Money Timeline

The common way to define money is: A medium for the exchange and store of value.

What we have used as such a medium has changed throughout history for obvious reasons as needs and technology evolved. For thousands of years livestock was the medium for exchange and store of value. Everyone understands why that would not be practical today. But did you know coins and bills are outdated too? We think they are. We are now entering the era of digital money. Below we have listed what we consider the highlights in our monetary evolution.

9000 B.C

Before 9000 B.C there was gift economy and barter. In most cultures this slowly evolved to using one of the barter items as a “store of value”. This would often be livestock or food that could handle long term storage. Later it became common to use metals as a store of value as well.

3000 B.C

In China they started to shape metal to resemble tools, and used them as money. Banking originates in Babylonia out of the activities of temples and palaces which provided safe places for the storage of valuables. Initially deposits of grain are accepted and later other goods including cattle, agricultural implements, and precious metals.

640 B.C

The earliest coins made in Lydia, Asia Minor, consisted of electrum, a naturally occurring amalgam of gold and silver.

800 A.D

First paper money is printed in China

1958 A.D

First modern credit card

2007

Bitcoin, the first digital currency, is released. It is now widely used all over the world by the avantgarde, but has not reached mainstream. Extreme price volatility is one of the major obstacles for mass adoption.

Since then a lot of digital currencies have been released. Most of them are meaningless, but a few try to add new features or solve some of the problems that bitcoin has.

2014

Bitbay is released on November 11 2014. Bitbay is based on the thoroughly tested bitcoin protocol, but has implemented many of the developments from recent years in digital currencies. It also adds a few features of its own.

December 6 Bitbay releases alpha version of its smart contracting client. This was the most advanced software to date for any digital currency.

2015

January 9 2015 The beta version of the BitBay client with markets is released first to a chosen few, then to a wider audience. It has template for custom contracts, and Pay2Mail amongst its features. There are several releases throughout the year with speed improvements, bug-fixes etc.

2016

April 30 2016 Release version of the BitBay windows client + beta version of mac and linux client is released. The rest of the year is used for “under-the-hood improvements and preparation for the fork to POS3.

2017

Q1 2017 The fork to POS3 is scheduled for January or February. POS3 is an improved staking protocol that will make the network even more secure. It will also allow staking in the BitBay client, rendering the QT wallet obsolete.

Q2 2017 The rest of the templates will be added

Q3 2017 Pegging will start. This is the final step to make Bitbay useful for a wider audience. With price stability it will not only be the most advanced online trading tool, it will also be the obvious choice for ordinary consumers and merchants

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