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Exchange News

Published on April 25th, 2012 | by admin

Proof of Keys Day

January 3rd is a very special day indeed for crypto enthusiasts as is marks the first ever mined Bitcoin block way back in 2009. January 3rd may now become known for another reason in the crypto world as renowned Bitcoin Investor; Trace Mayer is calling out to all crypto investors to test exchanges in a “Proof of Keys” test. But what is “Proof of Keys” I can almost hear you asking.

Proof of Keys is simply a call to action for those who hold funds on Crypto Exchanges for them to test that exchanges do really hold all their funds on the Blockchain. Mayer suggests that all who hold funds on crypto exchanges should on January 3rd each year withdraw all funds to in effect keep the exchanges honest.

”I think it’s important for us to declare, and redeclare, our monetary sovereignty on a regular basis.”

Mayer notes in a YouTube video detailing his proposed proof of keys celebration.

Although such mass action could prove to cause a major headache for many exchanges it will push investors to take full control of their private blockchain keys. It is a fact that many investors simply buy cryptocurrencies and leave them online and never have access to their private keys or any method of off-chain backup. And for that reason alone we back the call for an annual Proof of Keys Day!

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