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ReStructuredText
60 lines
3.2 KiB
ReStructuredText
Time-windows
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============
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.. topic:: Summary
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* *If a transaction includes a time-window, it can only be committed during that window*
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* *The notary is the timestamping authority, refusing to commit transactions outside of that window*
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* *Time-windows can have a start and end time, or be open at either end*
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Video
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-----
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.. raw:: html
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<iframe src="https://player.vimeo.com/video/213879314" width="640" height="360" frameborder="0" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe>
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<p></p>
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Time in a distributed system
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----------------------------
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A notary also act as the *timestamping authority*, verifying that a transaction occurred during a specific time-window
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before notarising it.
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For a time-window to be meaningful, its implications must be binding on the party requesting it. A party can obtain a
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time-window signature in order to prove that some event happened *before*, *on*, or *after* a particular point in time.
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However, if the party is not also compelled to commit to the associated transaction, it has a choice of whether or not
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to reveal this fact until some point in the future. As a result, we need to ensure that the notary either has to also
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sign the transaction within some time tolerance, or perform timestamping *and* notarisation at the same time. The
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latter is the chosen behaviour for this model.
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There will never be exact clock synchronisation between the party creating the transaction and the notary.
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This is not only due to issues of physics and network latency, but also because between inserting the command and
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getting the notary to sign there may be many other steps (e.g. sending the transaction to other parties involved in the
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trade, requesting human sign-off...). Thus the time at which the transaction is sent for notarisation may be quite
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different to the time at which the transaction was created.
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Time-windows
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------------
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For this reason, times in transactions are specified as time *windows*, not absolute times. In a distributed system
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there can never be "true time", only an approximation of it. Time windows can be open-ended (i.e. specify only one of
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"before" and "after") or they can be fully bounded.
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.. image:: resources/time-window.gif
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:scale: 25%
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:align: center
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In this way, we express the idea that the *true value* of the fact "the current time" is actually unknowable. Even when
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both a before and an after time are included, the transaction could have occurred at any point within that time-window.
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By creating a range that can be either closed or open at one end, we allow all of the following situations to be
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modelled:
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* A transaction occurring at some point after the given time (e.g. after a maturity event)
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* A transaction occurring at any time before the given time (e.g. before a bankruptcy event)
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* A transaction occurring at some point roughly around the given time (e.g. on a specific day)
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If a time window needs to be converted to an absolute time (e.g. for display purposes), there is a utility method to
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calculate the mid point.
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.. note:: It is assumed that the time feed for a notary is GPS/NaviStar time as defined by the atomic
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clocks at the US Naval Observatory. This time feed is extremely accurate and available globally for free.
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