The experimental requirements in near future accelerators (e.g. High Luminosity-LHC) has stimulated intense interest in development of detectors with high precision timing capabilities. With this as a goal, a new detection concept called PICOSEC, which is based to a "two-stage" MicroMegas detector coupled to a Cherenkov radiator equipped with a photocathode has been developed. Results obtained with this new detector yield a time resolution of 24 ps for 150 GeV muons and 76 ps for single photoelectrons. In this paper we will report on the performance of the PICOSEC in test beams, as well as simulation studies and modelling of its timing characteristics.