Microsoft launches Bitcoin-based identity network

Monday 29 March 2021 14:33 CET | News

Microsoft's decentralised identity network ION has announced leaving the beta test phase and launching on the Bitcoin blockchain. 

In the future, Microsoft users will not need usernames or email addresses. ION runs on the Bitcoin mainnet and is a permission-free public network for decentralised identifiers (DID). Microsoft has been developing ION since 2017. ION uses a sidetree protocol to anchor transactions in a Decentralized Public Key Infrastructure (DPKI) that interact in the network.

Each transaction is encoded with a hash, which enables the ION nodes to categorise, store, process, and retrieve the transactions associated with a particular DID. ION does not rely on centralised entities, auditors, or protocol tokens. Since ION is an open, permission-free system, anyone can operate an ION node, and the more nodes are in operation, the stronger the network becomes. A Microsoft representative has stated that the launch will be on the Bitcoin blockchain for security reasons since Microsoft considers Bitcoin the safest solution in case of an attack on ION.

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Keywords: cryptocurrency, blockchain, product launch, Bitcoin
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime