The Ethereum Virtual Machine has three areas where it can store items.
The first is “storage”, where all the contract state variables reside.
Every contract has its own storage and it is persistent between
function calls and quite expensive to use.
The second is “memory”, this is used to hold temporary values. It is
erased between (external) function calls and is cheaper to use.
The third one is the stack, which is used to hold small local
variables. It is almost free to use, but can only hold a limited
amount of values.
For almost all types, you cannot specify where they should be stored,
because they are copied everytime they are used.
The types where the so-called storage location is important are
structs and arrays. If you e.g. pass such variables in function calls,
their data is not copied if it can stay in memory or stay in storage.
This means that you can modify their content in the called function
and these modifications will still be visible in the caller.
There are defaults for the storage location depending on which type of
variable it concerns (source):
state variables are always in storage
function arguments are always in memory
local variables of struct, array or mapping type reference storage by default
local variables of value type (i.e. neither array, nor struct nor mapping) are stored in the stack
The FAQ has code samples to help explain further.
Best Answer
In short
now
is just an alias forblock.timestamp
and it is the number of seconds since the Epoch as per documentation.Beware that this value is set by miners so there is a little potential for a malicious manipulation but general nodes are meant to coordinate.