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Timestamp

What Is a Timestamp?

A timestamp is a method of determining when a specific transaction occurred. Satoshi Nakamoto, the creator of Bitcoin, stated in his whitepaper that timestamps are intended to eliminate the risk of double counting. Timestamps play an important role in miners obtaining payment for mining every block. 

This is because it would be hard for new nodes to justify the difficulty, or lack of difficulty, or how much time it took to mine a block. To ensure that difficulty is determined correctly, blockchain stamps are employed rather than in real-time.

Illustration of How Timestamps Work

Two timestamps are normally involved when a BTC block is generated. The first is the block header, which is generated by the miner. The second is the time the block was produced. While both should theoretically produce the same timestamp, there will always be the possibility of miners entering wrong times or falsifying times. 

Bitcoin has two methods for mitigating this danger. The first is referred to as the Median Time Stamp. The MPT rule requires that the time stamp be greater than the median value of the previous 11 blocks. The maximum permissible time gap between the node's time and the local time system is 90 minutes. 

The first rule's goal is to ensure that the blockchain progresses forward in time, while the second rule's goal is to prevent the blockchain from moving too far ahead. Both restrictions are intended to safeguard the integrity of bitcoin timestamps.

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