This is a quote from the book "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto
...ayee needs proof that at the time of each transaction, the majority of nodes agreed it was the first received.
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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 prove
s 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 timesta...