Hi!
"Quantized" here means divided into intervals. For instance, say you use 5-minute intervals. You don't store arrival times on your data points. Instead you just store data into an interval corresponding to its arrival time.
So if data arrive at times 12h02m5s, 12h04m24s, 12h05m09s, then the first two points will go into a bucket for points arriving 12h00m -- 12h05m, and the third point will go into a bucket for points arriving 12h05m -- 12h10m. The bucket containing a point gives its arrival time, but only as a 5m-long interval.
Does this help?