MicroStrategy plans to launch a Bitcoin-based decentralized identity protocol.
The solution, called MicroStrategy Orange, stores and accesses users’ personal data 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 at a reduced rate while minimizing power-hungry block consumption
It is not immediately clear when MicroStrategy will launch the project.
MicroStrategy did not immediately respond to The Block’s request for comment, sent outside normal business hours.
UTXO-based transactions are the foundation for MicroStrategy’s DID, making it virtually impossible for identity thieves to steal users’ identities or even tamper with their personal information.
Identity theft on the rise in the U.S. Identity theft increased more than 60% between the second quarter of 2019 and the same period in 2023, data from LendingTree shows.
About the author
Elizabeth Napolitano is a data reporter who reports business and technology news, with a focus on cryptocurrencies. Before joining The Block, Elizabeth reported on BigTech, AI, crypto and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and US courts. She has an MA in journalism from CUNY. Follow her on X: @LizKNapolitano
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