Topic: [2019-05-15] Microsoft Picks Bitcoin to Create a New Identity System (Read 255 times)
Thats great news!!! I know BC is beginning to get some momentum!!!https://www.thecollectivegroup.org/ico%5D%5Bglow=#020C59,2%5D%5Bcolor=transparent%5D.%5B/color%5D%5Bcolor=white
May 16, 2019, 03:34:27 PM
I am surprised that they chose bitcoin over ethereum, the first is known as a store of value whereas ethereum is the king of utilisation and dapps. Still, anything from Microsoft is welcome as they will be the anchor for other companies to join
May 16, 2019, 02:26:56 PM
I'm a bit skeptical on this project and it seems like not everyone will benefit from these based on the last sentence of the article in which say that Microsoft users will be the ones who have a use on this. Aside from that will this really be an easy about privacy protection or legality problems? Just by how they described the protocol it seems like they will be hitting a lot of regulations on Bitcoin being an anonymous crypto again, and it may not be allowed by the government. Well as long as it's about protection of the assets and not to completely make the user hidden than their is nothing to worry about.
May 16, 2019, 06:59:01 AM
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The only 'negative' side is that more utilization of the Bitcoin network will bump the fees, but on the other hand, will also drive Segwit adoption.
The only 'negative' side is that more utilization of the Bitcoin network will bump the fees, but on the other hand, will also drive Segwit adoption.
Currently transaction fees are not that high actually, if we consider that the current amount of transactions per day (350k-450k) is close to Dec 2017-Jan 2018's peak amounts(350k-490k).
Right now you can pay 200 sats/byte for a fast transaction. It's $3.50 currently for an average-size transaction. And, of course, Segwit adoption is also an option
, as you rightly have pointed out. 
May 16, 2019, 05:43:28 AM
Hmm, weird, really weird.
So, a protocol on top, but it uses no additional token like other projects, it uses Bitcoin and it is decentralized and open source and...it comes from Microsoft? All my instincts tell me to treat this suspiciously at least...
The first paragraph sounds nice, the second one...not that much
So basically when your privatekeys are stolen is not just like you lose your bitcoins, you also lose your identity and the thief has it and since is decentralized there is nothing getting it back for you?
I hope I've got this wrong cause not it's one damn scary scenario
So, a protocol on top, but it uses no additional token like other projects, it uses Bitcoin and it is decentralized and open source and...it comes from Microsoft? All my instincts tell me to treat this suspiciously at least...
Quote
Moreover, according to Simons, the new ID system will allow users seamless access to all the applications in their digital world. The system will be self-sovereign, in which users will be the owners of their personal data.
Thus, just as any Bitcoin user is the only person fully responsible for his or her private keys, a Microsoft user will also be fully responsible for his or her own credentials.
Thus, just as any Bitcoin user is the only person fully responsible for his or her private keys, a Microsoft user will also be fully responsible for his or her own credentials.
The first paragraph sounds nice, the second one...not that much
So basically when your privatekeys are stolen is not just like you lose your bitcoins, you also lose your identity and the thief has it and since is decentralized there is nothing getting it back for you?
I hope I've got this wrong cause not it's one damn scary scenario
May 16, 2019, 05:06:03 AM
A second layer on top of Bitcoin? Offering possibilities that go beyond the Store of value? This is one of the dreams of the Bitcoin Maximalists.
LN does that too, and then we have side-chains such as Liquid and RSK that offer a wide variety of features. Now it's waiting for actual use to pick up so we can see how they stimulate creativity and productivity.It's great and all that we have these second layers and side-chains, but if they aren't being used they're worthless, just like how worthless altcoins are that pretend to be cheap and reliable.
I'm going to read into how this identity system actually works and now it leverages Bitcoin's blockchain and security, because none of the articles I have read have gone in-depth or gave a useful brief explanation.
May 15, 2019, 07:56:06 PM
A second layer on top of Bitcoin? Offering possibilities that go beyond the Store of value? This is one of the dreams of the Bitcoin Maximalists.
May 15, 2019, 04:09:33 PM
Quote
Microsoft is developing a Bitcoin-based decentralized identity system that aims to significantly improve privacy, security, and control while achieving tens-of-thousands of operations per second
I don't want to put a blind eye on this, but the last few words kind of sound a bit mocking because we all no bitcoin is not at that capacity of processing that many of transactions in a second, so what's the interpretation of this ?!"operations" probably does not imply "bitcoin transactions".
they elaborate here:
Quote
ION is a public, permissionless, Decentralized Identifier (DID) network that implements the blockchain-agnostic Sidetree protocol on top of Bitcoin (as a ‘Layer 2’ overlay) to support DIDs/DPKI at scale.
so it's a network built on top of bitcoin (like lightning, for instance). i don't quite understand how the protocol works exactly. the infographic makes it seem like your sidetree node reads data from the bitcoin blockchain then writes to the sidetree IPFS network. i wonder what kind of mainchain transaction volume is required to run a system like this at large scale.
May 15, 2019, 12:05:44 PM
Microsoft determined that Bitcoin was the only technology with the performance characteristics capable of powering a truly worldwide decentralized identity system.
https://bitcoinist.com/microsoft-picks-bitcoin-to-create-a-new-identity-system/
https://bitcoinist.com/microsoft-picks-bitcoin-to-create-a-new-identity-system/
Bitcoin is not a technology,bitcoin is a currency.The technology is blockchain.
I don't know how legit these news are.This website(bitcoinist) has some bad reputation of publishing lots of fake news and gossips...I personally don't trust this website.
May 15, 2019, 11:41:05 AM
There are Bitcoin supporters who think Bitcoin should only serve freedom, equality, revolution, decentralization ... you name it. Those people would see it as a bad news that such "sacred" thing as Bitcoin would serve such "infernal" thing as Microsoft Corporation. But I would rather agree with those who see it as a good news, because the very fact proves that Bitcoin is a very useful thing in today's world, and that's what important.
I'm not sure who the people are that you're referring to, but if they think that whatever entity shouldn't use Bitcoin, they don't know what Bitcoin is. They also don't know what the definition of freedom is. Everyone can utilize Bitcoin at any time of the day, and I am happy that people (regardless of who they are) can use it.
The only 'negative' side is that more utilization of the Bitcoin network will bump the fees, but on the other hand, will also drive Segwit adoption.
May 15, 2019, 10:32:15 AM
It's always big news when big cooperations show their support of the blockchain technology, this is a sign of endorsement. WAY TO GO, MICROSOFT!
Quote
Microsoft is developing a Bitcoin-based decentralized identity system that aims to significantly improve privacy, security, and control while achieving tens-of-thousands of operations per second
I don't want to put a blind eye on this, but the last few words kind of sound a bit mocking because we all no bitcoin is not at that capacity of processing that many of transactions in a second, so what's the interpretation of this ?! 
May 15, 2019, 09:21:50 AM
We know that Bitcoin's blockchain is the safest. It's no wonder they've picked it.
Also Microsoft's trust in Bitcoin's blockchain will give Bitcoin a huge "level up" in perceived legitimacy, "helping" its price rise by a great deal.
It makes me smile that one year ago we were debating Bill Gates' hatred against Bitcoin, which I "translated" back then:
Well, I guess that back then they've started working on this. He knew, we didn't.
Also Microsoft's trust in Bitcoin's blockchain will give Bitcoin a huge "level up" in perceived legitimacy, "helping" its price rise by a great deal.
It makes me smile that one year ago we were debating Bill Gates' hatred against Bitcoin, which I "translated" back then:
OK boys and girls, let me translate his message into plain English: I started investing into Bitcoin now since I see it started to recover and it will make me money. Read my bullsh*t about Bitcoin and sell, since I can save a couple of millions if the price doesn't go up too fast.
Well, I guess that back then they've started working on this. He knew, we didn't.
May 15, 2019, 07:52:53 AM
There are Bitcoin supporters who think Bitcoin should only serve freedom, equality, revolution, decentralization ... you name it. Those people would see it as a bad news that such "sacred" thing as Bitcoin would serve such "infernal" thing as Microsoft Corporation. But I would rather agree with those who see it as a good news, because the very fact proves that Bitcoin is a very useful thing in today's world, and that's what important.
May 15, 2019, 07:10:58 AM
Microsoft determined that Bitcoin was the only technology with the performance characteristics capable of powering a truly worldwide decentralized identity system.
https://bitcoinist.com/microsoft-picks-bitcoin-to-create-a-new-identity-system/
https://bitcoinist.com/microsoft-picks-bitcoin-to-create-a-new-identity-system/
This is actually a big good news and one of the best vote of confidence for Bitcoin and subsequently one of the big factors that analysts are pointing to be pushing the price of Bitcoin upward. With this Microsoft new ID system project, I am sure this can just be the beginning of other projects to take advantage of the Bitcoin network and technology.
"Microsoft is developing a Bitcoin-based decentralized identity system that aims to significantly improve privacy, security, and control while achieving tens-of-thousands of operations per second. Credentials, in the new identity system, will be wholly owned and controlled by the user."
May 15, 2019, 05:54:10 AM
Microsoft determined that Bitcoin was the only technology with the performance characteristics capable of powering a truly worldwide decentralized identity system.
https://bitcoinist.com/microsoft-picks-bitcoin-to-create-a-new-identity-system/
https://bitcoinist.com/microsoft-picks-bitcoin-to-create-a-new-identity-system/
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