Trace Mayer, an early Bitcoin investor, is seeking support for his revolutionary theory that could change how we celebrate the Genesis Block day. Despite recognizing that cryptocurrency is decentralized, Trace Mayer concept aligns itself with the need to create true sovereignty by withdrawing any crypto holdings in custody of third-party entities. Under the term, not your keys; not your Bitcoin, Mayer hopes to emphasize Bitcoin holders to transfer their crypto holding to software that provides control over the private keys.
Background To The Proof Of Keys
Mayer credits a Reddit User “sotashi” as the one who initially thought of the concept to fit for the crypto community. He goes on to explain how his idea could work to initiate more individuals to the crypto community.
“By demanding and taking possession of their assets, individuals will learn real fast with blockchain proof whether they are part of the elite HODlers indeed or not. Proof of Keys is the annual HODLer initiation.”
In a tweet posted on Sunday, the early Bitcoin promoter also sought to inspire the cry[to the community into a revolutionary trend that would potentially establish monetary independence.
“Let us start a new #Bitcoin cultural tradition. I want to start a new cultural tradition where we declare and re-declare our monetary sovereignty ever January 3 as a celebration of the Genesis Block.”
With his website, Proof of keys, Mayer will spread the word of his new venture and also provide ongoing details towards the marking of the Genesis Block day. Mayer describes:
“Every January 3rd, the Bitcoin community’s HODLers of last resort participate in a Proof of Keys celebration by demanding and taking possession of all Bitcoins held by trusted third parties on their behalf.”
Joining The Bandwagon
Mayer invites interested individuals to participate in the concept by first filling out the Proof of Keys form provided on the website. Users will also require filling out the document with a link to their tweets confirming their adherence. The names display features signatories to the Proof of Keys, and at the time of writing, 70 people were established as part of the agreement. Keiser Report Host Stacy Herbert and Adamant's Tuur Demeester are just some of the lead crypto personalities with their names featuring in the list.
Further details on the Proof of Keys concept also reveal the existence of an “Ultimate Stress Test,” an exercise to prove possession and network strength through consensus. Mayer expects the participants' crypto funds withdrawals would result in an increasing number of transactions, noting that companies and exchanges must prove their worth at such a time.
The CEO asserts that by saying:
“This simple exercise costs little, perhaps a few transaction fees, yet proves possession and strengthens the network consensus.”
Who Is Trace Mayer?
Trace Mayer is a Bitcoin promoter, entrepreneur, and one of the first bloggers to publicly recommend blockchain technology as an investment. At the time, Bitcoin was only $0.25, and Trace was one of the few people that saw potential in adoption.