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Bit Gold was one of the earliest attempts at creating a decentralized virtual currency, proposed by blockchain pioneer Nick Szabo in 1998. Although the Bit Gold project was never implemented, Szabo's attempt is widely considered to be the precursor to Satoshi Nakamoto's Bitcoin protocol. Bit Gold combined different elements of cryptography and mining to accomplish decentralization, including time-stamped blocks stored in a title registry and using proof-of-work (PoW) strings.