitcoin, has always been at the forefront of exploring ways to leverage the power of this digital asset beyond just financial gains.
As a passionate crypto investor, I’m thrilled about MicroStrategy’s latest announcement. They are leading the charge as the largest corporate Bitcoin (BTC) holder and have now unveiled plans to introduce a decentralized identity solution directly on the Bitcoin network. This innovative approach leverages Ordinal-based inscriptions, enabling us to store and access valuable information securely using this groundbreaking technology.
At the Bitcoin For Corporations conference held on May 1, Michael Saylor, the executive chairman, introduced the new solution, named MicroStrategy Orange.
MicroStrategy’s Orange project is an open-source solution that doesn’t rely on sidechains and has the capability to handle as many as 10,000 decentralized identifiers within a single Bitcoin transaction, according to Saylor.
This proposal aims to create reliable, unalterable, and enduring decentralized identities solely utilizing the publicly accessible Bitcoin blockchain as the data repository. (MicroStrategy’s unofficial GitHub document)
As a data analyst, I would explain it this way: With Decentralized Identifiers (DIDs), you can maintain your privacy similar to how your real-life identity is separate from your Bitcoin transactions.
MicroStrategy Orange comprises Orange Service, Orange SDK and Orange Applications.
With Orange Service, users can assign phone numbers (DIDs) to their team members and set up applications. The Orange Software Development Kit (SDK) and Orange Applications offer flexible solutions for integrating customized services seamlessly on both mobile and desktop platforms.
One application developed by MicroStrategy is named “Orange for Outlook.” This tool enables users to add digital signatures to their emails, allowing recipients to authenticate the sender’s identity with confidence.
During the onboarding procedure, you’ll receive an invitation email from MicroStrategy’s Digital Identity (DID) with a signature. Upon accepting this email, a distinct DID will be created along with a matched set of public and private encryption keys for your usage.
As a researcher studying Bitcoin technology, I would explain it this way: With your Decentralized Identifier (DID) and public key already registered on the Bitcoin network, you have the ability to extend invitations for your team members to establish their unique digital identities.
As an analyst, I would recommend expanding the functionality of MicroStrategy Orange applications to encompass various messaging systems, social media networks, and relevant software within the e-commerce, enterprise, and fintech sectors. This will broaden the reach and applicability of these tools, enhancing their overall value and effectiveness for users.
It comes as MicroStrategy reported a $53.1 million net loss for the first quarter on April 30.
As an analyst, I’ve noticed that the conventional accounting approach failed to acknowledge the significant market value surge of MicroStrategy’s Bitcoin holdings during the last quarter. Specifically, the appreciation of our 214,400 Bitcoins, which amounted to approximately $15.2 billion at that time, was not incorporated in the financial reporting.
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2024-05-02 05:47