MicroStrategy dives into Bitcoin ‘Decentralized ID’; What’s next for MSTR stock?
Release: 2024/05/04 01:49 Reading: 811
MicroStrategy Embarks on Blockchain Frontier with Decentralized Identity Solution
MicroStrategy (NASDAQ: MSTR), a prominent investor in Bitcoin (BTC), has made a notable foray into blockchain technology, capturing significant attention.
At the company's Bitcoin For Corporations conference on May 1, Executive Chairman Michael Saylor unveiled "MicroStrategy Orange," an innovative decentralized identity solution operating directly on the Bitcoin network.
MicroStrategy Orange: A Blockchain Evolution
MicroStrategy Orange represents a groundbreaking advancement in utilizing the Bitcoin blockchain beyond financial transactions. It leverages Ordinal-based inscriptions to create decentralized identifiers (DIDs) that store and retrieve data without relying on sidechains. The system boasts high scalability and efficiency, capable of processing up to 10,000 DIDs in a single transaction.
An unofficial draft shared on GitHub outlines the service's mission:
"The goal of this method is to deliver trustless, tamper-proof, and enduring decentralized identities utilizing only the public Bitcoin blockchain as a data source."
Leveraging Bitcoin Ordinals Protocol
Expanding its blockchain offerings, MicroStrategy has harnessed the Bitcoin Ordinals Protocol to issue DIDs. This protocol enables data storage and communication on individual satoshis, the smallest unit of Bitcoin, providing a level of pseudonymity akin to Bitcoin transactions.
Practical Application: "Orange For Outlook"
MicroStrategy has already developed a practical application of this technology, "Orange For Outlook." This application integrates digital signatures into emails, empowering recipients to verify the sender's identity, enhancing the security and trustworthiness of digital communications.
Market Response and Criticisms
Despite its innovative potential, MicroStrategy's project has faced criticism. Tony Giorgio, co-founder of Mutiny Wallet, has questioned the viability of DIDs and criticized Saylor's approach to data storage on the Bitcoin blockchain.
Conversely, some Bitcoin enthusiasts and supporters view it as a legitimate extension of Bitcoin's functionality beyond speculative uses like NFTs. Fred Krueger highlighted the practical applications of using Bitcoin as a data layer, supporting the integration of Ordinals for such purposes.
MSTR Stock Analysis
MicroStrategy's Bitcoin holdings currently stand at 214,400 BTC, acquired at an average price of $35,180 per Bitcoin. Amidst these developments, MSTR stock has exhibited significant volatility. As of the latest trading session, the stock is priced at $1,222, down from a high of $1,723 in early April.
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