What exactly are timestamps? When do we see them in IOTA? And what is the correlation between timestamps and smart contracts?
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2 Answers
Smart Contracts
The transactions of e.g. Ethereum have a fixed order becaue they are in a blockchain. Because IOTA stores it's transactions in the Tangle, we don't have a sequence. In order to execute smart contract consistency is required. To achieve something similar on IOTA, mandatory timestamps are necessary.
Mandatory timestamps
You can already send timestamps with your transactions but it's not enforced, just arbitrary. Timestamps will be mandatory soon™ (We don't know when exactly) and when they are smart contracts will be possible to some extent.
IOTA may never be capable of as complex smart contracts as in Ethereum, but we will definitely see something similar to it.
ICO Tokens
Nakamo.to is working on something similar to ERC-20 Tokens (Ethereum) for IOTA.
peaq.io
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Timestamps are already mandatory. A transaction is rejected by the latest IRI nodes when the timestamp does not have a value in a certain range, which seems to be between the last snapshot time (epoch 1517180400, which is GMT: Sunday, January 28, 2018 11:00:00 PM) and 2 hours in the future relative to the node's clock.. Commented Feb 17, 2018 at 19:46
In case anyone stumbles upon this page - we (peaq) are not building an ERC20 on top of IOTA and will never be doing so.
