Early Bitcoin adopter, investor, podcast host, and “ardent defender of the freedom of speech” Trace Mayer has already given a reminder that there are just 60 days to go until the next ‘Proof of Keys’ event on January 3, 2020.
Mayer is a highly influential person in the cryptocurrency space. He was instrumental in aiding Caitlin Long with the US state of Wyoming’s blockchain laws and is the instigator of Proof of Keys, an event he’s trying to make annual.
What is Proof of Keys and why does it matter?
Proof of Keys is a movement that Trace Mayer started through his Twitter account. Every year, on January 3, cryptocurrency holders are encouraged to move their holdings off of exchanges like Coinbase and Binance and into a secure private wallet.
Less than 60 days until #ProofOfKeys. Who is participating in 2020? Change your handle yet? [Jan/3➞₿🔑∎] 💪
— Trace Mayer [Jan/3➞₿🔑∎] (@TraceMayer) November 5, 2019
Mayer has always taken a keen interest in advising people to take control of their private keys. As we’ve seen from many dismal statistics and even the latest seizure of Einstein Crypto Exchange by the Canadian Securities Regulator, if you keep your crypto assets on a ‘trusted’ third-party site, you do not own them. They are owned by the exchange which can freeze your wallet, go insolvent, pull an exit scam, or be hacked.
If you are still keeping your crypto on an exchange (which, by the very definition of the word, should be a place to do just and only that), your investments are at risk. Proof of Keys, therefore, attempts to accomplish several feats.