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New player, new blockchain for the decentralized digital ID management market
The blockchain-based digital identity market is becoming increasingly crowded, with a new entrant in MicroStrategy and the gradual expansion of the Worldcoin ecosystem.
A research paper published in the April issue of the International Journal of Law and Policy highlights the disadvantages of a centralized identity management system, such as the risk of data breaches, lack of user control and privacy issues, highlights the need to a more secure and user-centric approach.
A decentralized identity system powered by blockchain technology offers a solution to these problems. This system gives individuals greater control over their personal information, improving privacy and reducing the risk of identity theft.
The Wave1 grant program of Worldcoin Foundation has expanded strategically with the introduction of the World Chain category. According to the company, this category aims to develop an accessible and user-centric Layer 2 blockchain.
Projects in this category will focus on improving Worldcoin’s digital identity platform, World ID. The decentralized governance model that World ID uses will promote transparency, as stated by the company.
World currency launched Wave1 of its grant program, the second iteration of the program, just a few weeks ago.
MicroStrategythe largest corporate holder of Bitcoin, launched MicroStrategy Orange, an enterprise platform that enables the creation of decentralized identity applications using the Bitcoin blockchain.
The platform has three key components, the main one being a cloud service that provides all the infrastructure needed to issue decentralized identifiers to both individuals and organizations.
Decentralized identifiers (DIDs) issued through MicroStrategy Orange can be applied in a wide range of use cases, including access control, verification processes, audits and compliance. The company said the platform will simplify the deployment of pre-packaged applications designed to address specific digital identity challenges.
The use of Bitcoin Ordinals inscriptions for decentralized identifiers in the Orange platform has sparked a discussion within the blockchain and cryptocurrency community. Critics argue that using the Bitcoin blockchain to store non-financial data, such as DIDs, could lead to network congestion, higher transaction fees, and a deviation from Bitcoin’s core principles.
However, MicroStrategy Orange stands out for its use of the witness section of the Bitcoin blockchain, which is part of Segregated Witness (SegWit) technology. Furthermore, the Orange protocol The DID approach does not rely on biometrics for identity verification.
This decision to forgo biometrics for identity verification has several benefits, according to MicroStrategy, such as preserving privacy, reducing complexity and cost, and promoting inclusivity and accessibility. Potential applications of the Orange Protocol span various sectors, including finance, healthcare and education.
Worldcoin takes a different approach than MicroStrategy by using biometric data, such as iris scans, to establish and authenticate digital identities. This method ensures that each digital identity corresponds to a real human being (personality proof).
Article topics
blockchain | decentralized identifiers (DIDs) | digital identification | identity verification | MicroStrategy | Orange MicroStrategy | World chain | World currency
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