Clear DefinitionsTimestamp
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Pronunciation
[tahym-stamp]
Analogy
A timestamp works like the date stamp on a letter, proving when it was mailed. In blockchain, each transaction and block receives a digital 'postmark' showing when it entered the system.
Definition
A record of the date and time when a particular event occurred, represented as a sequence of characters or encoded information that identifies the moment when a specific transaction or block was created.
Key Points Intro
Timestamps establish chronological order and prevent double-spending.
Key Points
Records when blocks and transactions were created or processed.
Helps establish the sequence of events in the blockchain.
Typically stored in Unix time format (seconds since January 1, 1970).
Critical for determining which transaction happened first in case of conflicts.
Example
When you make a Bitcoin transaction, the exact time is recorded in the block. If you try to spend the same coins twice in rapid succession, the timestamp helps miners determine which transaction was first and should be considered valid.
Technical Deep Dive
In Bitcoin and similar blockchains, timestamps in block headers don't need to be perfectly accurate. The protocol allows timestamps to vary within a certain range—typically, a block timestamp must be greater than the median of the previous 11 blocks and less than the network-adjusted time plus two hours. This flexibility accommodates variations in miners' system clocks while still maintaining a generally accurate chronological ordering.
Caveat
Blockchain timestamps are not guaranteed to reflect the exact real-world time. They can be slightly manipulated by miners within protocol-defined limits, making them unsuitable for applications requiring millisecond precision timing.
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