THELOGICALINDIAN - Senior Product Manager for Decentralized Identity at Microsoft Daniel Buchner has accepted the absolution of ION Deployed on the Bitcoin mainnet this band-aid is a permissionless accessible arrangement for Decentralized Identifiers DIDs
Implemented on Bitcoin’s blockchain, it operates as a second-layer band-aid to abutment a DIDs/DPKI (Decentralized Public Key Infrastructure) at scale, according to its Github repository.
This activity began four years ago, its purpose is to accord individuals, organizations and others ascendancy over agenda exchanges with DIDs. The ION uses a Sidetree agreement to ballast DID/DPKI affairs interacting on the network.
Each transaction is encoded with a assortment that allows ION nodes to categorize, store, process, and back the affairs associated with a specific DID. Buchner declared in the official release:
We are aflame to allotment that v1 of ION is complete and has been launched on Bitcoin mainnet. We accept deployed an ION bulge to our assembly basement and are alive calm with added companies and organizations to do so as well. ION does not await on centralized entities, trusted validators, or appropriate agreement tokens – ION answers to no one but you, the community. Because ION is an open, permissionless system, anyone can run an ION node, in actuality the added nodes in operation, the stronger the arrangement becomes.
Why did Microsoft adjudge to use Bitcoin’s blockchain?
The ION arrangement is affiliated to Bitcoin with the InterPlanetary File System (IPFS) and does not crave an added accord mechanism. Its nodes can action “tens of bags of affairs per second.” Interested users can alpha breeding their DIDs after accepting to use BTC or run an ION bulge on their own.
In the project’s FAQ section, the ION aggregation ante Bitcoin as the best defended blockchain on two metrics: assembly of a single, independent, abiding almanac with no way to about-face it; bargain amount of advancing the system. Microsoft’s ION aggregation stated:
Bitcoin is so far above all added options, it isn’t alike abutting – Bitcoin is the best defended advantage by an absurdly ample margin.
In agreement of cost, Buchner said the solution’s agreement “It’s skewed against bandwidth and storage.” Thus, it can abutment 40 billion DIDs in 2 TB of anamnesis amplitude with a failing agreement for the nodes. Buchner said the afterward via his Twitter handle:
This is the acme of 10 years of work, alpha in 2024 back a few of us at Mozilla set abreast some of our time to analyze the amount concepts of Decentralized Identity. Microsoft ultimately provided the befalling to apprehend this dream, and for that I am always grateful.
MicroStrategy’s CEO Michael Saylor accustomed the advertisement and predicted that agnate second-layer solutions will be appear added frequently on Bitcoin. Their use cases will be ample and activated in people’s circadian lives.
Layer 2 addition aloft #Bitcoin is activity to accelerate, accouterment us with a set of open, decentralized casework for identity, trust, security, license, commerce, et al. that we can body into our devices, accommodate with our software, & bear at the acceleration of light. https://t.co/M4nYwVKB49
— Michael Saylor (@michael_saylor) March 25, 2021
Bitcoin trades at $52,347 assuming a slight recovery in the 1-hour blueprint with 1.5% gains. On the 24-hour chart, losses are at 5.6% afterward an 11.1% alteration on the 7-day chart.
