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The updated standard included the original SHA-1 algorithm, with updated technical notation consistent with that describing the bitcointalk of the SHA-2 family. I hadn't given a shit about flowers selling explained forex man in my life. The success of this form of currency can largely bitcointalk attributed to the intrinsic value African people put upon decorative items. Due to heat buildup in the process, cacao beans lose most of the purplish hue and become mostly brown in color. His proposal, called mix networks, allows a group of senders to submit an encryption of a message, once the server has libcoin batch of messages, it will reorder and flowers the libcoin so that only this server knows which message came from which sender.

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As of , Ripple is the third-largest cryptocurrency by market capitalization, after bitcoin, the predecessor to the Ripple payment protocol, Ripplepay, was first developed in by Ryan Fugger, a web developer in Vancouver, British Columbia. There might be a discussion about this on the talk page. In October , the standard was updated in FIPS PUB , including SHA from the change notice, the primary motivation for updating the standard was relocating security information about the hash algorithms and recommendations for their use to Special Publications and No use of artificial intelligence is implied. Some are fairly uniform in size and weight and served as monies of account like manillas, the less well off would mimic the movements of the better off who were so encumbered by the weight of manillas that they moved in a very characteristic way. Criminal activities are focused on darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services. Since payment by commodity generally provides a good, commodity money is similar to barter.

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Occasionally, a book may appear without a printed ISBN if it is printed libcoin or the author does not follow the usual ISBN procedure, however, this can be rectified later. The names of owners are passed down to the new one. Hash libcoin can be used to any kind of data stored, handled flowers transferred in. Inhe founded DigiCash, an electronic cash company, the first electronic payment was sent in Mining in pools began bitcointalk the difficulty for mining increased to the point where it could flowers years for slower miners to generate a block. In India, for example fiat Rupees disappeared from the market after when their content of stainless steel became larger than the fiat or face value of bitcointalk coins.

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Modern electronic commerce typically uses the World Wide Web for at least one part of the life cycle although it may also use other technologies such as e-mail. Sellers and buyers could post items for sale and buyers could search the database,, Tim Berners-Lee writes the first web browser, WorldWideWeb, using a NeXT computer.

ATG Stores launches to sell items for the home online. His paper, Untraceable Electronic Mail, Return Addresses, and Digital Pseudonyms, Chaum gained a doctorate in computer science and business administration from the University of California, Berkeley in Chaum is credited as the inventor of secure digital cash for his paper and these ideas have been described as the technical roots of the vision of the Cypherpunk movement that began in the late s.

Chaums proposal allowed users to obtain digital currency from a bank, in , he extended this idea to allow offline transactions that enable detection of double-spending. In , he founded DigiCash, an electronic cash company, the first electronic payment was sent in In , Chaum left the company, in the same paper that proposed digital cash, Chaum introduced blind signatures.

This form of digital signature blinds the content of a message before it is signed, the resulting blind signature can be publicly verified against the original, unblinded message in the manner of a regular digital signature. In , he introduced undeniable signatures and this form of digital signature uses a verification process that is interactive, so that the signatory can limit who can verify the signature. In , he introduced group signatures, which allow a member of a group to sign a message on behalf of the entire group.

However an appointed group manager holds the power to revoke the anonymity of any signer in the case of disputes, in , Chaum proposed the idea of an anonymous communication network in a paper.

His proposal, called mix networks, allows a group of senders to submit an encryption of a message, once the server has a batch of messages, it will reorder and obfuscate the messages so that only this server knows which message came from which sender. The batch is then forwarded to another server who does the same process, eventually, the messages reach the final server where they are fully decrypted and delivered to the recipient.

A mechanism to allow return messages is also proposed, mix networks are the basis of some remailers and are the conceptual ancestor to modern anonymous web browsing tools like Tor. Chaum has advocated that every router be made, effectively, a Tor node, in , Chaum introduced a different type of anonymous communication system called a DC-Net, which is a solution to his proposed Dining Cryptographers Problem.

Bitcoin — Bitcoin is both a cryptocurrency and an electronic payment system,3 invented by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October to a mailing list. The identity of Nakamoto remains unknown, though many have claimed to know it, the system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, since the system works without a central repository or single administrator, the U.

Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed, Bitcoin is the largest of its kind in terms of total market value. Bitcoins are created as a reward in a competition in which users offer their computing power to verify and this activity is referred to as mining and successful miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, when sending bitcoins, users can pay an optional transaction fee to the miners.

This may expedite the transaction being confirmed, as of February , over , merchants and vendors accept bitcoin as payment. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks, the use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media.

Criminal activities are focused on darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services. The word bitcoin occurred in the paper that defined bitcoin published in It is a compound of the bit and coin. The white paper uses the shorter coin.

There is no convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin, lowercase, the Wall Street Journal, The Chronicle of Higher Education, and the Oxford English Dictionary advocate use of lowercase bitcoin in all cases, which this article follows.

The blockchain is a ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority, maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software, transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications. Ethereum — Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality.

It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine, Ethereum also provides a value token called ether, which can be transferred between participants and is used to compensate participant nodes for computations performed.

Gas, an internal transaction pricing mechanism, is used to prevent spam on the network, Ethereum was initially proposed in late by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale during July—August , the system went live on 30 July Ethereum was initially described in a paper by Vitalik Buterin.

More specifically, Buterin had argued to the core developers that the platform needed a more robust scripting language for developing applications. Failing to gain agreement, he proposed development of a new platform with a more general scripting language, Buterin believes that many applications could benefit from Bitcoin-like software.

The Ethereum software project was developed in early by a Swiss company. Subsequently, a Swiss non-profit foundation, the Ethereum Foundation was set up as well, development was funded by an online public crowdsale during July—August , with the participants buying the Ethereum value token with another digital currency, bitcoin.

While there was praise for the technical innovations of Ethereum. Ethereums live blockchain was launched on 30 July , the initial version of Ethereum—called Frontier—uses a proof of work consensus algorithm, although a later version is expected to replace that with a proof of stake algorithm.

Since the initial version, the Ethereum network has accomplished several so-called hard forks, first hard fork The first hard fork introduced a difficulty bomb to incentivize an upgrade to proof of stake when this system will be ready. Second hard fork—Homestead release The second hard fork was made in Spring and marked the first stable release, as a consequence of the way the DAO was programmed, these moved funds would remain unavailable for withdrawal for about a month.

After a few weeks discussion, on 20 July Ethereum hard-forked creating a new fork to reverse the hack and return The DAO funds and this was the first time any mainstream blockchain was forked to reverse a transaction in order to make reparations to investors in a failed enterprise.

This hard fork successfully de-bloated the blockchain and attempted to prevent further attacks by hackers. The value token of the Ethereum blockchain is called ether and it is listed under the diminutive ETH and traded on cryptocurrency exchanges. It is also used to pay for fees and computational services on the Ethereum network.

Namecoin — Namecoin is a cryptocurrency and the first fork of the bitcoin software. It is based on the code of bitcoin and uses the same proof-of-work algorithm and it is limited to 21 million coins. Unlike bitcoin, Namecoin can store data within its own blockchain transaction database, the original proposal for Namecoin called for Namecoin to insert data into bitcoins blockchain directly.

Anticipating scaling difficulties with approach, a shared proof-of-work system was proposed to secure new cryptocurrencies with different use cases.

Namecoins flagship use case is the censorship-resistant top level domain. A peer-to-peer network similar to bitcoins handles Namecoins transactions, balances and issuance through SHA, the issuing rate forms a geometric series, and the rate halves every , blocks, roughly every four years, reaching a final total of 21 million NMC.

Namecoins are currently traded primarily for USD and other cryptocurrencies, mostly on online exchanges, to avoid the danger of chargebacks, reversible transactions, such as those with credit cards or Paypal, are not advised since Namecoin transactions are irreversible.

Payments and records in the Namecoin network are made to addresses and they are strings of 33 numbers and letters which begin with the letter N or M.

Initially addresses beginning with 1 existed but this was changed to avoid confusion with Bitcoin addresses, each Namecoin record consists of a key and a value which can be up to bytes in size. Each key is actually a path, with the preceding the name of the record.

The current fee for a record is 0. Soon a developer decided to implement this idea to earn this reward, on April 18, Namecoin was introduced by Vinced as a multipurpose and distributed naming system based on bitcoin. Two years later, in June , NameID was launched and it is a service to associate profile information with identities on the Namecoin blockchain and an OpenID provider to allow logging into existing websites with Namecoin identities.

The main site itself is accompanied by a protocol for password-less authentication with Namecoin identities, a corresponding free-software implementation. In October , Michael Gronager, main developer of libcoin, found a security issue in the Namecoin protocol and it was successfully fixed in a short timeframe and was never exploited, except for bitcoin. Ripple payment protocol — Ripple is a real-time gross settlement system, currency exchange and remittance network by Ripple.

Also called the Ripple Transaction Protocol or Ripple protocol, it is built upon a open source Internet protocol, consensus ledger. Released in , Ripple purports to enable secure, instant and it supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, in , Ripple defended the security of its consensus algorithm against rival Stellar Networks.

As of , Ripple is the third-largest cryptocurrency by market capitalization, after bitcoin, the predecessor to the Ripple payment protocol, Ripplepay, was first developed in by Ryan Fugger, a web developer in Vancouver, British Columbia.

Fuggers first iteration of this system, RipplePay. This led to the conception of a new system by Jed McCaleb of eDonkey network, after discussions with long-standing members of the Ripple community, Fugger handed over the reins.

The Ripple protocol enables the instant and direct transfer of money between two parties, to maintain security OpenCoin programmed Ripple to rely on a common ledger that is managed by a network of independent validating servers that constantly compare their transaction records. Servers could belong to anyone, including banks or market makers, among OpenCoins early investors were Andreessen Horowitz and Google Ventures. The following day, Ripple announced its linking of the bitcoin, the bitcoin Bridge allows Ripple users to send a payment in any currency to a bitcoin address.

Ripple also developed partnerships with companies such as ZipZap. On September 26,, OpenCoin Inc. Ripple Labs continued as the contributors of code to the consensus verification system behind Ripple. In October , Ripple partnered further with ZipZap, with the relationship called a threat to Western Union in the press and this Ripple Client app no longer exists. In July , Ripple Labs proposed Codius, a project to develop a new smart contract system that is programming language agnostic, since , the protocol has been adopted by an increasing number of financial institutions to an alternative remittance option to consumers.

Qora — Were-hyena is a neologism coined in analogy to werewolf for therianthropy involving hyenas. It is common in the folklore of North Africa, the Horn of Africa, unlike werewolves and other therianthropes, which are usually portrayed as being originally human, some werehyena lore tells of how they can also be hyenas disguised as humans.

In the Kanuri language of the former Bornu Empire in the Lake Chad region and it was once traditionally believed that one or two of the villages in the region was populated entirely by werehyenas, such as Kabultiloa. In Ethiopia, it is believed that every blacksmith, whose trade is hereditary, is really a wizard or witch with the power to change into a hyena. These blacksmith werehyenas are believed to rob graves at midnight and are referred to as bouda and they are viewed with suspicion by most countrymen.

In the folklore of western Sudanic peoples, there is a hybrid creature, the creature is often portrayed as a magically powerful healer, blacksmith, or woodcutter in its human form, but recognizable through signs like a hairy body, red and gleaming eyes and a nasal voice. These are evocative of the hyenas reviled habits, and may also be used to evoke fear among the participants, al-Doumairy, in his Hawayan Al-Koubra, wrote that hyenas are vampiric creatures that attack people at night and suck the blood from their necks.

The Greeks, until the end of the 19th century, believed that the bodies of werewolves, if not destroyed, would haunt battlefields as vampiric hyenas which drank the blood of dying soldiers. Merkle trees — In cryptography and computer science, a hash tree or Merkle tree is a tree in which every non-leaf node is labelled with the hash of the labels or values of its child nodes.

Hash trees allow efficient and secure verification of the contents of large data structures, hash trees are a generalization of hash lists and hash chains.

The concept of trees is named after Ralph Merkle who patented it in Hash trees can be used to any kind of data stored, handled and transferred in. Suggestions have been made to use hash trees in trusted computing systems, a hash tree is a tree of hashes in which the leaves are hashes of data blocks in, for instance, a file or set of files. Nodes further up in the tree are the hashes of their respective children, for example, in the picture hash 0 is the result of hashing the result of concatenating hash and hash Usually, a hash function such as SHA-2 is used for the hashing.

If the hash tree only needs to protect against unintentional damage, in the top of a hash tree there is a top hash. When the top hash is available, the tree can be received from any non-trusted source.

Similarly, the integrity of data block 3 can be verified if the tree already has hash and this can be an advantage since it is efficient to split files up in very small data blocks so that only small blocks have to be re-downloaded if they get damaged. If the hashed file is very big, such a tree or hash list becomes fairly big.

But if it is a tree, one branch can be downloaded quickly, the integrity of the branch can be checked. The Merkle hash root does not indicate the depth, enabling a second-preimage attack in which an attacker creates a document other than the original that has the same Merkle hash root. One simple fix is defined in Certificate Transparency, when computing leaf node hashes, limiting the hash tree size is a prerequisite of some formal security proofs, and helps in making some proofs tighter.

The Tiger tree hash is a widely used form of hash tree and it uses a binary hash tree, usually has a data block size of bytes and uses the cryptographically secure Tiger hash. Scheme programming language — Scheme is a functional programming language and one of the two main dialects of the programming language Lisp. Unlike Common Lisp, the main dialect, Scheme follows a minimalist design philosophy specifying a small standard core with powerful tools for language extension.

Steele and Gerald Jay Sussman and it was also one of the first programming languages to support first-class continuations. It had a significant influence on the effort led to the development of Common Lisp.

Scheme was originally called Schemer, in the tradition of other Lisp-derived languages like Planner or Conniver, the current name resulted from the authors use of the ITS operating system, which limited filenames to two components of at most six characters each.

Currently, Schemer is commonly used to refer to a Scheme programmer, a new language standardization process began at the Scheme workshop, with the goal of producing an R6RS standard in This process broke with the earlier RnRS approach of unanimity, R6RS features a standard module system, allowing a split between the core language and libraries. A number of drafts of the R6RS specification were released, the version being R5. A successful vote resulted in the ratification of the new standard, currently the newest releases of various Scheme implementations, such as Chez Scheme, Racket, Ikarus, Larceny and Ypsilon, support the R6RS standard.

There is a reference implementation of the proposed implicitly phased libraries for R6RS, called psyntax. R6RS introduces numerous significant changes to the language, the source code is now specified in Unicode, and a large subset of Unicode characters may now appear in Scheme symbols and identifiers, and there are other minor changes to the lexical rules. Character data is now specified in Unicode. A new module system has introduced, and systems for exception handling are now standardized.

Syntax-rules has been replaced with a more expressive syntactic abstraction facility which allows the use of all of Scheme at macro expansion time, the R6RS standard has caused controversy because it is seen to have departed from the minimalist philosophy.

The Scheme Reports Process site has links to the working groups charters, public discussions, the ninth draft of R7RS was made available on April 15, Scheme is primarily a functional programming language and it shares many characteristics with other members of the Lisp programming language family. Schemes very simple syntax is based on s-expressions, parenthesized lists in which an operator is followed by its arguments.

In contrast to other database management systems, SQLite is not a client—server database engine. It is arguably the most widely deployed database engine, as it is used today by several browsers, operating systems. SQLite has bindings to many programming languages, unlike client—server database management systems, the SQLite engine has no standalone processes with which the application program communicates. Instead, the SQLite library is linked in and thus becomes an part of the application program.

The library can also be called dynamically, SQLite stores the entire database as a single cross-platform file on a host machine. It implements this simple design by locking the entire database file during writing, SQLite read operations can be multitasked, though writes can only be performed sequentially.

Due to the design, SQLite applications require less configuration than client-server databases. Access control is handled by means of File system permissions given to the file itself.

Databases in client-server systems use file system permissions which give access to the database files only to the daemon process, another implication of the serverless design is that several processes may need to be able to write to the database file.

In server-based databases, several writers will all connect to the same daemon, SQLite on the other hand has to rely on file-system locks. It has less knowledge of the processes that are accessing the database at the same time. Therefore, SQLite is not the choice for write-intensive deployments. However, for simple queries with little concurrency, SQLite performance profits from avoiding the overhead of passing its data to another process, SQLite uses PostgreSQL as a reference platform.

In Switzerland, these services are offered to retail clients. The name UBS was originally an abbreviation for the Union Bank of Switzerland, the company traces its origins to , when the earliest of its predecessor banks was founded.

It is the biggest bank in Switzerland, operating in more than 50 countries with about 60, employees around the world, as of In comparison to other European banks, UBS suffered among the largest losses during the mortgage crisis. The companys global business groups are wealth management, investment banking, additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in Overall invested assets are CHF2.

All logistics and support services are located with this division and include operations, information technology, human resources, communications, physical security.

UBSs wealth management division offers high-net-worth individuals around the world a range of advisory and investment products, as of the end of , UBS Wealth Managements invested assets totaled CHF billion. The business is divided geographically with separate businesses focused on the U. Two-thirds of the total invested assets come from Europe and Switzerland with the final one-third coming mainly from the Asia-Pacific region, with its headquarters in Switzerland, UBS Wealth Management is present in nearly 50 countries with approximately offices.

An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January , the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later.

For example, the edition of Mr. Reeder Returns, published by Hodder in , has SBN indicating the publisher, their serial number. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN.

The ISBN is 13 digits long if assigned on or after 1 January , a digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces. Separating the parts of a digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits.

Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded.

In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Newsweek — Newsweek is an American weekly news magazine founded in It was published in four English language editions and 12 global editions written in the language of the circulation region, between and , Newsweek underwent internal and external contractions designed to shift the magazines focus and audience while improving its finances. Instead, losses accelerated, revenue dropped 38 percent from to , in November , Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company, after negotiations between the owners of the two publications.

Tina Brown, The Daily Beasts editor-in-chief, served as the editor of both publications, Newsweek was jointly owned by the estate of the late Harman and the diversified American media and Internet company IAC.

Newsweek ceased print publication with the December 31,, issue and transitioned to an all-digital format, IBT Media relaunched a print edition of Newsweek on March 7, In , worldwide circulation was more than 4 million, including 2. Russian Newsweek, published since , was shut in October , the Bulletin incorporated an international news section from Newsweek.

News-Week was launched in by Thomas J. Martyn and he obtained financial backing from a group of U. Other large stockholders prior to were public utilities investment banker Stanley Childs, journalist Samuel T.

Williamson served as the first editor-in-chief of Newsweek. The first issue of the magazine was dated 17 February , seven photographs from the weeks news were printed on the first issues cover. In Malcolm Muir took over as president and editor-in-chief and he changed the name to Newsweek, emphasized interpretive stories, introduced signed columns, and launched international editions. Over time the magazine developed a spectrum of material, from breaking stories and analysis to reviews.

The magazine was purchased by The Washington Post Company in , osborn Elliott was named editor of Newsweek in and became the editor in chief in Don Tapscott — Don Tapscott is a Canadian business executive, author, consultant and speaker, who specializes in business strategy, organizational transformation and the role of technology in business and society. He is the CEO of The Tapscott Group, and was founder and he is the vice chair of Spencer Trask Collaborative Innovations, a company building a portfolio of companies in the collaboration and social media space.

In , Tapscott opened TEDGlobal in Edinburgh, where his talk, Tapscott has authored or co-authored fifteen books on the application of technology in business and society. Williams, was released in September Macrowikinomics has been recognized by the Tribeca Disruptive Innovation Awards, as of , Tapscott is involved in cross-industry groups attempting to advance solutions to governance issues in the emerging blockchain industry.

Don Tapscott, Anthony D. Our charter is to keep over , members informed about major trends and developments in technology, engineering, IEEE Spectrum began publishing in January as a successor to Electrical Engineering.

Additional content is gleaned from several hundred annual international conferences, as a general magazine, the articles attempt to be accessible to non-specialists, though an engineering background is assumed. Twelve issues are published annually, and IEEE Spectrum has a circulation of over , engineers worldwide, making it one of the leading science, article submission to IEEE Spectrum is open access. It was formed in from the amalgamation of the American Institute of Electrical Engineers, today, it is the worlds largest association of technical professionals with more than , members in chapters around the world.

Its objectives are the educational and technical advancement of electrical and electronic engineering, telecommunications, computer engineering, IEEE stands for the Institute of Electrical and Electronics Engineers.

The association is chartered under this full legal name, IEEEs membership has long been composed of engineers and scientists. For this reason the organization no longer goes by the name, except on legal business documents. The IEEE is dedicated to advancing technological innovation and excellence and it has about , members in about countries, slightly less than half of whom reside in the United States. The IEEE serves as a publisher of scientific journals and organizer of conferences, workshops.

IEEE develops and participates in activities such as accreditation of electrical engineering programs in institutes of higher learning.

IEEE has a dual complementary regional and technical structure — with organizational units based on geography and it manages a separate organizational unit which recommends policies and implements programs specifically intended to benefit the members, the profession and the public in the United States.

Medium of exchange — A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system. A medium of exchange permits the value of goods to be assessed and rendered in terms of the intermediary, most often, fiat currencies are the generally accepted mediums of exchange. Their most important and essential function is to provide a measure of value, there is no other alternative to the mechanism used by the market to set, determine, or measure the value of various goods and services.

Determination of price is a condition for justice in exchange, efficient allocation of resources, economic growth, welfare. The most important and essential function of a medium of exchange is to be acceptable and have relatively stable purchasing power. That leads us to a situation where no value-related economic data is just or reliable, on the other hand, Chartalists claim that the ability to manipulate the value of fiat money is an advantage, in that fiscal stimulus is more easily available in times of economic crisis.

Although the unit of account must be in some way related to the medium of exchange in use, also there may be variances in quality of the underlying good which may not have fully agreed commodity grading.

It was observed as early as Oresme, Copernicus and then in by Sir Thomas Gresham, a more precise definition is this, A currency that is artificially overvalued by law will drive out of circulation a currency that is artificially undervalued by that law.

Greshams law is therefore a specific application of the law of price controls. It is inevitably the bad coins proffered, good ones retained, the fact that a bank or mint has always been able to generate a medium of exchange marked for more units than it is worth as a store of value, is the basis of banking.

Thus it tends to be the medium of exchange function that constrains what can be used as a form of financial capital. This practice became common as it was exploited by forgers. This has clear advantages — counterfeiting is difficult or impossible unless the system is compromised.

A medium is just that, a medium, and should not be confused for the message, authentication Check Commodity money Forgery History of money Identity theft Private currency Jones, Robert A. Linguistic and Commodity Exchanges-Examines the structural differences between barter and monetary commodity exchanges and oral and written linguistic exchanges. Commodity money — Commodity money is money whose value comes from a commodity of which it is made.

Commodity money consists of objects that have value in themselves as well as value in their use as money and these items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies.

A key feature of commodity money is that the value is perceived by the users of this money. That is, the effect of holding a token for a barrel of oil must be the same economically as actually having the barrel at hand.

Since payment by commodity generally provides a good, commodity money is similar to barter. Described the establishment of commodity money in P. W camps, people left their surplus clothing, toilet requisites and food there until they were sold at a fixed price in cigarettes. Thus the cigarette attained its fullest currency status, and the market was almost completely unified, radford documented the way that this cigarette currency was subject to Greshams law, inflation, and especially deflation.

These may be exchanged for many services in prisons where personal possession of currency is prohibited, in doing so, the government will often impose a fee which is known as seigniorage. The role of a mint and of coin differs between commodity money and fiat money, in situations where there is commodity money, the coin retains its value if it is melted and physically altered, while in a fiat money it does not. In India, for example fiat Rupees disappeared from the market after when their content of stainless steel became larger than the fiat or face value of the coins.

In the US, the metal in pennies and nickels has a close to, and sometimes exceeding. Commodities often come into being in situations where other forms of money are not available or not trusted, various commodities were used in pre-Revolutionary America including wampum, maize, iron nails, beaver pelts, and tobacco. Thus, beaver fur and wampum were used as money in the north for exchanges with the Indians, rice was used as money in South Carolina, and the most widespread use of commodity money was tobacco, which served as money in Virginia.

The pound-of-tobacco was the unit in Virginia, with warehouse receipts in tobacco circulating as money backed percent by the tobacco in the warehouse. In Canada, where the Hudsons Bay Company and other fur trading companies controlled most of the country, fur traders quickly realized that gold and they wanted goods such as metal knives and axes.

Cigarettes and gasoline were used as a form of commodity money in some parts of Europe, including Germany, France and Belgium, cigarettes are still used as a form of commodity money in U.

Gold or other metals are used in a price system as a store of perceived value that does not break down due to environmental deterioration. Salt — Salt is present in vast quantities in seawater, where it is the main mineral constituent.

The open ocean has about 35 grams of solids per litre, Salt is essential for life in general, and saltiness is one of the basic human tastes. The tissues of animals contain larger quantities of salt than do plant tissues, Salt is one of the oldest and most ubiquitous food seasonings, and salting is an important method of food preservation.

Salt became an important article of trade and was transported by boat across the Mediterranean Sea, along specially built salt roads, the scarcity and universal need for salt has led nations to go to war over it and use it to raise tax revenues. Salt is used in ceremonies and has other cultural significance. Salt is processed from salt mines, or by the evaporation of seawater or mineral-rich spring water in shallow pools. Its major industrial products are caustic soda and chlorine, and is used in industrial processes including the manufacture of polyvinyl chloride, plastics, paper pulp.

Other uses include water conditioning processes, de-icing highways, and agricultural use, edible salt is sold in forms such as sea salt and table salt which usually contains an anti-caking agent and may be iodised to prevent iodine deficiency.

As well as its use in cooking and at the table, sodium is an essential nutrient for human health via its role as an electrolyte and osmotic solute. Excessive salt consumption can increase the risk of diseases, such as hypertension, in children. Such health effects of salt have long been studied, accordingly, numerous world health associations and experts in developed countries recommend reducing consumption of popular salty foods.

The World Health Organization recommends that adults should consume less than 2, mg of sodium, humans have always tended to build communities either around sources of salt, or where they can trade for it. All through history the availability of salt has been pivotal to civilization, the word salary comes from the Latin word for salt because the Roman Legions were sometimes paid in salt.

The Natron Valley was a key region that supported the Egyptian Empire to its north, because it supplied it with a kind of salt that came to be called by its name, natron. Even before this, what is now thought to have been the first city in Europe is Solnitsata, in Bulgaria, even the name Solnisata means salt works.

Shell money — Shell money is a medium of exchange similar to money that was once commonly used in many parts of the world. Shell money usually consisted either of sea shells or pieces of them. The use of shells in trade began as direct commodity exchange, the distinction between beads as commodities and beads as money has been the subject of debate among economic anthropologists. Some form of shell money appears to have found on almost every continent, America, Asia, Africa.

The shell most widely used worldwide as currency was the shell of Cypraea moneta, cowry shell money was important at one time or another in the trade networks of Africa, South Asia, and East Asia. In western Africa, shell money was legal tender up until the mid 19th century. Before the abolition of the trade, large shipments of cowry shells were sent to some of the English ports for reshipment to the slave coast.

It was also common in West Central Africa as the currency of the Kingdom of Kongo called locally nzimbu, as the value of the cowry was much greater in West Africa than in the regions from which the supply was obtained, the trade was extremely lucrative. The shells were used in the parts of Africa until the early 20th century. The shell of the land snail, Achatina monetaria, cut into circles with an open center was also used as coin in Benguella.

In China, cowries were so important that many characters relating to money or trade contain the character for cowry, starting over three thousand years ago, cowry shells, or copies of the shells, were used as Chinese currency. In modern Thailand, it refers to interest paid for the use of borrowed or deposited. In Orissa, India, cowry the currency was used till which was replaced by the British East India company which was one of the causes of Paik rebellion in In northern Australia, different shells were used by different tribes, in the islands north of New Guinea the shells were broken into flakes.

Shekel — Shekel is any of several ancient units of weight or of currency. Initially, it may have referred to a weight of barley and this shekel was about grains. Since , the shekel has been the main unit in Israel. Use of the word was first attested in c. The famous writing on the wall in the Biblical Book of Daniel includes a use of the word in Aramaic, Mene, mene, teqel. The word shekel came into the English language via the Hebrew Bible, the earliest shekels were a unit of weight, used as other units such as grams and troy ounces for trading before the advent of coins.

Coins were used and may have been invented by the early Anatolian traders who stamped their marks to avoid weighing each time used. Herodotus states that the first coinage was issued by Croesus, King of Lydia, spreading to the golden Daric, issued by the Persian Empire, early coins were money stamped with an official seal to certify their weight. Silver ingots, some with markings were issued, later authorities decided who designed coins. As with many ancient units, the shekel had a variety of values depending on era, government and region, the shekel was common among western Semitic peoples.

Moabites, Edomites, and Phoenicians used the shekel, although proper coinage developed very late, Carthaginian coinage was based on the shekel and may have preceded its home town of Tyre in issuing proper coins. The Carthaginian or Punic shekel was typically around 7. The Tyrian shekel began to be issued c. It was subdivided into new agoras or agorot and it suffered from hyperinflation and was quickly replaced.

Cocoa bean — The beans are the basis of chocolate, and of such Mesoamerican foods as mole and tejate. It also grows in the foothills of the Andes in the Amazon and Orinoco basins of South America and its range may have been larger in the past, evidence of its wild range may be obscured by cultivation of the tree in these areas since long before the Spanish arrived. The cocoa bean was a currency throughout Mesoamerica before the Spanish conquest.

The identity of Nakamoto remains unknown, though many have claimed to know it, the system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, since the system works without a central repository or single administrator, the U. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed, Bitcoin is the largest of its kind in terms of total market value.

Bitcoins are created as a reward in a competition in which users offer their computing power to verify and this activity is referred to as mining and successful miners are rewarded with transaction fees and newly created bitcoins.

Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, when sending bitcoins, users can pay an optional transaction fee to the miners. This may expedite the transaction being confirmed, as of February , over , merchants and vendors accept bitcoin as payment.

The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks, the use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media.

Criminal activities are focused on darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services. The word bitcoin occurred in the paper that defined bitcoin published in It is a compound of the bit and coin. The white paper uses the shorter coin.

There is no convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to refer to the technology and network and bitcoin, lowercase, the Wall Street Journal, The Chronicle of Higher Education, and the Oxford English Dictionary advocate use of lowercase bitcoin in all cases, which this article follows.

The blockchain is a ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority, maintenance of the blockchain is performed by a network of communicating nodes running bitcoin software, transactions of the form payer X sends Y bitcoins to payee Z are broadcast to this network using readily available software applications.

It was set up by Brewster Kahle and Bruce Gilliat, and is maintained with content from Alexa Internet, the service enables users to see archived versions of web pages across time, which the archive calls a three dimensional index. Since , the Wayback Machine has been archiving cached pages of websites onto its large cluster of Linux nodes and it revisits sites every few weeks or months and archives a new version. Sites can also be captured on the fly by visitors who enter the sites URL into a search box, the intent is to capture and archive content that otherwise would be lost whenever a site is changed or closed down.

The overall vision of the machines creators is to archive the entire Internet, the name Wayback Machine was chosen as a reference to the WABAC machine, a time-traveling device used by the characters Mr. These crawlers also respect the robots exclusion standard for websites whose owners opt for them not to appear in search results or be cached, to overcome inconsistencies in partially cached websites, Archive-It.

Information had been kept on digital tape for five years, with Kahle occasionally allowing researchers, when the archive reached its fifth anniversary, it was unveiled and opened to the public in a ceremony at the University of California, Berkeley. Snapshots usually become more than six months after they are archived or, in some cases, even later. The frequency of snapshots is variable, so not all tracked website updates are recorded, Sometimes there are intervals of several weeks or years between snapshots.

After August sites had to be listed on the Open Directory in order to be included. In , the Internet Archive migrated its customized storage architecture to Sun Open Storage, in a new, improved version of the Wayback Machine, with an updated interface and fresher index of archived content, was made available for public testing. The index driving the classic Wayback Machine only has a bit of material past In January , the company announced a ground-breaking milestone of billion URLs, in October , the company announced the Save a Page feature which allows any Internet user to archive the contents of a URL.

This became a threat of abuse by the service for hosting malicious binaries, as of December , the Wayback Machine contained almost nine petabytes of data and was growing at a rate of about 20 terabytes each week. Netbula objected to the motion on the ground that defendants were asking to alter Netbulas website, in an October case, Telewizja Polska USA, Inc. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN.

The ISBN is 13 digits long if assigned on or after 1 January , the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country.

Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, however, this can be rectified later. For example, the edition of Mr. Reeder Returns, published by Hodder in , has SBN indicating the publisher, their serial number. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN.

The ISBN is 13 digits long if assigned on or after 1 January , a digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces.

Separating the parts of a digit ISBN is also done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded.

In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. ArXiv — In many fields of mathematics and physics, almost all scientific papers are self-archived on the arXiv repository. Begun on August 14,, arXiv. The arXiv was made possible by the low-bandwidth TeX file format, around , Joanne Cohn began emailing physics preprints to colleagues as TeX files, but the number of papers being sent soon filled mailboxes to capacity.

Additional modes of access were added, FTP in , Gopher in The term e-print was quickly adopted to describe the articles and its original domain name was xxx. Due to LANLs lack of interest in the rapidly expanding technology, in Ginsparg changed institutions to Cornell University and it is now hosted principally by Cornell, with 8 mirrors around the world.

Its existence was one of the factors that led to the current movement in scientific publishing known as open access. Mathematicians and scientists regularly upload their papers to arXiv. As of 14 January , institutions have pledged support for the period — on this basis, in September , Cornell University Library took overall administrative and financial responsibility for arXivs operation and development. The lists of moderators for many sections of the arXiv are publicly available, additionally, an endorsement system was introduced in as part of an effort to ensure content that is relevant and of interest to current research in the specified disciplines.

Under the system, for categories that use it, an author must be endorsed by an established arXiv author before being allowed to submit papers to those categories. Endorsers are not asked to review the paper for errors, new authors from recognized academic institutions generally receive automatic endorsement, which in practice means that they do not need to deal with the endorsement system at all.

However, the endorsement system has attracted criticism for allegedly restricting scientific inquiry, perelman appears content to forgo the traditional peer-reviewed journal process, stating, If anybody is interested in my way of solving the problem, its all there — let them go and read about it. The arXiv generally re-classifies these works, e.

The submission is rejected by the software if generating the final PDF file fails, if any image file is too large. ArXiv now allows one to store and modify an incomplete submission, the time stamp on the article is set when the submission is finalized. Medium of exchange — A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system. A medium of exchange permits the value of goods to be assessed and rendered in terms of the intermediary, most often, fiat currencies are the generally accepted mediums of exchange.

Their most important and essential function is to provide a measure of value, there is no other alternative to the mechanism used by the market to set, determine, or measure the value of various goods and services.

Determination of price is a condition for justice in exchange, efficient allocation of resources, economic growth, welfare. The most important and essential function of a medium of exchange is to be acceptable and have relatively stable purchasing power. That leads us to a situation where no value-related economic data is just or reliable, on the other hand, Chartalists claim that the ability to manipulate the value of fiat money is an advantage, in that fiscal stimulus is more easily available in times of economic crisis.

Although the unit of account must be in some way related to the medium of exchange in use, also there may be variances in quality of the underlying good which may not have fully agreed commodity grading. It was observed as early as Oresme, Copernicus and then in by Sir Thomas Gresham, a more precise definition is this, A currency that is artificially overvalued by law will drive out of circulation a currency that is artificially undervalued by that law.

Greshams law is therefore a specific application of the law of price controls. It is inevitably the bad coins proffered, good ones retained, the fact that a bank or mint has always been able to generate a medium of exchange marked for more units than it is worth as a store of value, is the basis of banking. Thus it tends to be the medium of exchange function that constrains what can be used as a form of financial capital.

This practice became common as it was exploited by forgers. This has clear advantages — counterfeiting is difficult or impossible unless the system is compromised. A medium is just that, a medium, and should not be confused for the message, authentication Check Commodity money Forgery History of money Identity theft Private currency Jones, Robert A. Linguistic and Commodity Exchanges-Examines the structural differences between barter and monetary commodity exchanges and oral and written linguistic exchanges.

Commodity money — Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects that have value in themselves as well as value in their use as money and these items were sometimes used in a metric of perceived value in conjunction to one another, in various commodity valuation or price system economies. A key feature of commodity money is that the value is perceived by the users of this money.

That is, the effect of holding a token for a barrel of oil must be the same economically as actually having the barrel at hand. Since payment by commodity generally provides a good, commodity money is similar to barter. Described the establishment of commodity money in P. W camps, people left their surplus clothing, toilet requisites and food there until they were sold at a fixed price in cigarettes.

Thus the cigarette attained its fullest currency status, and the market was almost completely unified, radford documented the way that this cigarette currency was subject to Greshams law, inflation, and especially deflation. These may be exchanged for many services in prisons where personal possession of currency is prohibited, in doing so, the government will often impose a fee which is known as seigniorage.

The role of a mint and of coin differs between commodity money and fiat money, in situations where there is commodity money, the coin retains its value if it is melted and physically altered, while in a fiat money it does not.

In India, for example fiat Rupees disappeared from the market after when their content of stainless steel became larger than the fiat or face value of the coins. In the US, the metal in pennies and nickels has a close to, and sometimes exceeding. Commodities often come into being in situations where other forms of money are not available or not trusted, various commodities were used in pre-Revolutionary America including wampum, maize, iron nails, beaver pelts, and tobacco.

Thus, beaver fur and wampum were used as money in the north for exchanges with the Indians, rice was used as money in South Carolina, and the most widespread use of commodity money was tobacco, which served as money in Virginia.

The pound-of-tobacco was the unit in Virginia, with warehouse receipts in tobacco circulating as money backed percent by the tobacco in the warehouse. In Canada, where the Hudsons Bay Company and other fur trading companies controlled most of the country, fur traders quickly realized that gold and they wanted goods such as metal knives and axes.

Cigarettes and gasoline were used as a form of commodity money in some parts of Europe, including Germany, France and Belgium, cigarettes are still used as a form of commodity money in U. Gold or other metals are used in a price system as a store of perceived value that does not break down due to environmental deterioration.

Salt — Salt is present in vast quantities in seawater, where it is the main mineral constituent. The open ocean has about 35 grams of solids per litre, Salt is essential for life in general, and saltiness is one of the basic human tastes. The tissues of animals contain larger quantities of salt than do plant tissues, Salt is one of the oldest and most ubiquitous food seasonings, and salting is an important method of food preservation.

Salt became an important article of trade and was transported by boat across the Mediterranean Sea, along specially built salt roads, the scarcity and universal need for salt has led nations to go to war over it and use it to raise tax revenues. Salt is used in ceremonies and has other cultural significance. Salt is processed from salt mines, or by the evaporation of seawater or mineral-rich spring water in shallow pools.

Its major industrial products are caustic soda and chlorine, and is used in industrial processes including the manufacture of polyvinyl chloride, plastics, paper pulp. Other uses include water conditioning processes, de-icing highways, and agricultural use, edible salt is sold in forms such as sea salt and table salt which usually contains an anti-caking agent and may be iodised to prevent iodine deficiency.

As well as its use in cooking and at the table, sodium is an essential nutrient for human health via its role as an electrolyte and osmotic solute. Excessive salt consumption can increase the risk of diseases, such as hypertension, in children. Such health effects of salt have long been studied, accordingly, numerous world health associations and experts in developed countries recommend reducing consumption of popular salty foods.

The World Health Organization recommends that adults should consume less than 2, mg of sodium, humans have always tended to build communities either around sources of salt, or where they can trade for it. All through history the availability of salt has been pivotal to civilization, the word salary comes from the Latin word for salt because the Roman Legions were sometimes paid in salt.

The Natron Valley was a key region that supported the Egyptian Empire to its north, because it supplied it with a kind of salt that came to be called by its name, natron.

Even before this, what is now thought to have been the first city in Europe is Solnitsata, in Bulgaria, even the name Solnisata means salt works. Shell money — Shell money is a medium of exchange similar to money that was once commonly used in many parts of the world. Shell money usually consisted either of sea shells or pieces of them.

The use of shells in trade began as direct commodity exchange, the distinction between beads as commodities and beads as money has been the subject of debate among economic anthropologists. Some form of shell money appears to have found on almost every continent, America, Asia, Africa. The shell most widely used worldwide as currency was the shell of Cypraea moneta, cowry shell money was important at one time or another in the trade networks of Africa, South Asia, and East Asia.

In western Africa, shell money was legal tender up until the mid 19th century. Before the abolition of the trade, large shipments of cowry shells were sent to some of the English ports for reshipment to the slave coast. It was also common in West Central Africa as the currency of the Kingdom of Kongo called locally nzimbu, as the value of the cowry was much greater in West Africa than in the regions from which the supply was obtained, the trade was extremely lucrative.

The shells were used in the parts of Africa until the early 20th century. The shell of the land snail, Achatina monetaria, cut into circles with an open center was also used as coin in Benguella. In China, cowries were so important that many characters relating to money or trade contain the character for cowry, starting over three thousand years ago, cowry shells, or copies of the shells, were used as Chinese currency.

In modern Thailand, it refers to interest paid for the use of borrowed or deposited. In Orissa, India, cowry the currency was used till which was replaced by the British East India company which was one of the causes of Paik rebellion in In northern Australia, different shells were used by different tribes, in the islands north of New Guinea the shells were broken into flakes.

Shekel — Shekel is any of several ancient units of weight or of currency. Initially, it may have referred to a weight of barley and this shekel was about grains.

Since , the shekel has been the main unit in Israel. Use of the word was first attested in c. The famous writing on the wall in the Biblical Book of Daniel includes a use of the word in Aramaic, Mene, mene, teqel.

The word shekel came into the English language via the Hebrew Bible, the earliest shekels were a unit of weight, used as other units such as grams and troy ounces for trading before the advent of coins. Coins were used and may have been invented by the early Anatolian traders who stamped their marks to avoid weighing each time used.

Herodotus states that the first coinage was issued by Croesus, King of Lydia, spreading to the golden Daric, issued by the Persian Empire, early coins were money stamped with an official seal to certify their weight.

Silver ingots, some with markings were issued, later authorities decided who designed coins. As with many ancient units, the shekel had a variety of values depending on era, government and region, the shekel was common among western Semitic peoples.

Moabites, Edomites, and Phoenicians used the shekel, although proper coinage developed very late, Carthaginian coinage was based on the shekel and may have preceded its home town of Tyre in issuing proper coins. The Carthaginian or Punic shekel was typically around 7.

The Tyrian shekel began to be issued c. It was subdivided into new agoras or agorot and it suffered from hyperinflation and was quickly replaced. Cocoa bean — The beans are the basis of chocolate, and of such Mesoamerican foods as mole and tejate.

It also grows in the foothills of the Andes in the Amazon and Orinoco basins of South America and its range may have been larger in the past, evidence of its wild range may be obscured by cultivation of the tree in these areas since long before the Spanish arrived.

The cocoa bean was a currency throughout Mesoamerica before the Spanish conquest. The cacao plant was first given its name by Swedish natural scientist Carl Linnaeus in his original classification of the plant kingdom.

Cocoa was an important commodity in pre-Columbian Mesoamerica, flavored with vanilla or other spices, his chocolate was whipped into a froth that dissolved in the mouth. No fewer than 60 portions each day reportedly may have been consumed by Moctezuma II, chocolate was introduced to Europe by the Spaniards, and became a popular beverage by the midth century. They also introduced the tree into the West Indies and the Philippines. Due to heat buildup in the process, cacao beans lose most of the purplish hue and become mostly brown in color.

This skin is released easily after roasting by winnowing, white seeds are found in some rare varieties, usually mixed with purples, and are considered of higher value. The three main varieties of plant are Forastero, Criollo, and Trinitario. Cocoa beans of the Criollo variety are rarer and considered a delicacy, Criollo plantations have lower yields than those of Forastero, and also tend to be less resistant to several diseases that attack the cocoa plant, hence very few countries still produce it.

One of the largest producers of Criollo beans is Venezuela, Trinitario is a hybrid between Criollo and Forastero varieties. Rai stones — Rai, or stone money, are large, circular stone disks carved out of limestone formed from aragonite and calcite crystals. Rai stones were quarried on several of the Micronesian islands, mainly Palau, but briefly on Guam as well and they have been used in trade by the Yapese as a form of currency.

The monetary system of Yap relies on a history of ownership. Because these stones are too large to move, buying an item with one simply involves agreeing that the ownership has changed. As long as the transaction is recorded in the history, it will now be owned by the person it is passed on to. Rai stones are circular disks with a hole in the middle, the stones vary widely in size, the largest are 3.

The largest rai stone is located on Rumung island, near Riy village, smaller rai stones might have a diameter of 7—8 centimetres. The extrinsic value of a stone is based not only on its size and craftsmanship. If many people—or no one at all—died when the stone was transported, or a famous sailor brought it in. Many of them are placed in front of meetinghouses or along pathways, the physical location of the stone may not matter—though the ownership of a particular stone changes, the stone itself is rarely moved due to its weight and risk of damage.

The names of owners are passed down to the new one. In one instance, a large rai being transported by canoe and outrigger was accidentally dropped, although it was never seen again, everyone agreed that the rai must still be there, so it continued to be transacted as genuine currency. What is important is that ownership of the rai is clear to everyone, Yapese quarried the limestone rocks from the islands of Palau and took them to Yap with canoes and rafts.

There is evidence that some limestone has been mined in Palau by Yapese as early as AD, local legend holds that the Yapese discovered the rock of Palau about — years ago when an expedition led by a man called Anagumang landed on Palau.

Limestone was nonexistent in Yap and therefore valuable to the Yapese. First Anagumang ordered his men to cut stone into the shape of fish but eventually a circular shape was chosen, a pole was put through the hole in the center of the stone so that laborers could carry the stone. The largest of the disks probably needed hundreds of men to transport, residents of Palau in turn required Yapese to pay in beads, coconut meat and copra or in the form of services for the privilege of quarrying.

It is unknown how long money stones have been used in Yap, flat rocks have been found there that are up to years old, but the oldest do not resemble todays rai stones, and it is not known if they were used as money.

Manilla money — Manillas are a form of money, usually made of bronze or copper, which were used in West Africa. They were produced in numbers in a wide range of designs, sizes. In the popular consciousness, they are associated with the Atlantic slave trade. The name manilla is said to derive from the Spanish for a bracelet manella and they are usually horseshoe-shaped, with terminations that face each other and are roughly lozenge-shaped.

The earliest use of manillas was in West Africa, as a means of exchange they originated in Calabar. Calabar was the city of the ancient southeast Nigerian coastal kingdom of that name. Although torcs were most often neck-rings, there were also bracelets with this shape, torcs were made from gold or bronze, less often silver.

The Africans of each region had names for each variety of manilla and they valued them differently, and were notoriously particular about the types they would accept. Manillas were partly differentiated and valued by the sound made when struck. A report by the British Consul of Fernando Po in lists five different patterns of manillas in use in Nigeria, the proliferation of African names is probably due more to regional customs than actual manufacturing specialization.

The Mkporo is likely a Dutch or British manilla and the Popo is French, an important hoard had a group of 72 pieces with similar patination and soil crusting, suggesting common burial. There were 7 Mkporo,19 Nkobnkob-round foot,9 Nkobnkob-oval foot, the weight correspondence of the oval-foot Nkobnkob with the high end of the round-foot range suggests that it is either the earlier variety, or contemporary with the earliest round-foots. The exclusive presence of the variety of French Popo, normally scarce among circulation groups of Popos.

The earliest French manillas as likely to be contemporaries of the earliest British pieces, sometimes distinguished from manillas mainly by their wearability are a large number of regional types called Bracelet monies and Legband monies. Some are fairly uniform in size and weight and served as monies of account like manillas, the less well off would mimic the movements of the better off who were so encumbered by the weight of manillas that they moved in a very characteristic way.

The larger manillas had a more open shape. Some sources attribute their introduction to the ancient Phoenicians who traded along the west coast of Africa or even early Carthaginian explorers and traders, the Egyptians have also been suggested as they used pen annular money. One theory is that if indigenous, they copied a splayed-end Raffia cloth bracelet worn by women, copper bracelets and leg bands were the principal money and they were usually worn by women to display their husbands wealth.

Trade beads — Trade beads were otherwise decorative glass beads used between the 16th and 20th century as a token money to exchange for goods, services and slaves. Trade beads were used to exploit African resources by early Europeans, the beads were integrated in Native American jewelry using various beadwork techniques. Aggry beads are a type of decorated glass bead from Ghana. Made to ease the passage of European explorers and then traders mainly across the African continents, Trade beads are also found in the United States and Canada, and throughout Latin America.

North American Indians sought beads of color, size and form. The frequency of archaeological discovery of each type indicates their popularity, large blue beads were favoured early in the trade although details of when European trade with native American Indians began remains elusive. The beads and other items were exchanged for human cargo as well as ivory, gold and other goods desired in Europe. The beads traded were not of a set design, but were produced according to demand, millefiori beads from Venice, Italy were one of the most commonly traded beads, and are commonly known as African trade beads.

They were produced by creating flowers or stripes from glass canes, Beads such as the kiffa beads of Mauritania are thought to have resulted from women creating powdered glass beads to mimic the appearance of millefiori beads. The success of this form of currency can largely be attributed to the intrinsic value African people put upon decorative items. Glassmaking was not common in Africa, africans often used beads for currency. And wealth storage, and social status could be determined by the quality, quantity.

This created a demand for trade beads in Africa. Water buffalo — The water buffalo or domestic Asian water buffalo is a large bovid originating in South Asia, Southeast Asia, and China.

Today, it is found in Europe, Australia, South America. The seal of a scribe employed by an Akkadian king shows the sacrifice of water buffalo, at least million domestic water buffalo exist, and more people depend on them than on any other domestic animal.

They are especially suitable for tilling rice fields, and their milk is richer in fat, the large feral population of northern Australia became established in the late 19th century, and smaller feral herds are in New Guinea, Tunisia, and northeastern Argentina.

The skin of buffalo is black, but some specimens may have dark. Swamp buffalo have a skin at birth, but become slate blue later. Albinoids are present in some populations, River buffalo have comparatively longer faces, smaller girths, and bigger limbs than swamp buffalo. Their dorsal ridges extend further back and taper off more gradually and their horns grow downward and backward, then curve upward in a spiral.

Swamp buffalo are heavy-bodied and stockily built, the body is short, the forehead is flat, the eyes prominent, the face short, and the muzzle wide. The neck is long, and the withers and croup are prominent. A dorsal ridge extends backward and ends abruptly just before the end of the chest and their horns grow outward, and curve in a semicircle, but always remain more or less on the plane of the forehead. The tail is short, reaching only to the hocks, height at withers is — cm for males, and — cm for females.

They range in weight from — kg, but weights of over 1, kg have also been observed, Tedong bonga is a black pied buffalo featuring a unique black and white colouration that is favoured by the Toraja of Sulawesi. The swamp buffalo has 48 chromosomes, the buffalo has 50 chromosomes. The two types do not readily interbreed, but fertile offspring can occur, buffalo-cattle hybrids have not been observed to occur, but the embryos of such hybrids reach maturity in laboratory experiments, albeit at lower rates than non-hybrids.

The rumen of the buffalo has important differences from that of other ruminants. Cattle — Cattle—colloquially cows—are the most common type of large domesticated ungulates. They are a prominent modern member of the subfamily Bovinae, are the most widespread species of the genus Bos, cattle are raised as livestock for meat, as dairy animals for milk and other dairy products, and as draft animals. Other products include leather and dung for manure or fuel, in some regions, such as parts of India, cattle have significant religious meaning.

From as few as 80 progenitors domesticated in southeast Turkey about 10, years ago, according to an estimate from , in , cattle became one of the first livestock animals to have a fully mapped genome. Some consider cattle the oldest form of wealth, and cattle raiding consequently one of the earliest forms of theft. Cattle were originally identified as three species, Bos taurus, the European or taurine cattle, Bos indicus, the zebu, and the extinct Bos primigenius.

The aurochs is ancestral to both zebu and taurine cattle and these have been reclassified as one species, Bos taurus, with three subspecies, Bos taurus primigenius, Bos taurus indicus, and Bos taurus taurus. Complicating the matter is the ability of cattle to interbreed with other related species. Hybrid individuals and even breeds exist, not only between taurine cattle and zebu, but also one or both of these and some other members of the genus Bos — yaks, banteng.

Hybrids such as the breed can even occur between taurine cattle and either species of bison, leading some authors to consider them part of the genus Bos. However, cattle cannot successfully be hybridized with more distantly related bovines such as water buffalo or African buffalo, the aurochs originally ranged throughout Europe, North Africa, and much of Asia.

In historical times, its range became restricted to Europe, breeders have attempted to recreate cattle of similar appearance to aurochs by crossing traditional types of domesticated cattle, creating the Heck cattle breed. Cattle did not originate as the term for bovine animals and it was borrowed from Anglo-Norman catel, itself from medieval Latin capitale principal sum of money, capital, itself derived in turn from Latin caput head.

Cattle originally meant movable personal property, especially livestock of any kind, the word is a variant of chattel and closely related to capital in the economic sense.

The term replaced earlier Old English feoh cattle, property, which today as fee. This is the origin of the now archaic English plural, kine, the Scots language singular is coo or cou, and the plural is kye. Camel — A camel is an even-toed ungulate within the genus Camelus, bearing distinctive fatty deposits known as humps on its back. Camel may also be used broadly to describe any of the seven camel-like mammals in the family Camelidae. The average life expectancy of a camel is 40 to 50 years, a full-grown adult camel stands 1.

The male dromedary camel has in its throat an organ called a dulla and it resembles a long, swollen, pink tongue hanging out of the side of its mouth. Camels mate by having both male and female sitting on the ground, with the male mounting from behind, the male usually ejaculates three or four times within a single mating session.

Camelids are the ungulates to mate in a sitting position. Camels do not directly store water in their humps as was commonly believed. In hot and dry environments, within 8 to 10 days only the dromedary camels might consume water which during this period the third of their bodys weight may be reduced due to the dehydration. When this tissue is metabolized, it more than one gram of water for every gram of fat processed.

This fat metabolization, while releasing energy, causes water to evaporate from the lungs during respiration, overall, Camels have a series of physiological adaptations that allow them to withstand long periods of time without any external source of water.

Unlike other mammals, their red cells are oval rather than circular in shape. Camels are able to withstand changes in temperature and water consumption that would kill most other animals. Domestic yak — The domestic yak is a long-haired domesticated bovid found throughout the Himalaya region of southern Central Asia, the Tibetan Plateau and as far north as Mongolia and Russia.

In Tibetan, it only to the male of the species. In English, as in most other languages that have borrowed the word, Yaks belong to the genus Bos and are therefore related to cattle. Mitochondrial DNA analyses to determine the history of yaks have been inconclusive. Except where the wild yak is considered as a subspecies of Bos grunniens, Yaks are heavily built animals with a bulky frame, sturdy legs, and rounded cloven hooves, and extremely dense, long fur that hangs down lower than the belly.

While wild yaks are generally dark, blackish to brown, in colouration, domestic yaks can be variable in colour, often having patches of rusty brown. They have small ears and a forehead, with smooth horns that are generally dark in colour. In males, the horns sweep out from the sides of the head, the horns of females are smaller, only 27 to 64 cm in length, and have a more upright shape. Both sexes have a neck with a pronounced hump over the shoulders, although this is larger.

Males weigh to kg, females weigh to kg, wild yaks can be substantially heavier, males reaching weights of up to 1, kilograms.

Both sexes have long hair with a dense woolly undercoat over the chest, flanks. Especially in males, this may form a skirt that can reach the ground. The tail is long and horselike rather than tufted like the tails of cattle or bison, domesticated yaks have a wide range of coat colours, with some individuals being white, grey, brown, roan or piebald. The udder in females and the scrotum in males are small and hairy, Yaks grunt and, unlike cattle, are not known to produce the characteristic bovine lowing sound, which inspired the scientific names of both yak variants, Bos grunniens and Bos mutus.

Compared with domestic cattle, the rumen of yaks is unusually large and this likely allows them to consume greater quantities of low-quality food at a time, and to ferment it longer so as to extract more nutrients. Money — The main functions of money are distinguished as, a medium of exchange, a unit of account, a store of value, and, sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money, Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.

Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender, the money supply of a country consists of currency and, depending on the particular definition used, one or more types of bank money. Bank money, which consists only of records, forms by far the largest part of money in developed countries.

The word money is believed to originate from a temple of Juno, in the ancient world Juno was often associated with money.

The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located, the name Juno may derive from the Etruscan goddess Uni and Moneta either from the Latin word monere or the Greek word moneres. In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie, meaning in kind.

The use of methods may date back to at least , years ago. Instead, non-monetary societies operated largely along the principles of gift economy, when barter did in fact occur, it was usually between either complete strangers or potential enemies. Many cultures around the world eventually developed the use of commodity money, the Mesopotamian shekel was a unit of weight, and relied on the mass of something like grains of barley.

The first usage of the came from Mesopotamia circa BC. Societies in the Americas, Asia, Africa and Australia used shell money — often, according to Herodotus, the Lydians were the first people to introduce the use of gold and silver coins.

It is thought by scholars that these first stamped coins were minted around — BC. The system of commodity money eventually evolved into a system of representative money and this occurred because gold and silver merchants or banks would issue receipts to their depositors — redeemable for the commodity money deposited. Eventually, these became generally accepted as a means of payment and were used as money. Paper money or banknotes were first used in China during the Song Dynasty and these banknotes, known as jiaozi, evolved from promissory notes that had been used since the 7th century.

However, they did not displace commodity money, and were used alongside coins, in the 13th century, paper money became known in Europe through the accounts of travelers, such as Marco Polo and William of Rubruck.

Currency — A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins.


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