- Satoshi Nakamoto, once said that we neither need any third party for making our transactions secure.
- The Proof of Keys is a day where if you could prove your credentials as yours, and later can become an elite HODLer member.
- Cryptocurrencies which are ‘yours’ are yours.
Satoshi Nakamoto, the developers of Bitcoin, once said that we neither need any third party for making our transactions secure, not do we need trust. Still, all we require is an electronic cryptographic method that would enable us to transact directly.
Yesterday, 11 years ago, Bitcoin’s Genesis block was mined, making it the cryptocurrency to celebrate its birthday, and for the very same occasion, the celebration of Proof of Keys also took place. The Proof of keys is celebrated every year on the 3rd of January, which allows us to take control of all our crypto funds.
This day every HODLer (slang for Holder in cryptocurrency community) celebrates taking possession of all his assets by the private keys which are provided to him when he buys. Anyone can be a part of the festival by just withdrawing all his crypto assets from any of the third-party services so that it could prove that you are the legitimate owner of them.
Unlike banks where we give access to store money and valuables to the bank, the funds, such as BTC, ETH, LTC, or just anything, are all locked by our private keys. This means technically only one person would have access to it, i.e., the owner himself. Also, every HODLer can test people, organizations, and exchanges and also test themselves.
Let us take an example and understand the scenario. If we talk about the cash in your wallet, this cash is specifically yours, because it is in your wallet and you are the one who has stored the amount in it. Similarly, the Cryptocurrencies which are ‘yours’ are yours. So you needn’t have to worry about getting it checked right. So this festival also has the same motive.
The Proof of Keys is a day where if you could prove your credentials as yours, and later can become an elite HODLer member though the process takes a small amount that is worth strengthening the network consensus.
Though the process may look a bit tedious task to perform, it is indeed a necessity to combat the actual fraudsters, if any. Whosoever claims to have bitcoin, or any other crypto asset can participate in this fest and get the renewed access to their keys, which not only helps the owner but also helps in maintaining a decorum within.
So from now onwards, if you could think of any crypto asset, which is rightfully yours, then do and participate in this festival and benefit yourself. Also, it is advisable if you know someone who owns this asset, then go and spread the word.