Gold became a universally accepted medium of exchange due to its rarity, durability, and divisibility. It standardized value, and enabled more advanced monetary systems and facilitated long-distance trade.

Fiat money is government-issued currency not backed by a physical commodity but by the government's authority. It allows flexible monetary policies and greater economic control, relying on public confidence in the issuer.

Digital fiat, traditional currency in electronic form, allowed quicker and more convenient transactions. Credit and debit cards revolutionized consumer spending by providing instant access to funds and facilitating cashless payments, boosting global commerce.

Cryptocurrencies like Bitcoin introduced decentralized digital currencies using blockchain technology. They offer secure, transparent, and borderless value transfer, challenging traditional financial systems and enabling new digital finance possibilities.

DeFi builds on cryptocurrency to create a financial ecosystem without intermediaries, using blockchain-based smart contracts. It democratizes access to financial services, offering open and transparent platforms for lending, borrowing, and trading.

In the wake of heavy fraud, trust minimized protocols were designed to operate with minimal reliance on trust, using decentralized networks and smart contracts to ensure transparent, secure, and reliable transfers of assets between blockchains.