MicroStrategy plans to launch decentralized ID solution: report

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The Block2024/05/02 01:25

By:The Block

Quick Take Microstrategy has pulled the curtain back on its plans to launch a decentralized identity solution on Wednesday during an in-person business presentation, according to an influencer on X.

MicroStrategy plans to launch a bitcoin-based decentralized identity protocol.

The solution, called MicroStrategy Orange, stores and calls users’ personal information, using unspent transaction output (UTXO) on the bitcoin blockchain, a bitcoin influencer said Wednesday in an X post. The Virginia-based company’s solution is designed to enable decentralized ID services for a reduced-rate fee while minimizing energy-guzzling block consumption

It isn't immediately clear when MicroStrategy will launch the project.

MicroStrategy did not immediately respond to The Block's request for comment sent outside of normal business hours.

UTXO-based transactions set the foundation for MicroStrategy’s DID, making it nearly impossible for identity thieves to steal users’ identities or even tamper with their personal information.

Identity theft is on the rise in the U.S. The amount of identity thefts surged more than 60% from the second quarter of 2019 to the same period in 2023, LendingTree data shows .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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