The initiative to stick to coins and proof keys [Annual January 3rd Proof of Keys Celebration of the Genesis Block]
One of the primary purposes of bitcoin as a digital currency is decentralization: not only for security and decentralization, but first and foremost, to own the power over your own money rather than central entities. This is what the HODLers of Last Resort will call on January 3: Proof of Keys by requiring all the trusted third parties to acquire and acquire them.
[ source proofofkeys ]
This practice, which is considered a test of community confidence, is said to prove tenure and strengthen consensus in the network.
You can see proof of the keys in preparation for what will come. We hope this will help prevent further troublesome skirmishes with those who despise individuals with cash power
[ source proofofkeys ]
The movement is an opportunity for users to reassert their ownership of their own property, as well as to force third parties to prove that they actually retain all the assets they say they keep. According to Trace Mayer, a video host on information about Bitcoin and one of the key defenders of key proof, the event was designed to be a "celebration".
"The idea of proving the keys is to inform the Crypto community that there is still control over our money," Mayer said in a video ad. "Many new people came to society ... I think it is important for us to announce and redefine our monetary sovereignty on a regular basis."
In short, private keys are a secret string of letters and numbers used in transaction authorization, which indicates the physical ownership of digital assets. However, many crypto owners do not actually have their own keys, relying instead on third party entities such as trading platforms or custody services to protect their property. This may seem like something important - but guess what? Banks work in the same way - but the reason for the existence of the Bitcoin, as well as some legitimate concerns, warrants an examination at least in principle.
[ screenshot from Official Website: proofofkeys.com ]
The movement got a lot of support, and over the past few weeks, many prominent figures in the digital currency community, such as the crypto expert, Nick Zabo, have added a key icon to their Twitter addresses to show their support. The slogan behind the campaign - "Not your keys, not your bitcoin" - was initially invented by Andreas Antonopoulos, the famous missionary of bitcoin. The selection of history is no accident: On January 3, 2009, the Genesis block, the first block on blockchain, appeared.
The concept of this event originated from the user of Reddit, "sotashi", who created the new Mayer Web site. Mayer invited anyone interested in participating in the proof-of-proof event to resubmit his twitter and fill out a form on the site with links to their Tweets. At the time of writing, 246 people filled out the form, including important figures in the Crypto community,
However, not everyone supports the initiative
[ screenshot from twitter ]
The event will also be a "stress test," Mayer added, as the participants' currency movement will lead to a large number of transactions on that day. "This simple training costs little, perhaps some transaction fees, but it proves ownership and strengthens the consensus of the network ... Then on January 4, you can go back to business as usual by renewing," he said. Confidence based on proof of keys. "
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