The objective of the call is to declare the monetary sovereignty and for this invites the bitcoiners to transfer all their funds in BTC, which are guarded by third parties, to portfolios in which they have the private keys under personal control. The objective is for all the bitcoins of exchange houses and intermediary companies to be withdrawn that day, in defense of the independence and decentralization in the handling of the money that supported the birth of Bitcoin.
Under the motto “it’s not your keys, it’s not your bitcoin”, Mayer makes the invitation to participate in the initiative through a tweet published in his account on December 9, in which he points out that, as part of the celebration, On January 3, a network consensus will also be made .
Let’s start a new #Bitcoin cultural tradition.An annual Proof of Keys Celebration on Jan 3rd to declare monetary sovereignty by withdrawing all $BTC held w/ trusted 3rd parties to software we control private keys & do network consensus.
The proposal was launched by a user of the forum in Reddit of the community of Bitcoin, identified as Satoshi, who explained that, by demanding and taking possession of their assets, individuals will see, with the network test (to be held at 16 UTC hours), what platforms are reliable.
On January 3, 2019, 10 years later, we remove all our BTCs to the wallets we control. Let’s see if everything is there, let’s see who fails, let’s see how the network works. We do not lose anything, we do not risk anything, companies and exchange houses that can not be trusted will be exposed. We must assert control, and we must prove that this is ours. We need some time to coordinate, 16:00 UTC 03/1/2019 is as good as any other.
In that sense, Mayer says that this celebration “will be the test of definitive resistance”, taking into account that, the more people join the initiative, that day there will be a large number of transactions, and there will be a great movement in the network of Bitcoin, Therefore, “companies and exchange houses must demonstrate their reliability and consensus”.
The initiative is launched in the framework of the tenth anniversary of the Bitcoin network, which occurred on January 3, 2009, with the publication of the first open source client program and the mining of the first bitcoins
THE PROPOSAL RECEIVES SUPPORTThose interested in participating in the event must complete a form on the “Test of keys” website. At the time of this writing, more than 100 people have completed the form, including personalities linked to the ecosystem such as Stacy Herbert and Tuur Demeester, along with companies such as BTC.com, AtomicWallet, and Bitcoin News, among others.
Most of the comments in this regard support the event, positively qualifying the initiative, although some people raise questions related to offering more educational information on the subject beforehand.
On this, some tweets in Mayer’s account indicate that it is necessary to explain to the public how to use digital wallets and guide them around the handling of private keys and about the disadvantages of storing their cryptocurrencies in exchange houses. In that sense, it is important to remember that when assets are on these platforms are more exposed to cyber attacks, and there is a risk of losing money due to the lack of security protocols.
Some commentators also consider that there is a danger that, due to ignorance, many people may lose money in this transfer process on January 3, taking into account that the use of private keys is not easy or intuitive for everyone.
So far, no exchange house has manifested itself in relation to this “test of keys”, although it is assumed that they do not agree with the celebration in view of the fact that their platforms may be affected by liquidity problems, under the withdrawal of the BTC.