Money ion: Microsoft's Bitcoin-based identity network starts

01:15  29 march  2021
01:15  29 march  2021 Source:   t3n.de

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: Identity Standards Blog. : ION – Booting up the network . Collaborators like Transmute (developers of the Sidetree- based method, Element), SecureKey We’re thrilled to see ION make the leap to Bitcoin mainnet for its public beta. ION is an open BitPay – leading blockchain payment processor, and the exclusive service provider supporting Microsoft ’ s Bitcoin needs for ION , XBOX, and the

Microsoft ’ s ION has attracted contributions from Bitcoin and crypto mainstays including Casa, ConsenSys, Gemini, BitPay and Protocol Labs, as well as a hand from the teams at Cloudflare, Spruce and others. ION has also worked with the Transmute and SecureKey teams who are building their own DID networks . Decentralized Identity is a good example of a non-monetary use case for public blockchains like Bitcoin , and it’s even on the radar of the World Economic Forum’s blockchain chief.

The decentralized identity network ion from Microsoft leaves the beta test phase. This makes username obsolete. Ion is operated on the bitcoin ninnet.

ION: Bitcoin-basiertes Identitätsnetzwerk von Microsoft gestartet © JeanLucichard / Shutterstock ion: Microsoft's Bitcoin-based identity network started

Microsoft has started its decentralized identity solution ION on the bitcoin blockchain. This allows users to do without usernames and e.mail address in the future - at least as far as the Microsoft services are concerned. The principle we had already presented in this article , the current status describes the manufacturer even in a blog post .

Safety: Microsoft selects Bitcoin as a platform

Ion runs on the bitcoin ninnet and is a permissible public network for decentralized identifiers (DIDS). Microsoft had been working on Ion for four years. Ion uses a Sidetree protocol to anchor transactions of a Decentralized Public Key Infrastructure (DPKI) interacting in the network.

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Microsoft ’ s decentralized identity network ION , first announced in May is moving to beta testing on the Bitcoin network . In a June 10 blog post , Daniel

Microsoft ' s Project ION ( Identity Overlay Network ) is an open-source, Layer 2 network that runs on top of the Bitcoin blockchain, an approach the company said will greatly improve the throughput of a DID system "to achieve tens of thousands of operations per second." One of Bitcoin 's inherent problems is its slow transactional performance and its inability to scale due to computer processing overhead; each node (computer) on a Bitcoin network gets a copy of the ledger in near-real time and a consensus mechanism requires nodes to verify the authenticity of new entries by solving a complex

Each transaction is encoded with a hash which allows the ion node to categorize, store, process, process and retrieve the transactions associated with a particular DID.

Microsoft Manager Daniel Buchner is convinced of the solution: "Ion does not relieve itself of centralized entities, trusted examiners or special protocol tokens - Ion does not answer anyone besides them, the community. Since Ion is an open, permissible system, everyone can operate an ION node, and the more nodes into operation, the stronger the network. "

does not understand at first glance, however, the use of the bitcoin blockchain for the project appears . Microsoft explains in the question-and-answer area Ion. Different criteria, the manufacturer leads to consideration, which would also be partly for other blockchain.

crucial is probably the safety aspect. Microsoft considers the cost of an attack on ion as so high that it can not be practically unreacted. Buchner looks at Bitcoin "such a big lead in front of other options that they do not even come near". Bitcoin is the safest solution and then nothing is coming.

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usr: 0
This is interesting!