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.
According to reports by locals, one large stone was still accepted as money even though it had fallen off a boat and sunk to the bottom of the ocean. So physical possession was not necessary, either. And both systems provide transparency about transactions, as well as security, without needing a centralised bank structure.