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0 sats \ 1 reply \ @Zepasta 9 Nov 2023 \ on: Timechain vs Blockchain. Always good to remember. bitcoin
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Few people know that the Bitcoin Timechain is the original name coined by Satoshi Nakamoto. It was the original name Satoshi Nakamoto used to describe the tech we now all call blockchain. It is after all a time based hashing operation whose function it is to serve as a distributed clock to make sure that bitcoins get mined every 10 minutes on average.
Timechain not blockchain
Satoshi himself coined the term timechain on the bitcoin talk forums, discussing and explaining his bitcoin idea before the release of the bitcoin whitepaper. It was part of the pre-release source code of Bitcoin!
The word Timechain is used by Satoshi to refer to the nature of the Bitcoin chain of timestamped events in history.
Timechain not Blockchain!
The timechain is a tree shaped structure starting with the genesis block at the root with each block having multiple candidates to be the next block. pprev and pnext link a path through the main longest chain. pnext will only point forward to the longest branch, or will be null if the block is not part of the longest chain
Satoshi Nakamoto
“Nodes collect new transactions into a block, hash them into a hash tree, and scan through nonce values to make the block’s hash satisfy proof-of-work requirements. When they solve the proof-of-work, they broadcast the block to everyone and the block is added to the timechain. The first transaction in the block is a special one that creates a new coin owned by the creator of the block.”
Satoshi Nakamoto
Bitcoin timechain time savings technology Satoshi original definition
The idea of the blockchain being called a timechain back in late 2008 is a clear reminder that bitcoin is a technology that emerged through experimentation, the technology was still in its infancy in 2008, and there really isn’t something prophetic about the work of the mysterious cypherpunk mailing list where it got discussed. Bitcoin is highly innovative, but it arrived at this stage and, at the final stage of its whitepaper through constant trial and error showing that Bitcoin is an technological evolution (building on its predecessors) rather than a revolution.
Satoshi called it the Timechain!
Fuck Blockchain, It’s Timechain now Bitches!
Francis Pouliot =)
To understand how exciting the rediscovery of the word timechain is (instead of blockchain) look no further than Francis Pouliot’s epic tweet storm going through the old bitcointalk forum writing of Satoshi below….
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