What is Money?

A short background on the concept of money

“Money is the most universal and most efficient system of mutual trust ever devised. Even people who do not believe in the same god or obey the same king are more than willing to use the same money”.

Yuval Harari

Money is often defined in terms of the three functions or services that it provides a community. Money serves as:

• A Medium of Exchange

• A Store of Value

• A Unit of Account

The 6 characteristics of money

There have been many forms of money in history, but some forms have worked better than others because they have characteristics that make them more useful. The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. The first five characteristics of money can be argued as benefits of all crypto currencies.

• Portability

• Durability

• Divisibility

• Uniformity

• Limited Supply

Money’s most important function, however, is as a widely accepted medium of exchange to facilitate transactions. This is something crypto currency has not achieved yet, and it is precisely this quality that VOW is bringing to the world.