Resources-Events-Agents, or REA for short is like a new language for accounting that focuses on telling the whole economic story. "We often characterize REA as economic storytelling," Professor McCarthy explains:
Instead of just writing down numbers, accountants keep track of all the important stuff. They look at the resources being traded, the events happening, and the people or companies involved. It's like writing a detailed story that doesn't leave anything out.
William McCarthy is a Professor of Accounting and Information Systems at Michigan State University. Professor McCarthy's research interests center on the application of knowledge-based systems, object orientation, and database theories to the problems of building better accounting systems.
This new paradigm of storytelling the whole economic story is already a Holochain app that is being evolved into Holochain ecosystem and will be an integral part of the future financial making and commons organizer/visualizer.
Data integrity, instant/infinite transactions of Holochain and REA will open possibilities for humans into a post monetary world. Yes, you heard me right, a world without money😉. So think about it without being terrified. It means that no third parties are involved in any transactional action you will ever have and dictators, thieves, bad actors might really have a hard time thriving in that society.
I am not a financial adviser, please do your own research and uncover a bigger part of the whole picture.