Jed McCaleb likes to improve on existing seminal technologies, and then going on to use these technologies to make the world a better place. That is precisely what he is doing with Stellar Development Foundation, which he founded with Joyce Kim in 2014.
Long before Stellar, Jed McCaleb founded eDonkey in 2000, a one-of-a-kind peer-to-peer file sharing network. Like Stellar, the eDonkey idea used decentralized technology to conquer new technological frontiers. He is also the brains behind Mt. Gox, the famous Bitcoin exchange; and another first in its niche.
Jed McCaleb and Stellar, His Latest Venture
The American programmer; and a renowned authority in blockchain cryptocurrency, set out on the path to establish Stellar after realizing the glaring flaws in the existing financial system.
Stellar uses open source software from Stellar.org to create a financial network that enhances financial participation. At the moment, Jed McCaleb is a cofounder and the CTO at Stellar.
Stellar – The Beginnings
Jed McCaleb was generous enough to share on what led to the establishment of Stellar. It all began with the realization that the distributed database concept Bitcoin uses had applications beyond the establishment of virtual currencies – the technology could help consolidate the financial system.
So, Stellar is an open source financial network that links financial institutions with the aim of lowering their costs so that the 2.5 billion unbanked people in the world can be part of the banking system. Stellar is meant to lower connections between these institutions, improve money transfer seamlessness and reduce service costs; resulting in greater financial inclusion.
How Far has Stellar Gone Today?
The financial infrastructure Stellar offers is already being used by financial institutions, NGOs, and businesses from all around the globe. The real impact of the benefits Stellar has to offer is expected to be witnessed in the developing world, where the unbanked people mainly live.
How Stellar is Progressing?
Since its establishment in 2014, Stellar has made some significant improvements in its operations. For one, it is much simpler. Additionally, security has been kicked up a notch after the introduction of SCP (Stellar Consensus Protocol). Scalability has also improved with the network’s major logic being located outside the core system.
What else is Jed McCaleb Doing?
Jed McCaleb is also an advisor at MIRI (Machine Intelligence Research Institute). The not-for-profit organization is working towards safer use of AI software in the future. Jed is of the opinion that blockchain technology is no match for the way AI will change the world in the next few decades.
Jed’s Tricks to Success
Jed has a golden touch when it comes to making ideas based on new technologies a success. His secrets include having definite plans, focusing on what is important, not shying away from global concepts, pushing through despite the challenges, and evaluating the viability of any project before throwing his weight behind it.