What is the explanation of the Hadith: "The best of people are my generation, then those who follow them, then those who follow them, then there will come a people whose testimony precedes their oath, and whose oath precedes their testimony"?

The hadith indicates that the best of people are the Companions, then the Successors, then their successors. This precedence is general and does not preclude the existence of someone more knowledgeable or more devout after them. The hadith also describes peoples who will come after the preferred generations, who will not care about testimony or oaths, which indicates the prevalence of false testimony and lies. It is mentioned that "Ibrahim al-Nakha'i" said that they [children] used to be beaten for [the sake of] testimony and covenants while they were young for disciplinary purposes. From this, it can be inferred that it is permissible to beat a child for disciplinary reasons and to accept the testimony of minors in some cases.