A History of Currency: The Road to On-Chain Value
Summary
The frequency of exchanges between people with coins increased dramatically, and rulers began to enforce taxes upon individuals, exercising their political control over societies and serving as a funding mechanism for the elite and armies to flourish. The technology didn’t catch on in Europe until the 17th century, where newly-wealthy nation states in a frenzy of empire building and international politicking needed a more convenient way to represent their soft power on the world stage. Blockchain, Cryptocurrencies, and Stablecoins: The On-Chain Financial Revolution In 2009, Bitcoin was created by an anonymous individual named Satoshi Nakamoto who, in his whitepaper, noted that it was designed to serve as an open-source and decentralized form of digital money — one of its most attractive attributes is that it was deemed by many to act as a hedge against inflation. Since its inception in 2015, Ethereum has held its ground as the second-largest cryptocurrency and opened the door to innovative projects and dapps that are transcending the financial landscape by allowing users to earn high-interest yields, lend and borrow assets, and much more — this is all made possible through DeFi (decentralized finance). This drives out fair competition and reduces the equity of the market in a way that passes on costs to retail consumers exchanging currencies and businesses making international investments — all of which hinder global economic growth.
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