How Cryptocurrencies relates to Rai Stone.
Today's topic is interested for all those people who are interested in Cryptocurrencies because I tell you how cryptocurrencies relate to Rai Stone which is located on the island of Yap. first, we discuss what is Rai Stone, and what is cryptocurrency?
On the island of Yap, the enormous 9000-pound round stone was given the status of deposit vault. This stone is known as the Rai Stone. The people of Yap Island use the rai stone as the stone money but these stones were too large so this is very difficult to move the Rai Stone, so it is not possible to change its physical location then it's owners can certainly keep changing. Thus we can say that this is the basic foundation of the modern banking system. Then a few hundred years passed and when transferring one of these stones from one location to another, the ship carrying it sank and the rai stone fell on the bottom of the sea but the most interesting thing is that this, however, made no difference. The system of selling and buying could continue as before even without the rai stone and it continues for the next two thousand years because of Yapease agreed that the lost stone still represented the value and belonged to the same owner so its means that all the transaction were settled based on the stone, even no one saw it again.
During the 90s century, there have been many attempts at creating digital currency or Digi cash and introduce these currencies in the market but all attempts fail. Then in 2009, a programmer or a group of programmers under a Satoshi Nakamoto introduces the world's new currency which is called bitcoin. Satoshi introduces the electric cash system and described the peer to peer transaction. This peer to peer network is completely decentralized which means no central server required and no central controlling authority involve. So through this networked, the biggest problem of the world which is double-spending is solved. However, this network always entailed an authority basically in control of your funds and with all your personal detail on your hand.
Now, we are discussing how cryptocurrency works similarly to the Rai Stone because the unit of accounts in the cryptocurrencies are valueless and used only to note the value and the transactions in cryptocurrencies are also usually made by publicly announcing that now this particular cryptocurrency unit belongs to someone else. This message is sent to all other users and signed using a digital signature which ensures that every user checks the validity of the message but no one can change it. Now consider the properties of the rai stone it was durable and not possible to make a copy of it and when rai stone fell on the bottom of the sea the system of selling and buying could continue as before even without the rai stone and Yapease agreed that the lost stone still represented the value and belonged to the same owner. So this will be making sense of bitcoin and blockchain.
if you want to learn more about this topic please consult the book “Introduction to Blockchain with case studies” written by “Dr. Zeeshan ul Usmani”.
