Category: Tenx (PAY)

This was the very first decentralised cryptocurrency (Rei stones on the Yap island) — Transcript

Below is a full transcript of the video.

Welcome to our TenX YouTube Channel. My name is Julian, one of the co-founders of TenX. Today, I am in home country, in Austria. I’m here to present at my alma mater, and I am going to talk about one of the first blockchain applications to exist.

I’m talking about the Yap islands. These islands are a group of South Pacific islands, that use something called Rei Stones. Rei stones are humongously big stones that people use to pay each other. They realised it was such a hassle to transport these stones, and stones got damaged and lost. Hence, they decided to put the Rei stones in a specific place and instead of giving the huge Rei stone, let the entire community know that the ownership of the Rei stone has been transferred. The entire community was always updated on who owned these stones.

At the end of the day, this is no different from what we are doing on the blockchain with cryptocurrencies. The stones never left the island, like how the coins never left the blockchain. It was only the knowledge that was transported.

I was just reminded of this video today as I was walking up here, but I wanted to share that with you.

If you want to have more of all that, and I know that this topic was not relevant to TenX, but if you want to know more about TenX, about the upcoming forks and how we at TenX view these forks, please subscribe to our channel. Join our Riot platform, follow us on Twitter where we post updates regularly.

We have some great things to share in the near future, things that we have been working hard on. We will have some nice announcements and updates, so please hang around.

See you at the next video.

Yours Truly,

Julian

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This was the very first decentralised cryptocurrency (Rei stones on the Yap island) — Transcript was originally published in TenX on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article was originally published on: The TenX Blog on