HISTORY OF MONEY!!
Money has been part of human history for years starting from the Exchange of goods to goods as a means of payment called “Trade By Barter”. For example, a farmer may exchange a bushel of wheat for a pair of shoes from a shoemaker. However, these arrangements take time. If you exchange an axe as part of an agreement in which the other party is supposed to kill a woolly mammoth, you have to find someone who thinks the tool is a fair trade for having to face down the foot tusks of a mammoth. If this doesn’t work, you would have to alter the deal until someone agrees to the terms.
This system of trading spread across the world but the era of trade by barter has come and gone until the transition to paper Currencies.
The Yuan dynasty of China moved to paper money. By the time Marco Polo, a Venetian merchant, explorer, and writer who traveled through Asia along the Silk Road, visited China in approximately 1271 CE, the emperor of China had a good handle on both the money supply and its various denominations. In fact, in the place where modern American bills say, “In God We Trust,” the Chinese inscription at that time warned: “Those who are counterfeiting will be beheaded.”
To cut a very long story short, banks eventually started using paper banknotes for depositors and borrowers to carry around in place of metal coins. These notes could be taken to the bank at any time and exchanged for their face value in metal, usually silver or gold, coins. This paper money could be used to buy goods and services. In this way, it operated much like currency does today in the modern world. However it was issued by banks and private institutions rather than the government, which is now responsible for issuing currency in most countries.
The competition between countries often led to a currency war, where competing countries would try to change the value of the competitor’s currency by driving it up and making the enemy’s goods too expensive, by driving it down and reducing the enemy’s buying power (and ability to pay for a war), or by eliminating the currency.
Now is the time of virtual currencies which are only available in electronic form. As digital representations of money, this type of currency is stored and traded using computer applications or specially designated software. The appeal of virtual currency is that it offers the promise of lower transaction fees than traditional online payment mechanisms do and is operated by decentralized authorities, unlike government-issued currencies.
Bitcoin​ became the standard for virtual currencies. It was released in 2009 by the pseudonymous Satoshi Nakamoto. Other virtual currencies have hit the market ever since. They include Ethereum, XRP, Dogecoin, etc.
However, a new decentralized digital currency has surfaced, the Pi Network was founded by Stanford University academics Nicolas Kokkalis and Chengdiao Fan in 2018. On 14 March 2019, they published a whitepaper and released the Pi Network app.
Pi Network differs from many other cryptocurrencies in such a way that it employs a proprietary mechanism known as the Stellar Consensus Protocol, which enables users to receive benefits for their participation in the network. I must say that the Pi Network is a revolution. The fastest-growing Digital Currency in the crypto space and the newly introduced digital currency have threatened the entire cryptocurrency industry. Pi Network to become a pillar of the next wave of technological revolution.
It will interest you to know that in the enclosed Mainnet period, Pioneers across the globe have begun to exchange their pi coins for goods and services. The tremendous support of GCV $314159 per pi coin from the various proposals from all regions globally to the Pi Network Core Team, suggesting 28th June 2024 for the Open Mainnet launch has gathered great momentum and is an omen of a global success.
As the world becomes increasingly digital, cryptocurrency is the next natural step in the evolution of money. Pi is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide. Don’t be left behind! Like I always said” If you don’t need Pi Network today, you will certainly need it tomorrow, think and rethink!
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