The biggest bitcoin-holding company, MicroStrategy (MSTR), announced plans to create a decentralized identification service with Ordinals inscriptions.Earlier in the year, the software consulting firm started marketing itself as a “bitcoin development company” and claimed to be working on financial markets, advocacy, and innovation to develop the Bitcoin network.The implementation of “MicroStrategy Orange,” as it has been dubbed, is an indication that the business is pursuing this goal.
Michael Saylor, the founder of MicroStrategy Orange, stated during the company’s Bitcoin For Corporations conference on Wednesday that the company aims to provide “trustless, tamper-proof and long-lived” decentralized identities via the Bitcoin blockchain.Decentralized identifiers (DIDs), which provide pseudonymity, can be issued by users of the service.DIDs are unrelated to real-world identities, just like bitcoin transactions are not.Orange makes use of the Bitcoin Ordinals Protocol, which enables data to be exchanged and saved on individual satoshis—the smallest unit of currency in the world, or 1/100,000,000th of a BTC.
Using its service, MicroStrategy has already developed one application, “Orange For Outlook,” which incorporates digital signatures into emails so that recipients can confirm the sender’s identity.With 214,400 BTC ($10 billion) in possession, MicroStrategy has more than 1% of every bitcoin that will ever be created.