Microsoft reveals Sidetree-based DID decentralized network on 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.”