Computer software giant Microsoft is currently launching a decentralized identity network on the Bitcoin blockchain.
Microsoft chose Bitcoin
The world’s most famous computer software company Microsoft has revealed the launch of its own decentralized identity platform built on the Bitcoin blockchain. The platform, called ION, is the software giant’s attempt to provide decentralized identity applications in the digital world.
Microsoft says ION is the culmination of a four-year journey of “helping to develop and enhance decentralized identity”. They also say that this emerging technology in the space will empower individuals as well as create many new business opportunities.
With that, Microsoft has deployed an ION node into the production infrastructure to support this fledgling network. Furthermore, the company says it is partnering with a number of companies to support setting up further nodes.
According to Microsoft, the ION is not dependent on trusted parties, validators or governance tokens, but responds directly and only to its users. Furthermore, the network is open source by default and user friendly, anyone can run a node on their network.
Even with this launch, Microsoft still affirms that this is just the beginning of the journey, with a vision of a truly “decentralized web”.
A cautious giant
Despite its enthusiasm for decentralized identity spaces, Microsoft is more cautious towards other blockchain technology applications.
According to the source, Microsoft President Brad Smith raised doubts about whether private companies should have the authority to issue currency.
He draws his view from the suggestion that this is essentially a matter of public interest, in which governments are the only parties who can fully represent that interest.
“The money supply needs to be managed by an organization that is accountable to the public and with only the public good in mind. Thus, it can only be governments, ”said Brad Smith – Microsoft Chairman, emphasizing that Microsoft will not release digital money anytime soon.
If we use Microsoft founder Bill Gates’ attitude toward the crypto space as an indicator, it will take some time before Mircosoft comes to mind. Gates famously said in 2018 that he would “short Bitcoin” if possible.
Bitcoin’s blockchain regaining its form?
However, Microsoft also supports a number of blockchain-based projects (each with its own cryptocurrency) through the Microsoft Azure Cloud cloud service.
ION’s launch event will likely draw more attention towards Bitcoin’s blockchain-specific use. While it’s not uncommon for projects to use Bitcoin’s blockchain, Ethereum remains a necessary destination for the budding decentralized applications (dApps).
Even so, in recent months, Ethereum has faced criticism over its insanely high gas fees affecting projects. Ethereum-based decentralized Uniswap exchange, for example, is competing with competitors who are not active on the network, such as Binance Smart Chain’s Pancakeswap.
While Bitcoin’s blockchain is currently not necessarily more scalable than Ethereum, being willing to test Ethereum’s fees could actually encourage the Bitcoin scalability problem discussed long ago among developers. .
In short, Bitcoin’s blockchain could regain its form as a destination for dApps.