Trace Mayer Draws Support for Proof of Keys

Trace Mayer is calling for all bitcoiners to participate in a “Proof of Keys” celebration on Genesis Block day. “Not your keys; not your bitcoin,” he emphasized, urging bitcoiners to declare monetary sovereignty by withdrawing all of their bitcoins held with trusted third parties to software for which they control the private keys.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Proof of Keys

Early Bitcoin promoter, investor and podcaster Trace Mayer is hoping to inspire the community to take their bitcoins out of exchanges and third-party wallets on Genesis Block day.

“Let’s start a new #Bitcoin cultural tradition,” he tweeted on Sunday. “I want to start a new cultural tradition where we declare and re-declare our monetary sovereignty every Jan. 3 as a celebration of the Genesis Block,” he said. Mayer has created a website, Proofofkeys.com, to provide details of the event and spread the word. He described:

Every January 3rd the Bitcoin community 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.

The concept for the event originated from Reddit user “sotashi,” whom Mayer credited on his new website. He further explained that “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.”

Genesis Block Celebration

Mayer has invited anyone interested in participating in the Proof of Keys event to tweet or retweet his message and fill out a form on the Proof of Keys website with links to their tweets. Their names will then be displayed on the website. At the time of this writing, 70 people have filled out the form, including crypto personalities such as Keiser Report co-host Stacy Herbert and Adamant Capital founder Tuur Demeester.

This event will also be “The ultimate stress test,” Mayer added, given that the movement of participants’ coins would result in a large number of transactions on that day. Noting that “Companies and exchanges must prove their trustworthiness and consensus,” he asserted:

This simple exercise costs little, perhaps a few transaction fees, yet proves possession and strengthens network consensus.

“Remember, remember the 3rd of January! And please help spread the word,” Mayer reiterated, adding that “Then on the 4th of January there can be a return to business as usual with renewed confidence based on Proof of Keys.”

Will you be participating in the Proof of Keys event? Let us know in the comments section below.

Images courtesy of Shutterstock and Trace Mayer.

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