In the Bitcoin white paper, the explanation of the transaction process mentioned the problem of "double payment" caused by insufficient trust. In addition to relying on authoritative institutions to check that all "money" in the system is the only one for consumption, we can also provide A "let everyone know" way to achieve.
Accordingly, Satoshi Nakamoto thought of "time stamp". What is a timestamp? How does it work? Today we will talk about the timestamp in the blockchain system.
01
What is a timestamp?
The so-called time stamp refers to a complete, verifiable data that can indicate that a piece of data has existed before a certain time, usually a sequence of characters.
In most current computer systems, the timestamp specifically refers to the second from 00:00:00 GMT on January 1, 1970 (Beijing time, 08:00:00, January 01, 1970) to the present number. For example, if Beijing time "2019-11-20 00:00:00" is converted to a timestamp, it is "1574179200".
Timestamp means that the server adds a time stamp to the data block, stamps the hash value of the current data block with a timestamp, and publishes it to the network. This proves that this data exists under the marked time scale.
02
The workflow of the time stamp system
The working basis of the timestamp is the effectiveness of the hash algorithm, which is a one-way cryptographic mechanism that guarantees that transaction information cannot be tampered with in the blockchain. The timestamp exists in the blockchain from the moment the blockchain is generated, and the generated blocks in the blockchain cannot be tampered with, because once tampered, the generated hash value will change, thus becoming an invalid The data.
The basic working principle of the time stamp is to provide a bound time stamp for specific electronic data, thereby effectively proving that the time when the electronic data was generated has not been modified.
In the blockchain network, each timestamp will also incorporate the previous timestamp into its random hash value. This process is repeated continuously, connected in sequence, and finally a complete chain is generated. Based on this, we can know the specific workflow of the timestamp system:
The user encrypts the transaction information in the block through a hash algorithm to generate a hash string;
The user sends a timestamp request, and the timestamp server extracts the hash value from the project block;
The time stamp server signs the extracted hash value and time record to generate a time stamp;
After the generated time stamp data is bound to the transaction information, it is returned to the system and added to the hash.
03
Timestamp application
In all kinds of blockchain-related books, the concept of timestamp is often downplayed and overstretched, which makes people wonder what role it has.
So, what is the use of timestamp?
Blockchain actually implements a distributed time stamp service on a peer-to-peer network through a consensus algorithm between nodes. That is to say, using time stamps, each block is arranged in an orderly manner in time to form a chain. Just imagine, if the timestamp does not exist, how to prove the order of the blocks; and how to decide which block to save the digest.
First of all, the timestamp plays the role of a determined "witness". It is not affected by human will and is more credible than the traditional notarization system.
Secondly, authentication is performed by time stamp, and the authenticator does not need to upload electronic data content, effectively avoiding the risk of information leakage.
Finally, the technical advantage of the time stamp itself is to prove the sequence, which highlights the huge advantage of blockchain technology in property rights protection.
The prominent application of timestamp is manifested in copyright protection. The texts, songs, pictures and other works corresponding to the copyright are easy to be chained. With the help of blockchain technology, the work information submitted by the author will be recorded into a block with the author information, etc., and stamped with the corresponding time stamp. The copyright transfer occurs At the same time, it will also bring a time stamp proof, which provides great convenience for solving the problem of copyright ownership.
Hello, @xi01 this is my opinion:
Basically those two characteristics of the time stamp; they have all logic and absolute importance.
We can see that the time stamp is part of the auditable record, when it comes to demonstrating the incidence of any human error or abuse that may have been committed.
The copyright protection is widely verifiable, since simply by looking at the creation date, you can resolve any problem, about legal authority or owner.
And as for what refers to double deposits. I must say that anywhere in the world such a failure or error can be made. Even more so the people who work in the exchanges, who have to handle a large volume of trades in a certain time.
And perhaps there may be a lapse, in which physical and mental fatigue can cause human failure, such as:
Make a double deposit into an account.
Again, it would be the time stamp, the only material that can serve as verification, before having to resort to some more complex and cumbersome method.
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