I’m trying to understand the "Timestamp Server" section in the original bitcoin paper. It feels overly short for someone without an understanding of cryptography.
Is it saying?
- A block includes:
- The block itself
- The time the block was created
- A hash of the previous block
- When a new block is created:
- This block includes the current time and a hash of the previous block
- The hash of this new block is broadcasted to all nodes
There is little information online trying to research the concept of "timestamp server". Apologies if this is a silly question. As a software developer I’m trying to understand how this works on a granular level.
From the original paper, Bitcoin: A Peer-to-Peer Electronic Cash System.
3. Timestamp Server The solution we propose begins with a timestamp server. A timestamp server works by taking a hash of a block of items to be timestamped and widely publishing the hash, such as in a newspaper or Usenet post [2-5]. The timestamp proves that the data must have existed at the time, obviously, in order to get into the hash. Each timestamp includes the previous timestamp in its hash, forming a chain, with each additional timestamp reinforcing the ones before it.