People have been experimenting with money since it appeared. One of the main components of the financial system underwent many changes, and the evolution of money still continues. However, experts believe that history repeats itself. Recently the scientist have drawn a parallel between the first virtual currency and the giant stones discovered on the Micronesian island of Yap. According to experts, these large doughnut-shaped boulders could be an analogue of cryptocurrency. The stones were found long ago, but their purpose has not been specified until now. Archaeologist Scott Fitzpatrick and finance professor Stephen McKeon proposed a new theory that these mysterious stones, scattered in a chaotic manner throughout the island, are part of a complicated financial system of “stone money” which is pretty similar to the system of modern digital money.
This unique payment system was developed many centuries ago in western Micronesia. The key similarity is that both Bitcoin and huge stones from the island of Yap allow people to own and use money without physically possessing it. Such a system needs no centralized banks but only lists of money holders. Therefore, it ensures transparency and security of payments. Today, it is possible thanks to a unique digital code, while at that time, it all depended on the huge size and weight. Based on oral legends, as well as archaeological data and historical accounts, the study suggests that the bitcoin concept may have been inspired by the ancient Yapese system.
