What is Timestamp?
Let's find out Timestamp meaning, definition in crypto, what is Timestamp, and all other detailed facts.
A timestamp is essentially a type of classification for when a particular transaction took place. Moreover, it is the fundamental process for miners to get compensation for mining each block.
Satoshi Nakamoto, the creator of Bitcoin, stated in his whitepaper that timestamps are intended to eliminate the risk of double counting. Furthermore, when a BTC block is made, two timestamps are often involved: one is the block header, which is estimated by the miner, and the other is the exact time the block was produced.
Even though the goal is that both must provide the identical timestamp, there is a small possibility of the miner inputting incorrect timings or intentionally lying about times. However, Bitcoin has devised two measures that should prevent this from happening.
For example, the Median Time Stamp is the first line of defense against the threat. The MPT rule requires that the time stamp be greater than the median value of the previous 11 blocks. Its major function is to ensure that the blockchain goes ahead in time, whereas the second principle is to prohibit the blockchain from moving too far ahead.
Additionally, the highest allowable time gap between the node's time and the local time system cannot go over 90 minutes. Nonetheless, these restrictions are intended to safeguard the accuracy of cryptocurrency timestamps.
Besides, the use of tipsets to build a blockchain can also help with the security of the network. Since the weight of each tipset is proportional to the amount of storage it provides, any <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-node/">node attempting to prevent legitimate blocks from being created must contend against the fact that consensus prefers heavier chains.<\/p>\n<p>Since decentralized storage systems inherently <strong>prioritize chains that offer more storage<\/strong>, the advantage of employing a tipset system is that miners will group together to promote the heaviest chain or the chain that is providing value. Due to the fact that lighter chains don't have the draw of larger storage power, they become <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-orphaned-block-orphan/">orphan blocks<\/strong><\/a>.<\/p>\n<p>The tipset system of Filecoin is similar to <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum in that it encourages members to collaborate and avoids wasting time by increasing chain throughput.<\/p>","definition":"a set of blocks with the same height and parent tipset that makes up a blockchain.","status":"published","meta_title":"What is Tipset? Definition & Meaning | Crypto Wiki","meta_description":"Tipset meaning: Tipset - a set of blocks with the same height and parent tipset that makes up a blockchain.","meta_keywords":null}" :prev-section="{"id":896,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Timelock","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2023-10-30T04:59:21.000000Z","slug":"what-is-timelock","title":"What is Timelock?","section":"T","keyword":"Timelock","content":"<p><strong>Timelock<\/strong> is the condition on the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain that a transaction must meet to be processed at a certain predetermined time or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block-height/">block height<\/strong><\/a>. The concept was initially introduced by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a> in the<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-whitepaper/"> whitepaper <\/strong><\/a>of <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin. The timelock mechanism is used to <strong>schedule transactions for the miners to process them at a specified time<\/strong>.<\/p>\n<p>Transactions are added to the blockchain as blocks located at certain heights. Once the transaction data is added to the chain, the transaction is deemed approved. <\/p>\n<p>The timelock mechanic is used to ensure that transactions are not verified unless their predetermined conditions, i.e., a certain time or block height, are reached. Time time is measured using the Unix system.<\/p>\n<p>There are two types of timelocks:<\/p>\n<ul>\n<li>Absolute timelocks – they discern that the blocks are defined relative to a specific time;<\/li>\n<li><strong>Time-relative timelocks<\/strong> – they are used to determine how much time has to pass until a transaction is verified.<\/li>\n<\/ul>\n<p>Bitcoin transactions measure time in two ways, based on the block number and its <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-timestamp/">timestamp. If the timelock is determined according to the block number, the miners receive the specific number for the validation process. If the timelock is based on a timestamp, the miners must wait until the given point in time to verify the transaction.<\/p>\n<p>There are <strong>four methods<\/strong> for determining the Bitcoin timelocks which occur on either the transaction level or the script level:<\/p>\n<ul>\n<li>nSequence – absolute time blocking at the transaction level;<\/li>\n<li>nLocktime – timelock relative to the transaction level;<\/li>\n<li><strong>CheckLockTimeVerify<\/strong> – absolute time blocking at the script level;<\/li>\n<li>CheckSquenceVerify – timelock relative to the script level.<\/li>\n<\/ul>","definition":"a blockchain mechanism of processing transactions at a predetermined time or in a specific block.","status":"published","meta_title":"What is Timelock? Definition & Meaning | Crypto Wiki","meta_description":"Timelock meaning: Timelock - a blockchain mechanism of processing transactions at a predetermined time or in a specific block.","meta_keywords":null}" :model="{"id":772,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Timestamp","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-10-30T05:00:44.000000Z","slug":"what-is-timestamp","title":"What is Timestamp?","section":"T","keyword":"Timestamp","content":"<p>A <strong>timestamp<\/strong> is essentially a type of classification for when a particular transaction took place. Moreover, it is the fundamental process for <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-miner/">miners to get compensation for mining each block.<\/p>\n<p><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//who-is-satoshi-nakamoto/">Satoshi Nakamoto<\/strong><\/a>, the creator of <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-btc/">Bitcoin, stated in his <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-whitepaper/">whitepaper that timestamps are intended to eliminate the risk of double counting. Furthermore, when a BTC block is made, two timestamps are often involved: one is the block header, which is estimated by the miner, and the other is the exact time the block was produced.<\/p>\n<p>Even though the goal is that both must provide the identical timestamp, there is a small possibility of the miner inputting incorrect timings or intentionally lying about times. However, Bitcoin has devised two measures that should prevent this from happening.<\/p>\n<p>For example, the Median Time Stamp is the first line of defense against the threat. The MPT rule requires that the time stamp be greater than the median value of the previous 11 blocks. Its major function is to ensure that the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-blockchain/">blockchain goes ahead in time, whereas the second principle is to prohibit the blockchain from moving too far ahead.<\/p>\n<p>Additionally, the highest allowable time gap between the node's time and the local time system cannot go over 90 minutes. Nonetheless, these<strong> restrictions are intended to safeguard the accuracy of cryptocurrency timestamps.<\/strong><\/p>","definition":"a categorization of when a certain transaction occurred.","status":"published","meta_title":"What is Timestamp? Definition & Meaning | Crypto Wiki","meta_description":"Timestamp meaning: Timestamp - is simply a categorization of when a certain transaction occurred.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens 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