Historically, money has gone through the following types or stages:

1. Generic value items (grain, cloth, cattle and sheep, cigarettes, etc.)
2. Rare homeostats (gold, silver, copper, gemstones, shells, etc.)
3. Trust accounting documents (certificates of deposit, debt certificates, anonymous cheques, gift certificates, paper gold, etc.)

Stages 1 and 2 were phased out because they could not meet the needs of modern commercial payments, and stage 3 seemed to cause economic fragility and collapse caused by credit inflation and banker fraud, and people then expected the government-established Central Bank system to solve the problem, so they entered the fourth stage, but the effect is as you can see.

We believe that the future of money, that is, the form of the fifth stage, will be an open electronic network system with "generally accepted rules" as the main body and backbone, and "individual credit" as the branch and supplement, and will continue to improve and show the optimal system in the process of free competition. This "generally accepted rule" is not subject to anyone's will and is not controlled by powerful interest groups, just as no one can create gold out of thin air. Fair rules allow people and markets around the world to participate effectively, resulting in a huge increase in market size and efficiency. Money is much more than a general equivalent or unit of accounting, it is a signal, an information system for the functioning of the economy. We can tolerate and repair partial credit failures, but we can never afford the consequences of an overall credit collapse.
In 2008, the emergence of Bitcoin and the Blockchain technology behind it and its effective operation for a decade pointed us in the direction.
----- excerpted from hacash White Paper
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