2 weeks ago
MicroStrategy’s chairman, Michael Saylor, revealed the firm’s ambitious program to present a decentralized individuality solution called MicroStrategy Orange connected the Bitcoin web during his Bitcoin For Corporations speech connected May 1.
Saylor underlined the imaginable of establishing a cosmopolitan modular with the distinctive orangish checkmark, envisioning it arsenic a planetary alternate to the commonly recognized bluish oregon greenish checks. He stated:
“Wouldn’t it beryllium large if alternatively of a bluish check, greenish check, etc., determination was an orangish cheque that was a planetary standard? With MicroStrategy, possibly we could attack this thought of decentralized identity, with Bitcoin.”
This inaugural aligns with MicroStrategy’s translation into a Bitcoin-focused improvement company. The Virginia-based institution holds 214,400 Bitcoin, valued astatine astir $12.4 billion, making it the largest nationalist holder of the flagship integer asset.
MicroStrategy Orange
An unofficial draught connected MicroStartegy’s GitHub revealed that the solution leverages Ordinal-based inscriptions for information retention and retrieval.
Additionally, it is being designed to beryllium open-source and susceptible of handling up to 10,000 decentralized identifiers per Bitcoin transaction.
According to the document:
“The Bitcoin Inscription DID method (did:btc) uses the bitcoin blockchain exclusively to store and retrieve DID information. UTXOs connected concatenation are utilized to power DIDs. Inscribing information successful the witnesser of transactions allows for greater extensibility and verbosity erstwhile creating DID documents, portion reducing fees and artifact abstraction consumed.”
The draught furthered that MicroStrategy Orange volition “deliver trustless, tamper-proof, and long-lived decentralized identities utilizing lone the nationalist Bitcoin blockchain arsenic a information source.”
Bitcoin proponents critique the move
However, MicroStrategy’s prime of Ordinal-based inscriptions has drawn criticism from halfway Bitcoin proponents similar developer Luke Dashjr, who views them arsenic perchance detrimental to the BTC network. Calling them “an attack” connected Bitcoin, helium said:
“Somehow Saylor thinks it makes consciousness to bargain tons of Bitcoin and past destruct the Bitcoin network.”
Dashjr is simply a long-term professional of Ordinals, asserting that they deviate from BTC’s halfway principles and lend to blockchain spam.
Similarly, Bob Burnett, the CEO of Barefoot Mining, a Bitcoin mining firm, added:
“I person to work the full happening but this doesn’t look good. Saylor, jumping connected the inscription way is not a bully one. I anticipation you’ll relook astatine this earlier implementing.”
The station MicroStrategy decentralized individuality solution leveraging Ordinals attracts disapproval from halfway Bitcoin proponents appeared archetypal connected CryptoSlate.
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