ZoneBitcoin EditorialNot many people know or use the term “timechain.” Yet, it is the original term that was introduced by Satoshi Nakamoto to describe what we commonly call “blockchain” today.
In essence, timechain refers to the history of transactions recorded on the Bitcoin network. These transactions are recorded in time-stamped blocks that are linked to each other. Each new block includes the previous block, thus creating an unalterable chronological sequence which allows us to gradually go back to the genesis block. This means that blocks cannot be changed retroactively.
When Satoshi Nakamoto mentions the term "timechain", the idea of time and the timestamping of blocks is directly evoked, unlike the more general term blockchain.
Let's see in this article why the term Timechain seems more relevant than the term Blockchain which can be more of a catch-all word than a scientific terminology.
Satoshi Nakamoto’s Chosen Terms
It is important to know that Satoshi used the term "Timechain" in Bitcoin discussion forums, when he was discussing Bitcoin technically before the launch of the genesis block in January 2009. He never used the expression "blockchain" and this is what may, at first glance, surprise us about the massive use of the term blockchain compared to that of timechain.
To describe Bitcoin technology, Satoshi Nakamoto used the terms "global ledger", "chain of blocks" or "block chain" (in two words). The term blockchain itself is not found in the Bitcoin white paper or even in discussions on forums such as bitcointalk. The Bitcoin white paper contains the word "block" 67 times and the word "chain" 27 times, but not once do we find the word "blockchain" or "block chain" in two words.
It seems that the first time the two-word phrase "block chain" was coined was by Adam Back in a mailing list by cypherpunk.
Timechain vs Blockchain
So, the question to ask now concerns the difference between the terms Timechain and Blockchain. In reality, other than semantics, there are many notable differences in the resulting representations.
- Timechain refers to the process of organizing and tracking the chronological order of transactions that are timestamped. The term Timechain thus evokes the notions of time, chronology and timestamp in an explicit way. In fact, we better understand the irrevocable and immutable nature of all the blocks. The timechain maintains a transparent history (the ledger idea) of all transactions since the creation of the network. This makes it possible to track the origin of each bitcoin and ensures complete traceability of operations. This builds confidence in data integrity and eliminates the possibility of retroactive transaction tampering.
- On the other hand, blockchain refers only to a data structure composed of a chain of blocks. Each block contains a certain number of transactions, and each new block in the chain is linked to the previous one by a cryptographic hash. Companies that use blockchain technology can create them that are centralized or privatized. This goes against the very principle of Bitcoin which responds to the "Byzantine Generals Problem", of being able to do without centralized intermediaries. By creating centralized or private blockchains, there is no answer to the Byzantine generals since there is no longer any need to seek trust: it is provided by the central entity.
💡 The "Byzantine Generals Problem" in computer science refers to a situation where components of a computer system must cooperate to reach consensus or agree on a common decision, but some of these components may be faulty or malicious, emitting incorrect or misleading information. This creates a situation where the system's components cannot trust all the information they receive.
The amalgam problem
This misuse of the term "blockchain" to refer to all systems that work with blocks of data necessarily leads to confusion between all blockchains. Bitcoin is thus compared to other blockchains that are mediocre or poorly designed or even of no use or relevance. Thus, in the mind of a novice, the Ethereum blockchain for example would be just as comparable to that of bitcoin, which is substantially false.
Moreover, many companies have ridden the trend by adding in the description of their services that they use blockchain technology. This turned out to be false advertising and deception.
Why is the term “Timechain” important to preserve?
By using the term "blockchain" as a catch-all word, we also neglect many related technologies that have the same principle of decentralization desired by Satoshi Nakamoto in the Timechain. We can think for example of the technology of DAGs (directed acyclic graphs) for example which differs from the definition of the common blockchain but which nevertheless responds well to the problem of Byzantine failures.
The timechain also involves the Proof of Work consensus mechanism which allows a block to be created approximately every ten minutes. This then allows a creation of blocks which is relatively constant over time. However, remember that other blockchains and distributed ledger systems use other consensus mechanisms to address consensus challenges in a decentralized environment.
If some people want us to talk about timechain instead of blockchain, it is not only for reasons that may seem trivial at first glance. This is about using terminology that is more relevant to designate the technology underlying Bitcoin. This would then make it clear that Bitcoin is above all a technology based on timestamping which makes it possible to establish trust in a decentralized universe.
Final word
To conclude this short article that would certainly deserve a longer development, the idea to remember is based on the fact that the blockchain terminology obscures somewhere the innovative solution that Bitcoin brings. Although the term "Timechain" is not as widely used today, it is important to recognize its meaning to better understand what Bitcoin is.
Finally, of course, this confusion of the terms "blockchain" and "timechain" is not dramatic in itself. Fundamentally, Bitcoin is a block chain. The problem would come from the fact that this allows for an amalgamation with other blockchains that are not as relevant as that of Bitcoin.
There are other semantic confusions and confusions like that between the terms cryptocurrencies and bitcoin for example. However, it is important to note them when we want to accurately describe what Bitcoin is (or is not) and be aware that clumsy definitions can lead to shaky assertions and false reasoning. This is certainly one of the reasons which also explain why there are so many misconceptions circulating about Bitcoin.
Yes, the Devil, as they say, is in the details…
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