He discusses how after the dissolution of the gold standard, money ceased to backed by a real commodity and instead became " token money "-tokens representing debt, though admittedly Polyani says by far the dominant view was that they were tokens of Purchasing power.
12.
Cryptographers think of the field as originating in the work of Dr David Chaum who invented the cryptographic signature permitted a virtual coin to be signed without the signer seeing the actual coin, and permitted a form of digital token money that offered untraceability.
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