THELOGICALINDIAN - Archaeologists are arguing that a premodern bean money acclimated by Micronesian islanders resembles a forerunner to bitcoin and broadcast balance technology
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Archaeologists Highlight Similarities Between Micronesian Stone Money and Bitcoin
Scott Fitzpatrick, an archaeologist at the University of Oregon in Eugene, has argued that a bean anatomy of money acclimated by citizenry of the Micronesian island of Yap, at atomic several hundred years ago, comprises a antecedent to bitcoin and blockchain technology. “Stone money affairs on Yap were the forerunner to Bitcoin and blockchain technologies,” Mr. Fitzpatrick stated.
During April’s anniversary affair of the Association for American Archaeology in Washington, D.C., Mr. Fitzpatrick abundant on his theory, stating: “Centuries ago in western Micronesia, Yapese islanders began traveling to the Palauan archipelago to carve their acclaimed bean money from limestone, which they again transported aback to use in a array of amusing transactions. While frequently referred to as ‘money’, these disks were not bill in the austere sense, admitting their amount is not antithetical to added acceptable and avant-garde altar area account is approximate based on both absolute and perceived attributes (e.g., size, shape, quality, pedigree, or added factors). These characteristics accept corollaries in today’s association for actual ability and cyberbanking cryptocurrencies that use blockchain technology—essentially, agenda ledgers that clue banking affairs in absolute time beyond a computer arrangement to ensure that they are seamless and incorruptible.”
According to Science News, anniversary limestone disk, or “rai,” was “assigned a amount based on size, antithesis of shape, bean affection and risks taken on the journey. Afterwards actuality inspected and absolute by a bounded chief, rai were displayed at common spots, such as ritual dancing grounds. Ownership of a deejay could be transferred, for instance, as a bells gift, to defended political allies or in barter for aliment from association of adjacent islands afterwards a astringent storm. These deals additionally occurred in advanced of the accomplished community. No amount who acquired a rai, it backward in its aboriginal location.”
“Traditional Forms of ‘Money’ or Exchange Valuables are the Precursor to Bitcoin”
Among the similarities accent amid rai and bitcoin, is the accessible accumulator of rai, the peer-to-peer aliment of the basement and apportionment of rai, the accessible auditability of rai, the use of rai as a agency of exchange, and the actuality that rai were produced through a action of mining.
Mr. Fitzpatrick concludes that “transactions involving acceptable forms of ‘money’ or barter backing are the forerunner to Bitcoin and added technologies that appeal a unified and connected alternation of advice to ensure that the amount is accepted and buying indisputable. This analysis suggests that Yapese bean money is aloof one of abounding cases in the age-old accomplished of humans, through amusing networks, attempting to actualize authentic and ceaseless curve of advice so that bread-and-butter relationships can be established, maintained, and rectified.”
Kathryn Sampeck, an animal archaeologist at Illinois State University in Normal, has additionally accurate the approach that the bean money of Yap resembles a antecedent to bitcoin technology, anecdotic such as “legitimate.”
What is your acknowledgment to Mr. Fitzpatrick’s theory? Join the altercation in the comments area below!
Images address of Shutterstock
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