did:btco

Specification: https://github.com/ordinalsreserve/btco/blob/main/spec.md

did:btco is under active development by Aviary Tech and is not yet ready for production use

The did:btco method is a Decentralized Identifier (DID) methodology that blends the security features of the Bitcoin blockchain with ordinal theory, forming a decentralized identity management system. It uses the Bitcoin blockchain for trust and consensus, integrates ordinal theory for effective DID management, supports standard DID operations like creation, resolution, updating, and deletion, and adheres to the W3C DID Core Specification to ensure interoperability.

Advantages

• Zero Counterparty Risk: As it leverages the Bitcoin blockchain, a decentralized and permissionless network, the did:btco method has no counterparty risk.

• Network Effects: Since Bitcoin is the most well-known and widely used permissionless network, it has the potential to benefit from large network effects.

Disadvantages

• Speed: Transactions have to wait for blocks to finalize, which can be slow, especially during times of high network traffic.

• Cost: The fees associated with using the Bitcoin blockchain can be high, particularly during periods of high usage.