Jed McCaleb and his Solution for the Financial Burden of the Banking Industry

Blockchain has the power to change the world, so why exactly are most blockchain experts using this technology to conduct simple trades? Well, not everyone is. Jed McCaleb and his company Stellar are working in countries all over the world to bring people a better way of life. Stellar is bringing financial options to underdeveloped countries.

Jed McCaleb was experienced in decentralized technology before most others. He worked with peer-to-peer file sharing, using a non-centralized method to deliver files to users.

McCaleb also created Mt. Gox, the world’s first international bitcoin exchange network.

During his time experimenting with blockchain, McCaleb realized he could answer a very important question: How can I make the banking industry better?

Jed McCaleb and Joyce Kim decided to create Stellar, altering the code of blockchain in order to make their service faster and less energy intensive.

Stellar was created after Jed sold Mt. Gox to Mark Karpelles, who then allowed Mt. Gox to be hacked. This event is still one of the most controversial and infamous events in the history of the existence of bitcoin.

Stellar is a little bit different from normal cryptocurrencies. Most coins require a process called data mining, where individuals volunteer their machines to house records for the currency. These individuals profit from this partnership by creating new coins on their machine. Stellar doesn’t utilize a data mining process, they simply give out their currency in a charitable fashion to those who are involved in Stellar, those who were already bitcoin owners, and partners.

Jed McCaleb and Stellar have created a system that can connect financial institutions all over the world, eliminating costly business fees and service charges. With these expensive fees eliminated, individuals who otherwise could not afford basic financial services now can. Stellar is already operational in Asia and Europe, even securing a partnership with IBM in order to create a more streamlined payment system for the computer giant.

Stellar is also partnered with Tempo, out of Europe; Cellulant, from Nigeria; and Distributed Lab, based out of Ukraine. Stellar assists these organizations in providing international transaction services and other banking services to the citizens of these areas.

Article source: https://cointelegraph.com/tags/jed-mccaleb

Jed McCaleb and His Stellar Venture

Jed McCaleb is a well-known software developer and entrepreneur based in San Francisco. He is an expert on cryptocurrencies, and the the products he has developed in the past include eDonkey, a revolutionary file-sharing service. McCaleb’s current venture is Stellar, which is a world-wide financial network designed to make bank transactions smoother for everyone with a focus on serving the developing communities of the planet.

 

A visionary and humanitarian as well as a business person, McCaleb recognized that the existing bank system was not adequately serving many of the world’s “unbanked” as a result of silo-type infrastructure prohibiting fast, universal transactions. Stellar, formed in 2014, is all about building connections between existing networks and uses a simple, fluid architecture to allow money to flow smoothly and securely for all users, not just those represented by traditional financial institutions.

 

Essentially, Stellar allows users to create an account, log in and then start transferring money. Its intuitive interface is largely a result of McCaleb’s design skills and concern for all users, and the product is poised to change the global financial industry. A community-oriented enterprise, Stellar receives feedback from all around the world as it develops its products, and the company has been key to contributing to open-source projects.

 

McCaleb believes that it’s important to focus on developing great products rather than on marketing existing ones. He feels that the Internet has created a medium where the strongest products rise to the top, therefore it’s not necessary to endlessly promote and advertise. Outside of the financial realm, McCaleb is interested in the emerging technology of artificial intelligence as he predicts that it will have tremendous impact on industry in the new future.

 

In general, his own personal approach to work is to focus on what’s important and not get bogged down in distractions and details. In his leadership role at Stellar, he divides his time between coding and responding to inquiries from around the world about Stellar products. In short, Jed McCaleb is game-changing developer and entrepreneur, and Stellar is a company to keep a close eye on.