Concept of Money

Barter system was provably inefficient in terms of portability, divisibility and mainly accountability. Money has its roots as an abstract form of accounting (Subjective Ledger Technology) used to facilitate a closed community trade goods and services inside their system.

Growing population and impractical methods to maintain subjective ledgers beyond a community lead to objective ledgers underpinning value to physical objects such as sea shells.

With time, we have seen emergence of standardised attributions of money especially to rare metals (universal ledgers) which comply physical limitations around the globe and made it easy for accountability, portability and divisibility.

However, with massive industrialisation driving humongous amounts of trade and commerce worldwide gave birth to a more powerful technology of fiat currency which is more portable, divisible and fungible aiding the problem of accounting. Further, 21st Century has seen the dawn of digital money as an abstract representation of physical fiat currency for online transactions.