RATE Group | How an ancient stone money system works like cryptocurrency
36902
wp-singular,post-template-default,single,single-post,postid-36902,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

How an ancient stone money system works like cryptocurrency

29 Jul How an ancient stone money system works like cryptocurrency

Posted at 14:16h in Cryptocurrency News by

[ad_1]

Digital currencies, such as Bitcoin, and the blockchain technologies used to record digital transactions on a public ledger may not be so revolutionary.

At least several hundred years ago, islanders on Yap in western Micronesia used principles at the heart of cryptocurrencies to conduct business, says archaeologist Scott Fitzpatrick of the University of Oregon in Eugene.

“Stone money transactions on Yap were the precursor to Bitcoin and blockchain technologies,” Fitzpatrick says. At April’s annual meeting of the Society for American Archaeology in Washington, D.C., he explained the connection between the carved stone disks, some weighing more than a Honda Accord and standing taller than a man, and today’s cyber-tokens floating in digital space.

Based on studies of rock sources and dating of sites on Yap and nearby islands, Fitzpatrick thinks that, before European contact in 1783, inhabitants of Yap sailed about 400 kilometers to other islands in Micronesia to quarry limestone…

[ad_2]

Source link

Tags:
, , , , ,