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🌍 2. The Early Modern Period: Emergence of Proto-Global Finance

Hundreds of local lords, bishops, and independent cities minted their own coins. This mirrors the modern crypto landscape filled with thousands of alternative coins (altcoins).

Medieval exchequers used split wooden tally sticks to record debts. This was a physical, decentralized ledger. Both parties held a matching half, ensuring that neither could forge a transaction without the other. This functions as a primitive precursor to blockchain technology.