MicroStrategy (NASDAQ: MSTR) stock surged about 9% in pre-market trading Monday after the company announced plans for a Bitcoin-based decentralized identity service called MicroStrategy Orange, leveraging Ordinals inscriptions.
MicroStrategy (MSTR), the leading corporate bitcoin holder, has announced that it intends to develop a decentralized identity service utilizing Ordinals inscriptions.
The software consulting firm has been actively positioning itself as a “Bitcoin development company” since earlier this year, signaling its commitment to advancing the capabilities of the Bitcoin network through various avenues such as financial markets, advocacy, and innovation. The introduction of “MicroStrategy Orange,” as it’s been dubbed, signifies a tangible step towards realizing this vision.
At the recent Bitcoin for Corporations conference, MicroStrategy founder Michael Saylor outlined the objectives of MicroStrategy Orange, emphasizing its mission to provide “trustless, tamper-proof, and long-lived” decentralized identities leveraging the security and transparency of the Bitcoin blockchain. The service aims to empower users with decentralized identifiers (DIDs), ensuring pseudonymity akin to the anonymity offered by Bitcoin transactions.
Orange will leverage Bitcoin’s Ordinals Protocol, which facilitates information storage and communication on individual satoshis (the smallest unit of Bitcoin, equal to 1/100,000,000th of a BTC).
The company has already developed and implemented one application using its decentralized identity service, “Orange For Outlook.” This application integrates digital signatures into emails, allowing recipients to verify the sender’s identity.
MicroStrategy currently holds 214,400 BTC, valued at $10 billion, representing over 1% of the total Bitcoin supply that will ever be in circulation.
MicroStrategy (NASDAQ: MSTR) Stock Reaction
As of this report, MSTR stock has reached $1331.11 in trading, reflecting an increase of 8.84% from the previous trading session.
