From Gold to Cash to Decentralized Data: The Money Revolution Continues
As technology has become an all-encompassing fixture in our lives, the way that money moves around has changed radically. What's interesting is that most people haven't even noticed. Over time, money has ranged from shells to bracelets, from shiny coins to paper-like bills. Then, of course, credit cards came along - shards of plastic we all now tote containing precious personal information that can be taken with a simple snatch and swipe. We've gone from commodities as money, commodity-backed money and government-backed fiat currencies to distributed, database money. And now....
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The history of monetary system is built on gold. This valuable element has been playing a very important role in the economy since the beginning of time. The first documented usage of gold coins as currency dates back to 600 BC. Gold continued to be the basis of monetary systems until the Bretton Woods System paved way for nominally convertible currencies. Today, none of the world’s currency systems are backed by gold. However, gold by itself continues to hold a fair amount of value. In today’s digital world, we have something which is better than the yellow metal in many ways and it is....