Timestamp server - Bitcoinist.net



A timestamp server, as previously mentioned, works by taking the hash of a block of items that need to be timestamped and publishes the hash worldwide. In doing so, timestamps verify that the data needed to make the hash did indeed exist at that time, therefore authenticating the transactions.

Each sequential timestamp includes the hash of the previous one, creating a chain that is strengthened with every timestamp. The question now is, “How do we make this timestamp server decentralized?” In Bitcoin, and many other cryptocurrencies, they use a “proof”.