Time Warp is an in-game mechanic that allow you to accelerate physical time to a certain extent.
The default time warp is 1x, but, you can go to 2x, 3x, 4x, 10x, 50x, 100x, 500x, 1000x, 10000x, and 100000x physical speed. It is recommended to not use time warp above 1000x, as the well-known kraken glitch will often strike.
Many forms of the kraken glitch only occur in/after high time warp speeds. Also, this is not total time acceleration, this is physical time acceleration, so when going at high warps there is a chance your rocket will explode.