:money_with_wings:The history of money is marked by the continuous layering of centralized intermediaries to facilitate transactions and settlements.
:books:Advancements in technology, such as the telegraph, telephone, and internet, enabled faster transactions but still required slow settlements, leading to the dominance of central banks.
:small_airplane:Decentralized ledger technology, like blockchain, now allows for fast settlements and challenges the existing centralized systems.
:bar_chart:The accumulation of decisions in the fiat currency system has resulted in highly leveraged middlemen and governments.
:balance_scale:The friction point between the old and new systems arises from the challenges of scaling and integrating decentralized ledger technology within existing regulatory structures.