- MicroStrategy is working on the launch of MicroStrategy Orange, a Decentralized Identity solution that uses inscriptions.
- The Bitcoin-based identity solution will store and call users’ personal information on the BTC blockchain.
- MicroStrategy is yet to reveal a date for launch.
MicroStrategy, a Business Intelligence company which holds 214,400 Bitcoin, on Thursday, revealed in a presentation that it is working on the launch of a decentralized identity solution. The solution uses the Bitcoin blockchain and it is called MicroStrategy Orange.
Crypto analyst and influencer Dylan LeClair dropped the details in a recent tweet on X after attending a presentation by the firm.
MicroStrategy proposes decentralized identity solution
Decentralized identities are focused on offering Web3 users control over their digital personas while keeping their data secure. Several key players like Shiba Inu, Worldcoin, Polygon ID or Ethereum Name Service are targeting a similar problem statement, giving Web3 users more control on how and who their personal information is shared with.
Decentralized identity systems help users determine how and with whom their personal information is shared. The idea is to return control to users and end the reliance on a handful of centralized entities that control market participants’ personal information.
According to Dylan LeClair’s report, MicroStrategy Orange will use Bitcoin Inscriptions. Inscriptions will help users store and manage their identities while Unspent Transaction Output (UTXOs) allow for control of user identities.
$MSTR launching MicroStrategy Orange, a Decentralized Identity solution using the #Bitcoin blockchain.
— Dylan LeClair (@DylanLeClair_) May 1, 2024
The Bitcoin Inscription DID method (did:btc) uses inscriptions in witness data to store and manage DIDs, leveraging UTXOs for DID control.
MicroStrategy is yet to announce an official launch date.
Of the top 10 decentralized identity tokens, eight have noted price gains in the past 24 hours despite the broader correction in the crypto sector, as seen on CoinMarketCap.
Decentralized Identity tokens
Social intelligence company LunarCrush tested market sentiment in response to MicroStrategy’s Decentralized identity solution. The firm observed the sentiment move up since the announcement, noting that 84% of all posts that include “MSTR” (MicroStrategy’s ticker) and MSTRWorld24” were positive.
MSTR Sentiment among market participants
In its recent earnings report, MicroStrategy announced that since the adoption of Bitcoin strategy, the stock has significantly outperformed BTC, S&P 500, Nasdaq, Gold, Silver and top tech indices.
MicroStrategy stock performance against key assets, tech stocks.
In April, the firm added another $7.8 million in Bitcoin (144 BTC) to its holdings. The logical next step for the firm is likely the development of solutions on the Bitcoin blockchain, like MicroStrategy Orange.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Bitcoins hits new record high above $94K, signals continuation of larger uptrend
Bitcoin hit new record high on acceleration above 94K on Wednesday, lifted by growing expectations for more crypto-favorable conditions under incoming Trump’s administration. Break above the top of seven-day consolidation range generated initial signal of continuation of larger uptrend after bulls paused to consolidate recent strong post-US election gains.
Cardano surges to over two-year high as on-chain metrics show bullish bias
Cardano (ADA) price extends its bullish momentum, rallying more than 10% on Wednesday and reaching levels not seen since early May 2022. On-chain data further supports this rally as ADA’s whale transaction, trading volume, and open interest all rise, reaching record levels.
Dogecoin Price Forecast: Selling pressure drops 95% as DOGE traders target $0.50 breakout
The Dogecoin price breached the $0.40 resistance on Monday, rebounding from a 15% pullback. On-chain transaction flows observed this week suggest DOGE could be on the verge of another leg-up toward $0.50.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.