Senior Product Manager for Decentralized Identity at Microsoft, Daniel Buchner, has confirmed the discharge of ION. Deployed on the Bitcoin mainnet, this answer is a permissionless public community for Decentralized Identifiers (DIDs).
Implemented on Bitcoin’s blockchain, it operates as a second-layer answer to assist a DIDs/DPKI (Decentralized Public Key Infrastructure) at scale, in line with its Github repository.
This undertaking started 4 years in the past, its function is to offer people, organizations and others management over digital exchanges with DIDs. The ION makes use of a Sidetree protocol to anchor DID/DPKI transactions interacting on the community.
Each transaction is encoded with a hash that permits ION nodes to categorize, retailer, course of, and fetch the transactions related to a selected DID. Buchner acknowledged within the official launch:
We are excited to share that v1 of ION is full and has been launched on Bitcoin mainnet. We have deployed an ION node to our manufacturing infrastructure and are working along with different firms and organizations to take action as nicely. ION doesn’t depend on centralized entities, trusted validators, or particular protocol tokens – ION solutions to nobody however you, the neighborhood. Because ION is an open, permissionless system, anybody can run an ION node, actually the extra nodes in operation, the stronger the community turns into.
Why did Microsoft resolve to make use of Bitcoin’s blockchain?
The ION community is related to Bitcoin with the InterPlanetary File System (IPFS) and doesn’t require an extra consensus mechanism. Its nodes can course of “tens of thousands of transactions per second.” Interested customers can begin producing their DIDs with out having to make use of BTC or run an ION node on their very own.
In the undertaking’s FAQ part, the ION group charges Bitcoin as essentially the most safe blockchain on two metrics: manufacturing of a single, unbiased, immutable report with no solution to reverse it; cheap value of attacking the system. Microsoft’s ION group acknowledged:
Bitcoin is up to now past all different choices, it isn’t even shut – Bitcoin is essentially the most safe choice by an absurdly massive margin.
In phrases of value, Buchner mentioned the answer’s protocol “It’s skewed toward bandwidth and storage.” Thus, it will probably assist 40 billion DIDs in 2 TB of reminiscence house with a light-weight configuration for the nodes. Buchner said the next by way of his Twitter deal with:
This is the fruits of 10 years of labor, starting in 2011 when a couple of of us at Mozilla put aside a few of our time to discover the core ideas of Decentralized Identity. Microsoft finally supplied the chance to appreciate this dream, and for that I’m eternally grateful.
MicroStrategy’s CEO Michael Saylor welcomed the announcement and predicted that related second-layer options might be launched extra regularly on Bitcoin. Their use instances might be broad and utilized in folks’s every day lives.
Layer 2 innovation atop #Bitcoin goes to speed up, offering us with a set of open, decentralized providers for identification, belief, safety, license, commerce, et al. that we will construct into our units, combine with our software program, & ship on the velocity of sunshine. https://t.co/M4nYwVKB49
— Michael Saylor (@michael_saylor) March 25, 2021
Bitcoin trades at $52,347 displaying a slight restoration within the 1-hour chart with 1.5% features. On the 24-hour chart, losses are at 5.6% following an 11.1% correction on the 7-day chart.