What Is Timestamp And What Is Its Role In The World Of Crypto?

Arts and roles of timestamp in crypto (photo: Unsplash)

JAKARTA - Speaking of blockchain technology and crypto assets in particular, there is one term that crypto asset enthusiasts need to know, namely timestamp.

Launching from the Indodax page, timestamps usually reflect specific moments when an event occurs or information is recorded, which are used in various fields and applications, including computer systems and others.

Meanwhile, the main function of the timestamp is to record and store accurate timing information.

Indodax says that timestamp is based on having an important role in the crypto world, to ensure data security, transparency and integrity.

Timestamp is used to record the timing of transactions by providing accurate time marks in every transaction that occurs within the blockchain.

So for example, when you make crypto transactions, you will make these transactions using a digital wallet or an appropriate crypto application.

Later, information regarding transactions, including the address of the sender, address of the recipient, number of currencies sent, and digital signature (to verify the authenticity of the transaction), will be collected.

Then, the transaction will be packaged into a block by miners (miners) on the blockchain network. Before the block is added to the blockchain, the miner will add a timer in the block's header that reflects the time when the block is created.

In addition, by using a timestamp, blockchain networks can properly set transaction sequences, prevent double-spending attacks, achieve consensus, and maintain data integrity.

In the end, it will provide the necessary security, trust, and transparency in the crypto ecosystem.