Time-lapse photography is a technique whereby the frequency at which film frames are captured (the frame rate) is much lower than that used to view the sequence. When played at normal speed, time appears to be moving faster and thus lapsing. For example, an image of a scene may be captured once every second, then played back at 30 frames per second; the result is an apparent 30 times speed increase. Time-lapse photography can be considered the opposite of high speed photography or slow motion.

Processes that would normally appear subtle to the human eye, e.g. the motion of the sun and stars in the sky, become very pronounced. Time-lapse is the extreme version of the cinematography technique of undercranking, and can be confused with stop motion animation. Wikipedia

There are two basic methods to lapse with fixed cameras.

  1. Increase video speed. Speed up your playback of the 24 Hour Video to produce for example a 1 minute time-lapse. Advantage: Very clean movements in fast motion. Disadvantage: Very large amounts of data need to be transferred, recorded and processed.
  2. Snapshot-Lapse - There is, for example. 24 hours long every minute 1 snapshot/frame store - these images are a video assembled (eg with FFMPEG.). Advantage: Very compact datasets, works with moving PTZ cameras if the snapshot is created in a fixed location.Disadvantage: less base material which may cause, ugly jumps.

Time Lapse Video on YouTube
Take a look at Hyperlapse

If you want to build your own timelapse with Restreamer you could start saving the snapshot and play with ImageMagick and FFMpeg