On January 3, 2020, crypto industry participants will take part in an annual event called “Proof of Keys”.
Proof of Keys marks the anniversary of the creation of Bitcoin’s genesis block, when the very first BTC was mined. Initiated by Trace Mayer, founder of the Bitcoin Knowledge podcast, the event celebrates financial freedom.
To participate in the event, Mayer is asking crypto holders to withdraw their assets from exchanges on January 3rd, moving them to wallets that grant them access to their own private keys. By removing their digital assets from centralized platforms, people can spread awareness about the importance of controlling your own crypto. The goal is fundamental to the purpose of decentralized cryptocurrencies: they’re not really yours if you’re not holding the private keys associated with the assets.
Participants are encouraged to withdraw their funds from custodial trading platforms for at least one day, beginning on January 3rd. By withdrawing their funds from centralized platforms once per year, crypto holders can also test whether or not an exchange is secretly insolvent.