Timestamps and Hashing: How they relate
Are timestamps important in blockchain? Indeed, they are.
The timestamp records the time of the block’s generation, using Unix time count, which is usually accurate to the second. The timestamp makes the transaction information on the block immutable, and can be used as very important information to prove the transaction.
Because the timestamp is written to the block, the timestamp of the parent block is included in the hash during the process of calculating the hash value. Thus, once the timestamp is formed and the block is linked to the blockchain, it will become the “common ledger” of all nodes in the whole network, so it is near-impossible to tamper with.
In blockchain technology, the most critical and popular consensus is the Proof of Work (POW) mechanism. The POW allows each node to participate in transaction validations together to achieve multi-party maintenance and sharing of the same book of recorded transactions in order to form a permissionless decentralized P2P network system.
The process of POW computing is also referred to as “mining” and the participating nodes are called “miners”. The process is as follows:
• When created, each block’s header contains random values.
• When nodes perform POW computation, the hash values of the block head are populated with fixed numbers that replace these random values.
• Hashing involves using data of any length and running through an algorithm to produce an output with a specific length; outputs through that algorithm will be the same length, no matter the size of the input. Previous hashes will be recorded in each block.
• Every time blocks are hashed, mining is required to decode and encode; which is to use algorithms to process the most-recent block. The miner can broadcast to the whole network and if more than 51% of the nodes agree at the same time, this means that the miner has completed a new block that can be linked to the blockchain, and other miners use this block as the parent block to perform the next block operation.
• The size of the target value is inversely proportional to the difficulty value. The completion of the bitcoin workload proof is based on the fact that the block hash value calculated by the miner is less than the target value and is closest to the target value as the judging criterion.
Because of the difficulty of POW, it is impossible to predict which node can calculate the new area quickly. This ensures the fairness of transaction verification.
About Ludos Protocol
Ludos Protocol is a purpose-built blockchain infrastructure project for the gaming community. As only the third blockchain project to be backed by Japanese investment giant Softbank, Ludos addresses numerous shortcomings in the existing gaming landscape. Its main chain + multi-sidechain architecture allows games to run entirely on their own blockchain, preventing scalability issues that have plagued previous blockchain-based games. Additionally, the Protocol seeks to create a gamer-friendly ecosystem whereby game developers and gamers can come together to easily crowdfund and build on the platform. The use of non-fungible tokens (NFT’s) within the ecosystem will allow gamers to swap assets in one game for assets in another. Finally, through their partnership with FullPay Japan, Ludos will give gamers the chance to use LUD tokens that are earned in-game to shop and buy at a range of retail stores in Japan and later the world.
Ludos Protocol Links
Telegram Channel: https://t.me/LudosProtocol
Telegram Announcement Channel: https://t.me/LudosAnnouncements
Website: https://www.ludos.one/
Facebook: https://www.facebook.com/LudosProtocolOfficial/
Twitter: https://twitter.com/LudosProtocol
Reddit: https://www.reddit.com/r/LudosProtocol/
BitcoinTalk thread: https://bitcointalk.org/index.php?topic=5064140
