Microsoft reveals Sidetree-based DID decentralized network on Bitcoin blockchain
|- The platform will be used to manage digital assets.
- Sidetree-based DID runs atop the Bitcoin blockchain.
Microsoft has announced that it is working on a decentralized network using the Bitcoin blockchain. The platform will be used to manage digital assets. In addition to that, it is going to introduce more security as well as privacy in the digital economy. The senior program manager at the Microsoft Identity Division, Daniel Buchner said in a comment:
“Today, we’re announcing an early preview of a Sidetree-based DID network, called ION (Identity Overlay Network) which runs atop the Bitcoin blockchain based on an emerging set of open standards that we’ve developed working with many of our partners in the Decentralized Identity Foundation. This approach greatly improves the throughput of DID systems to achieve tens-of-thousands of operations per second.”
According to Microsoft, this network works in the same way as Bitcoin and manages private only that the users have more control of their funds.
“Today, the most common digital identifiers we use are email addresses and usernames, provided to us by apps, services, and organizations. This puts identity providers in a place of control, between us and every digital interaction in our lives. Our goal is to create a decentralized identity ecosystem where millions of organizations, billions of people, and countless devices can securely interact over an interoperable system built on standards and open source components.”
Buchner adds:
“We’re sharing our work as early as possible – rough edges and all – to start a conversation with the community and encourage collaboration.”
“In the coming months, we’ll work with open source contributors and members of identity community to prepare for a public launch of the ION network on Bitcoin mainnet.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.