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.
About Author
Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano
