The concept of blockchain might be older than you think.


Yap is a set of small islands in Micronesia. Their money was constituted by a set of huge stone artifacts called Rai stones, which could weigh as much as 4,000 kg (8,800 lbs for US folks) and be as big as a car. Their value was given both by the low supply and by the hard work required to transport and manufacture these stones.

They were used to transact between the villagers, and since this form of money was too heavy and large they couldn’t just give it to the new owner in exchange for goods (no Lambo back then).

They gathered the village and communicated the transactions that were taking place.

This form of money was working well until European explorers, trying to buy the goods of the village, inflated their supply thus slowly and steadily depreciating it.

I think it’s cool to see the presence of a rudimentary form of blockchain and even proof of work during history, even in remote and isolated realities. Bitcoin, and some other cryptos in general, solve the problem of inflatable supply by governments and banks as it gives everyone a reliable store of value and levels the playing field. This is definitely the future of money.

This is my first post, I hope it was interesting enough and made not too many mistakes as I’m not a native speaker.

submitted by /u/invictus_phoenix0
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