We concluded that the increase in risk-free market interest rates and sovereign bond yields that we have observed since the start of the year could spur a tightening in the wider set of financing conditions, as banks use them as key reference points for determining credit conditions.
This made it a very resource-intensive process, not unlike the mining of Bitcoin. But the most striking similarity between stone money and crypto tokens is that both rely on a public, community ledger system. On Yap, villagers knew and memorised the transactions – much like a blockchain network. For this reason, it was not necessary to move the heavy stones.