No, the algorithm as described is very different from binary multiplication. It requires a number of stones proportional to the result, while the number of bits required when doing binary multiplication is polylogarithmic.
It's a big difference: 1000 * 1000 would require 1000000 stones if done with the "Ehiopian algorithm", but it can be done with less than 1000 stones by using normal binary multiplication.
It's a big difference: 1000 * 1000 would require 1000000 stones if done with the "Ehiopian algorithm", but it can be done with less than 1000 stones by using normal binary multiplication.