MyBookLive 3TB operation?

hello community, I just got my MBLive 3TB going and am wondering if this is updating through Time Machine all day or does it do a full update at certain times. Sorry I am so basic, not ever been down this road before and I am unable to see the files in it. Is there a simple understanding of what to expect from using this MBLive with my apple products somewhere?

After doing the first complete Time Machine backup, Time Machine will continue to check and add new files at the time you schedule to backup your files.