At is when the thing was so, RFC 3339. Required, and refused when it sits more than five minutes ahead of the server clock — an assertion dated further out would never mature and would skew every read until it did.
Entity is the thing being described, in the organization's own namespace. It is not created: an entity exists because something was asserted about it. Required, 512 bytes at most.
Seen is when this assertion became knowable, RFC 3339. Defaults to At and may not precede it. It is provenance and it decides nothing: the instant every read uses is derived as the later of Seen and the server's own clock.
Source names who asserted. Required, because an assertion nobody is named for cannot be weighed against one that is. Open text: this plane ranks no source above another.
Value is what the relation points at. When Names is true it is another entity's key and the assertion is an EDGE; otherwise it is a scalar and the assertion is a property. 2048 bytes at most, or 512 when it names an entity.