Microstrategy unveiled plans to launch a decentralized identity solution at a business presentation, according to an influencer on X.
The solution, called MicroStrategy Orange, stores and calls users’ personal information, using unspent transaction output 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 consumptionMicroStrategy 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. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures.
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