Microsoft Picks Bitcoin to Create a New Id System

Microsoft is growing a Bitcoin-based decentralized id system that goals to considerably enhance privateness, safety, and management whereas attaining tens-of-thousands of operations per second. Credentials, within the new id system, might be wholly owned and managed by the person.

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Microsoft’s New ID Community on the Bitcoin Blockchain

For over a 12 months, Microsoft had been experimenting with numerous blockchain applied sciences to create a brand new sort of system for digital identities that may improve privateness, safety, and management.

Ultimately, the know-how big decided that Bitcoin was the one know-how with the efficiency traits able to powering a really worldwide decentralized id system. On Could 14, 2019, Alex Simons, Vice President of Program Administration, introduced:

In the present day, we’re saying an early preview of a Sidetree-based DID community, referred to as ION (Id Overlay Community) which runs atop the Bitcoin blockchain based mostly on an rising set of open requirements that we’ve developed working with lots of our companions within the Decentralized Id Basis.

And, Simons added, “This approach greatly improves the throughput of DID systems to achieve tens-of-thousands of operations per second.”

‘Bitcoin is the only unit of value relevant in the operation of the on-chain aspects of the ION network’

To create a scalable foundational layer for absolutely decentralized identities, Microsoft, in collaboration with the Decentralized Id Basis, is introducing ION and formally describing it as follows,

ION is a public, permissionless, Decentralized Identifier (DID) community that implements the blockchain-agnostic Sidetree protocol on high of Bitcoin (as a ‘Layer 2’ overlay) to help DIDs/DPKI at scale.

Along with being permissionless and decentralized, one of many ION’s key factors is that it’s absolutely Bitcoin-based. And there might be no token gross sales. In impact, documentation on the GitHub specifies,

ION doesn’t introduce new tokens/cash – Bitcoin is the one unit of worth related within the operation of the on-chain features of the ION community.

Furthermore, in keeping with Simons, the brand new ID system will permit customers seamless entry to all of the purposes of their digital world. The system might be self-sovereign, wherein customers would be the homeowners of their private information.

Thus, simply as any Bitcoin person is the one individual absolutely accountable for his or her personal keys, a Microsoft person can even be absolutely accountable for his or her personal credentials.

How do you assume the Microsoft Bitcoin-based id system will affect Bitcoin’s worth? Tell us within the feedback part beneath!

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Photos by way of Daniel Butcher/Decentralized Id Basis, Shutterstock

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