{"id":294576,"date":"2024-05-03T02:06:57","date_gmt":"2024-05-02T20:36:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=294576"},"modified":"2024-05-03T02:06:57","modified_gmt":"2024-05-02T20:36:57","slug":"saylor-unveils-decentralized-identities-on-bitcoin-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/saylor-unveils-decentralized-identities-on-bitcoin-crypto-news\/","title":{"rendered":"Saylor Unveils Decentralized Identities on Bitcoin – Crypto News"},"content":{"rendered":"
\n

Bitcoin permabull and chairman of Microstrategy Michael Saylor unveiled plans for decentralized identities (DIDs) built on Bitcoin at the Bitcoin For Corporations<\/a> conference on Wednesday.<\/p>\n

Saylor said the goal is to develop a \u201ctrustless, tamper-proof, and long-lived\u201d decentralized identity service on Bitcoin. Microstrategy also open-sourced the code behind the service’s specifications yesterday on Github.<\/p>\n

Microstrategy\u2019s move leverages the Ordinals<\/a> standard, which allows for non-financial data to be inscribed onto the Bitcoin blockchain. Much like Ethereum\u2019s NFTs<\/a>, users can now inscribe arbitrary information onto an individual satoshi \u2013 the smallest denomination of a bitcoin \u2013 and include it in the oldest blockchain in the industry.<\/p>\n

The Bitcoin Inscription DID method (did:btc) uses inscriptions in witness data to store and manage DIDs, leveraging UTXOs for DID. Unspent Transaction Outputs (UTXO) are the remaining \u201cchange\u201d when a user sends bitcoin.<\/p>\n

The company\u2019s move coincides with the view of many hardline Bitcoiners, who think the Bitcoin network should host all digital data and not just serve as a monetary transfer protocol.<\/p>\n

What are DIDs<\/h2>\n

Decentralized identifiers (DIDs) are cryptographically secure IDs that users create, own and control \u2013 independent of centralized identities.<\/p>\n

Their purpose is to offer proof of humanity \u2013 much like the controversial Worldcoin project is attempting to do \u2013 but without the need for trusted third-party verification. DIDs have the potential to include the 1.1 billion \u201cinvisible people<\/a>\u201d that the World Bank reported don\u2019t hold a government-approved ID, in the financial system.<\/p>\n

Microstrategy Orange is geared toward corporations, which is one of the major reasons DIDs are attractive. Enterprises have proven to have bad security practices, with data leaks resulting in billions in losses.<\/p>\n

And in times of widespread societal distrust towards centralized institutions, DIDs can serve a plethora of applications. In fact, DIDs can be used for digital diplomas, proof of employment, driving licenses, deeds for property, notarizations, and more.<\/p>\n

Saylor Reaps The Wrath Of Maxis<\/h2>\n

The response from Bitcoin maximalists to Microstrategy Orange was swift and stern.<\/p>\n

\u201cSo do you idiots finally get Saylor is a spook now?\u201d posted<\/a> the pseudonymous Shinobi, Technical Editor at Bitcoin Magazine. His voice echoed the Econoalchemist, a renowned Bitcoin home miner and developer, who added<\/a> \u201cWell Saylor simps, keep defending fed boy at your own peril.\u201d<\/p>\n

Both comments allude to Saylor\u2019s attempt at institutionalizing Bitcoin, which comes with the rules and regulations imposed by the U.S. government on large entities.<\/p>\n

More measured commentary surfaced amid the controversy, however.<\/p>\n

\u201cIt seems like the response to this is a bit overblown, no matter how much I dislike Saylor,\u201d began SethForPrivacy, head of marketing and strategy for Bitcoin hardware wallet company Foundation Devices. \u201cThe spec [open-sourced on Github] indicates this is essentially just utilizing Bitcoin’s blockchain as a global keyserver, similar to GPG keyservers.\u201d<\/p>\n

\u201cThat’s… fine with me,\u201d posted<\/a> Seth. \u201cWould be pretty nice to be able to use my Bitcoin node to retrieve people’s GPG public keys or similar without having to rely on a centralized server (even though those using MicroStrategy’s SDK\/service will be trusting a central server inherently).\u201d<\/p>\n

Biggest Corporate Bitcoin Holder<\/h2>\n

Microstrategy remains the largest corporate Bitcoin holder in the world despite fierce competition from Bitcoin ETFs.<\/p>\n

The company’s balance sheet contains more than 214,400 BTC, or $12.6 billion, which is more than 1% of Bitcoin\u2019s total supply.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin permabull and chairman of Microstrategy Michael Saylor unveiled plans for decentralized identities (DIDs) built on Bitcoin at the Bitcoin For Corporations conference on Wednesday. Saylor said the goal is to develop a \u201ctrustless, tamper-proof, and long-lived\u201d decentralized identity service on Bitcoin. Microstrategy also open-sourced the code behind the service’s specifications yesterday on Github. Microstrategy\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":294577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-294576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=294576"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294576\/revisions"}],"predecessor-version":[{"id":294578,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294576\/revisions\/294578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/294577"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=294576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=294576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=294576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}