Why formal power series are not considered a system of hypercomplex numbers?

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One can introduce a constant $\chi$ following all numerical properties and two additional operations $\delta$ and $\circ$, like the following:

$\delta a=0$ if a is a standard number

$\delta \chi=1$

$\delta (xz)=z\delta x+x\delta z$

If

$x=a+a_1\chi+a_2\chi^2+a_3\chi^3+...$

and

$z=b+b_1\chi+b_2\chi^2+b_3\chi^3+...$

Then $x\circ z=a+a_1z+a_2z^2+a_3z^3+...$

so that $\chi\circ z=z$ and $z\circ\chi=z$ for any $z$

This system seems to me to possess all usual properties of real/complex numbers, and form a field. Yet it is often claimed that the usual complex numbers are the only system of (hyper-)complex numbers that forms a field. Why?

Also the proposed system will make operators and functionals just ordinary numerical functions.

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The reason this does not form a field is quite simply the lack of multiplicative inverses. (it is clearly a ring, namely $\mathbb{C}[\chi]$).

Under standard multiplication $\chi$ has no inverse as $k\chi \notin \mathbb{C}$ if $k\in \mathbb{C}$ and $\chi *\chi = \chi^2$.

So assuming you wish to use composition of functions as your multiplication, we have $2+\chi$ having no inverse:

Suppose $\alpha = (2+\chi)^{-1}$ then $1 = (2+\chi) \circ \alpha = 2+ \alpha $ from the definition of $\circ$ hence $\alpha = -1$ but $\alpha \circ (2+\chi) = -1 \circ (2+\chi) = -1$ which is not the identity.