Trace Mayer, a popular crypto enthusiast has recently been promoting the idea of a Proof of Keys celebration event which will take place on 3rd January 2019.
Mayer is now promoting a cryptocurrency ownership awareness event dubbed as Proof of Keys. The event will have HODLers of cryptocurrency being encouraged to remove their digital assets from exchanges and other third parties in an effort to prove solvency.
The idea behind the event is that if exchange holds customer’s digital assets, then all the customers should basically be able to remove their assets from those third-party candidates at any point. The crypto enthusiast described the details on his website saying:
“By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODLers or not. Proof of Keys is the annual HODLer initiation.”
Mayer was recently interviewed by the popular cryptocurrency YouTuber; Crypt0, in which they both discussed the Proof of Keys event in detail.
Mayer noted that there are numerous ways that this event is so important as he explained that crypto holders should know how they can protect and store their private keys. Not mention how they can effectively transfer them to themselves.
As reported by Crypto Insider, the issue of third-party solvency for digital assets was a topic which also got brought up by Mayer. He said that after a year of solvency doubt, in regards to tether and other stablecoins, Mayer encouraged the crypto community to use the event to find out which crypto exchanges can prove they have the financial backing of funds that they claim to store saying “this is a fight over your monetary sovereignty.”
There are many exchange hacks which have occurred since Bitcoin’s inception which indicates that scepticism is very important as well as the personal storage of a traders private keys.
“People kind of need to understand the importance of proof of keys and proof of work. And so why not do it on the genesis block day [January 3]. Why not turn this into an annual celebration that we can do as a community, and just demand proof of the keys.”
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