Michael Saylor, Executive Chairman of MicroStrategy, alongside Cezary Raczko, Executive Vice President of Engineering, introduced MicroStrategy Orange.
It is a decentralized identity protocol built on top of the Bitcoin network using the Ordinals Protocol. Let’s explore more about this important news for Microstrategy.
MicroStrategy Orange: Revolutionizing Digital Identity
The platform, dubbed MicroStrategy Orange, is designed to offer robust digital identity solutions through a decentralized framework. This will boost greater security and privacy than traditional centralized identity providers.
Cezary Raczko detailed the components of the new platform by saying: “The platform consists of three fundamental pieces,” he explained. At the core is a service cloud that allows organizations to issue digital identifiers to users. This feature is central to the functionality of MicroStrategy Orange, facilitating the creation and management of digital identities securely and efficiently.
JUST IN: MicroStrategy launches an enterprise platform for building decentralized identity applications on #Bitcoin — MicroStrategy Orange pic.twitter.com/P5PXz80kSD
— Bitcoin Magazine (@BitcoinMagazine) May 1, 2024
Additionally, Raczko highlighted the platform’s ability to deploy prepackaged applications specifically designed to run on the MicroStrategy Orange infrastructure. These applications, referred to as “orange apps,” are tailored solutions addressing various digital identity challenges. This modular approach not only enhances the platform’s utility but also allows for rapid deployment and customization according to specific organizational needs.
More About Microstrategy Orange
The decision to build on the Ordinals Protocol is particularly noteworthy. This protocol, which operates on the Bitcoin network, is typically used to inscribe digital artifacts directly onto Bitcoin’s blockchain. By leveraging this technology, MicroStrategy Orange aims to utilize the robust security features of the Bitcoin network while supporting a scalable and decentralized digital identity framework.
BREAKING: @saylor the Executive Chairman of MicroStrategy just announced that @MicroStrategy is building a decentralized identity protocol on top of the Ordinals Protocol pic.twitter.com/f1VW5taZek
— Ord.io (@ord_io) May 1, 2024
This development could have far-reaching implications for digital identity verification across numerous industries, including finance, healthcare, and government services. By decentralizing identity verification, MicroStrategy Orange seeks to reduce fraud, enhance privacy, and streamline operations by removing the need for intermediaries and reducing points of vulnerability.
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