Proof of Keys - what is it?

Proof of Keys is an event that is held twice a year to confirm ownership of digital coins.

Digital coins are one of the few methods to confirm your freedom of choice and financial independence. In the classic fiat model, this is impossible because as soon as the client brings money to the bank, he has the right to dispose of it only if certain conditions are met. However, the cryptocurrency sector has its own specifics, including the fact that the owner of digital coins only has the private keys. The event, which is held annually on January 3 and May 22, is designed to confirm the ownership of their coins and indicate to intermediaries and stock brokers that only the client decides how to manage his funds at any time convenient for him. This event is called Proof Of Keys.

From idea to plan implementation

This idea was first proposed in 2018 by journalists and a financial analyst who is also involved in investing. As an experiment, he invited his followers on social networks to withdraw all cryptocurrency assets to reliable crypto wallets in one day. So, he wanted to remind users that they should be responsible for the safety of their private keys only, without shifting this mission to the exchanges because there are many unscrupulous individuals on such platforms. The owner of digital coins is the only one who has access codes to the assets.

The second task that had to be solved as a result of such an action was to show exchanges that their income directly depends on users. And they do not have full ownership of the assets that are used in their services.

The action was confirmed. As a result, it was possible to identify some fraud schemes of exchange owners and employees, after which the event is held annually.

Benefits of Proof of Keys

Any cryptocurrency owner can take part in this promotion. The main thing is to ensure the widespread occurrence of this phenomenon, which is why only 2 days a year are chosen, called Proof of Keys Day.

This approach provides all active cryptocurrency users - miners, traders, investors, and holders - with the opportunity to rationally assess their capital, which can directly influence further decisions regarding the choice of strategy and method of earning money.