LATEST: MicroStrategy Unveils Bitcoin-Based Decentralized ID Protocol to Combat Identity Theft

MicroStrategy, a leader in business intelligence, has revealed plans for “MicroStrategy Orange,” a new decentralized identity solution using the Bitcoin blockchain. Announced during an in-person presentation and shared by an influencer on social platform X, this initiative aims to leverage Bitcoin’s unspent transaction output (UTXO) model to securely store and manage personal information. This innovative approach seeks to offer decentralized ID services at reduced rates while minimizing the environmental impact typically associated with blockchain technology.

The launch date for MicroStrategy Orange remains unconfirmed, but the protocol’s foundation on UTXO-based transactions promises enhanced security features, making it nearly impossible for identity thieves to access or alter users’ personal data. This development comes at a time when identity theft is increasingly prevalent, with incidents in the U.S. rising by over 60% from Q2 2019 to Q2 2023, according to LendingTree. MicroStrategy’s entry into decentralized identity solutions represents a significant step toward using blockchain technology to address pressing security challenges in the digital age.

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