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MicroStrategy’s Proposal and the Skepticism Among Bitcoiners

MicroStrategy recently unveiled a new Bitcoin-based strategy aimed at combating online spam, but the reception among Bitcoin enthusiasts has been mixed.

During the annual MicroStrategy World conference, Michael Saylor, the company’s executive chairman, introduced “MicroStrategy Orange” – a decentralized identity solution built on Bitcoin.

Understanding MicroStrategy Orange

The technology developed by MicroStrategy is referred to as an “enterprise-grade platform for implementing Decentralized Digital Identifiers (DIDs)” within any organization.

One of the key services offered by the platform is “Orange for Outlook,” which includes a feature that verifies the authenticity of emails by providing an orange check mark, similar to Twitter’s verification badge for emails. This verification process is fast, virtually free, permanent, and does not compromise user privacy.

“Our vision is to provide an internet native, decentralized digital identity backed by Bitcoin,” stated Saylor. “It is fault-tolerant, censorship-resistant, and utilizes advanced cryptography.”

Unlike previous decentralized identity initiatives that faced practical limitations, MicroStrategy’s platform enables enterprises to deploy DIDs to thousands of team members within a short timeframe.

These digital identities are anchored in the Bitcoin blockchain using public-private key cryptography.

Users have the ability to sign their email headers using private keys generated through MicroStrategy Orange. These private keys are then paired with public keys to create a DID that is permanently recorded on the Bitcoin blockchain. The legitimacy of private key-signed emails can be verified on-chain by referencing the DIDs back to the corresponding public keys of the users.

According to Saylor, these identifiers are highly efficient in terms of on-chain storage, allowing for the storage of tens of thousands of DIDs in a single Bitcoin transaction without the need for a Bitcoin sidechain, although compatibility with Bitcoin Layer 2 networks may be possible.

The Criticisms Surrounding Saylor’s Offering

MicroStrategy utilizes a modified approach to Ordinals inscriptions to store DID data on Bitcoin, enabling the storage of arbitrary data in the witness of a Bitcoin transaction. This has facilitated the trading of NFTs and tokens on Bitcoin, leading to high network fees at times.

“DIDs go nowhere, ever,” remarked Tony Giorgio, co-founder of Mutiny Wallet. “Saylor is using Bitcoin as his own personal and corporate data store.”

Daniel Buchner, a decentralized identity expert at Block, expressed concerns that Saylor’s solution unnecessarily contributes to the bloating of the Bitcoin blockchain, suggesting that there may be more efficient approaches to achieving the same goal.

Fans of Ordinals praised the announcement, believing that it lends credibility to their protocol, which has predominantly been associated with speculative NFTs and meme tokens.

“Makes sense. Don’t hate on Ordinals. Lots of applications for Bitcoin as a data layer,” tweeted Fred Krueger in response to the news.

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