Proof of Keys Movement: What “Not Your Keys, Not Your Bitcoin” Means?
In about 9 days from this writing, the Poof of Keys event will be live. In an interview, crypto influencers Trace Mayer and Nick Szabo promoted the crypto awareness event dubbed “Proof of Keys.” The pair explained that the event urges crypto holders to remove their digital assets from exchanges and other third parties in a bid to justify solvency.
Not Your keys, Not Your Bitcoin
The event seeks to dispute the idea of customers putting their digital assets on crypto exchanges. The exchanges often hold their customers’ crypto assets in the name of storing them. However, the customers are not able to access the assets stored on the exchanges at any point. The event emphasizes the need for crypto holders to have control over their private keys and to possess them at will, even if the asset lies with the exchanges.
“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,”
writes Mayer on his website.
The Proof of Keys event seeks to test the blockchain network consensus and to prove the validity of various asset chains through withdrawing the assets in theory. Mayer appealed to the overall crypto community to utilize this event to identify crypto exchanges and other third parties that can provide proof of the funds in their custody, adding that it “is a fight over your monetary sovereignty.”
Every January 3, the Bitcoin community HODLers of Last Resort participate in a Proof of Keys celebration by demanding and possessing all Bitcoins held by trusted third parties on their behalf.
According to Satoshi Nakamoto,
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.”