Bitcoin Gold: full replay protection implemented, scam wallets exposed

One week after the last Bitcoin hard fork, the Bitcoin Gold developer team has added replay protection to its network, indicating that they are serious about the project. Apart from this, they have called out scam websites and wallets trying to impersonate BTG to dupe investors.

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Bitcoin Gold, at the moment, isn't regarded as a promising crypto coin. On the day it was birthed, its value plummetted like a pack of dominoes, falling by over 70% on futures markets. But the coin is still in an infant stage, so it's too early to judge and one can only guess how things will pan out in the end.

Although the October 25th hard fork created Bitcoin Gold, it is yet to be officially launched and the coins are yet to be available for investors.

At the moment, the network technically is private. It is only accessible to the members of the development team who are updating its code and mining blocks as things go. 

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Protected against replay attacks 

Less than 24 hours ago, BTG announced that full replay protection, an important security feature which protects users from replay attacks, has been added to the network.

"In order to ensure the safety of the Bitcoin ecosystem, Bitcoin Gold has implemented full replay protection, an essential feature that protects users’ coins from being spent unintentionally," BTG said in a blog post.

This was done by implementing a solution called SIGHASH_FORK_ID replay protection on the network.

"It is an effective two-way replay protection mechanism that enforces a new algorithm to calculate the hash of a transaction so that all new Bitcoin transactions will be invalid on Bitcoin Gold blockchain and vice versa", BTG added.

Scam wallets exposed

In the absence of actual BTG coins, some exchanges like Bitfinex have begun trading futures connected to the virtual currency. At the moment these futures are currently trading between $120 and $170. However, not all websites are legitimate. Bitcoin Gold has identified a few scams pretending to be the real thing in order to steal coins. 

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What next? 

On Wednesday, BTG launched a test network so that the public could mine the new coin. About 19000 people and over 31000 mining machines participated in the first hour of test mining. The results were satisfactory, according to BTG. 

The developers have a to-do list  which contains steps to be taken before the coin will be made available to the public as well as mining:

  • Launch public testnet (*)
  • Adjust network parameters
  • Prepare for mainnet launch
  • Deploy mainnet
  • Electrum fork
  • 3rd party Wallets and Exchanges integration
  • Decentralized mining starts