Have you heard a lot about the blockchain timestamping in Ethereum and other cryptocurrencies and want to know whether it is accurate and reliable or not? In this article, we’ll have a detailed look.
When it comes to cryptocurrencies, their security and safety are highly important. Many people have invested their hard-earned money into them.
Any security issues in the system can have a significant impact.
Timestamping is one of the ways that increases the authenticity of the blockchain. Let’s dig deeper into Ethereum timestamps, but firstly it is imperative to comprehend timestamps in general.
What Is a Timestamp?
A timestamp shows a specific chunk of data that existed at a particular time. It is also a method of proving an event that has taken place at a particular time. We can say that timestamps act as the birth certificate for the content.
If we’re looking at the timestamp created at OriginStamp, they are issued using the principles of cryptography. This method contributes majorly to elevating the authenticity of the blockchain as a whole that includes each piece of data.
Blockchain-based timestamps can’t be tampered with as well. It can play a crucial role in eliminating bad behavior and immoral activities.
Each timestamp also has the previous timestamp, and in this way, it makes a chain. With the technology at OriginStamp, you can also verify the order of timestamps.
Furthermore, anyone can verify timestamps created with OriginStamp independently. Timestamps are published widely on public blockchains.
What Is Hashing?
Hashing is a significant term related to timestamping. Let’s have a closer look.
Hashing is a technique that has been utilized for decades. Almost every credit card transaction uses a hash.
You can create a hash of almost everything: a text, document, file, or even a webpage. When you’re hashing the input, the same input always results in the same output (the hash).
But if you only make changes in a single bit of the original input, it will change the hash completely.
The input can be of any size. It might be a single character or a big file, but the output size (the hash size) is always the same length.
Moreover, it is also notable to mention that the hashing is irreversible. You can’t take a hash (the output) and calculate its input.
How Important Are Timestamps for Blockchain Technology?
Timestamps are very important when it comes to blockchain technology.
Let’s have a detailed look.
Proof of Existence
The timestamp is one of the most authentic proofs of block existence. Moreover, if a blockchain has a timestamp certificate, it portrays its transparency and credibility. It also shows that you don’t tamper with your content. Another great thing is that if anyone attempts to erase the content, then if you have input, you can prove this erased content.
Proof of Authorship and Identity
When it comes to the proof of authorship and the identity, the timestamp is of great worth in showing the identity of the blockchain.
A Fully Decentralized System
Timestamps also help to make a blockchain fully decentralized. In a nutshell, it assists in synchronizing all nodes. As a result, a blockchain will be safer and more secure.
Eradicate the Threat of Double Counting
Another benefit of the timestamp technique is that it helps eradicate the hazard of double counting.
The Ethereum Blockchain Timestamp
The timestamp plays an integral role in enhancing the transparency and authenticity of the blockchain and making it tamper-proof.
Ethereum is in the second spot when it comes to market value. And it has a relatively safe and secure system. Keep in mind that smaller cryptocurrencies have been subject to various scams and hacks till now.
With its large market cap, Ethererum is a very attractive target for hackers. Therefore, the developers took several significant steps to ensure safety and security. Especially the upgrade to Ethereum 2.0 is worth mentioning.
Timestamping is another method adopted by different cryptocurrencies, including Ethereum. It stores the date and time when the block is mined, thus playing a crucial role in keeping vital information and elevating its authenticity.
Are Ethereum Timestamps Safe and Secure?
We have mentioned above that Ethereum has a timestamped blockchain that makes it unchangeable. How safe and secure is the Ethereum timestamp?
Let’s look at the research. The mean accuracy is “half of the average time between two successive blocks.”
Hence owing to the Ethereum client Geth and Parity, its accuracy can differ.
According to research, developers should try to mix distinct time providers with smart contracts, which will help in providing greater accuracy of milliseconds.
Additionally, the blocks mined by the small hash rate miners who are not aiming for manipulation are usually near accurate.
On the flip side, if the miner has more power, it will not be a big deal for them to manipulate timestamps for a short time.
Therefore, we can say that Ethereum-based timestamps are secured but not always precise to the second.
What we can always check is the ordering of specific cryptographic structures.
Ethereum-based timestamps are essential to keep Ethereum safe and secure. Apart from that, OriginStamp utilizes blockchain-based timestamps in combination with hashing to create a tamper-proof timestamp. As a result, you can prove that a document existed at a particular time and wasn’t changed.