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Blockchain Is a Tool for Global Nonviolent Consensus

Utilizing valuable cryptocurrency creates strong blockchain networks

Luke Stokes, managing director for FIO, believes that blockchain is a tool used for “global nonviolent consensus.”

Prior to the existence of blockchain, Stokes said whoever had the largest aircraft carriers or guns was able to “manufacture consent” and tell the world the direction it was going. Now, with blockchain, there is a voluntary tool for truth.

“Now, one thing that is important with that is that you can't actually separate the price and the value of cryptocurrency and the security of the blockchain because, ultimately, the cryptocurrency is the reward to the validators—the block producers—those who secure the network,” Stokes said.

The value of the blockchain network is determined by the reward given to those who will secure it, Stokes said. If the reward is very low, then the network can be attacked.

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“There's always this connection between the security of the network and the value of its blockchain itself for bringing that immutable truth and the reward given to the block producers, which is cryptocurrency that is valuable,” Stokes said.