Journey to the west. Do I need to know chinese folktale to understand it?

I just started to read the first part and I don’t understand anything. We are talking about epochs with name that make no sense to me, but may have significant relevance for the story. I could skip what I don’t understand, but is the book worth reading if I do that?

I am reading the version from Journey to the Wet Research website because there seem to be some variations in the different versions and this one seems as good as any to start with. Also, its free.

Is that a good version? Should I read something before it that might help me understand the book better?

Thanks for your answers!