Stone Money in Yap, Micronesia
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Stone Money in Yap, Micronesia
Stone Money in Yap, Micronesia The Micronesian island of Yap is known for its stone money, known as Rai, or Fei: large doughnut-shaped, carved disks of calcite, up to 4 meter in diameter. The smallest can be as little as 3.5 centimetres in diameter. Rai, or stone money , are more than 6,000 large, circular stone disks carved out of limestone ...
3.1K viewsOct 22, 2018
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The island of Yap in Micronesia is famous for its unique form of currency known as rai stones, which have been used for several centuries. The stone money is considered an ancient form of blockchain and cryptocurrency, because it utilizes a communal oral ledger to track ownership and transactions, ensuring transparency and immutability. Additionally, the value of rai stones is based on their scarcity and the effort required to create and transport them, mirroring the principles of cryptocurrency
The island of Yap in Micronesia is famous for its unique form of currency known as rai stones, which have been used for several centuries. The stone money is considered an ancient form of blockchain and cryptocurrency, because it utilizes a communal oral ledger to track ownership and transactions, ensuring transparency and immutability. Additionally, the value of rai stones is based on their scarcity and the effort required to create and transport them, mirroring the principles of cryptocurrency
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