Popular crypto-to-crypto exchange service, ShapeShift announced through its cold storage hardware partner KeepKey it would support the 3 January protest celebration known as Proof-of-Keys. The initiative is driven by the concept of reminding enthusiasts about the importance of having control over what makes cryptocurrency so compelling: the ability to be in sovereign possession of one’s own money.
ShapeShift Supports Proof-of-Keys Protest Celebration
“Why We Support #ProofofKeys and You Should, Too,” came the ShapeShift announcement just hours before the rather organic protest celebration is set to commence on 3 January 2019. Begun by well-known ecosystem personality and podcast host Trace Mayer in early December of 2018, its goal is to be an annual reminder to take control of keys vital to maintaining financial independence.
“Let’s start a new #Bitcoin cultural tradition,” Mayer tweeted. “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,” and pointed followers to a website he’d created.
Ten years on now, there is still much for the ecosystem to do by way of basic education. Lost, it appears, in the shuffle of price hype, scandals, and personalities is the basic concept of users knowing how to store and protect private keys, how to transfer and do the actual owning of crypto that is, well, the entire point of the exercise for many.
Trusted Third Parties, Solvency, Sovereignty
Genesis Block Day, to be celebrated on 3 January 2019, will mark a decade since the first Bitcoin block was mined. Proponents such as Mayer and ShapeShift view the celebration as a teachable moment, a kind of protest reminder against too many trusted third parties, such as exchanges, are being given too much control.
“In fact,” ShapeShift pointed out, “you don’t need to own any cryptocurrency to take part. It’s an educational event meant to teach people the true meaning behind cryptocurrency.” They’re asking users attempt to move crypto back into their personal possession, or at least become more aware of the process. They’re not against exchanges, however.
“We understand some people will continue to store their crypto with third-party services and exchanges,” they assured. “And that’s ok. Although generally, the rule of thumb is not to store your crypto on exchanges, unless you need them for trading (e.g. you have a short-term stop loss orders in place).”
The effort is also something of a stress test for crypto exchanges, testing “exchanges or other third-parties and see if they are holding as much Bitcoin as they claim they do,” and and effort to “gain proactive training and experience when it’s not a life-or-death situation.
If you’re a newbie, #ProofofKeys is a good way to practice moving and properly holding your own private keys.”
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