Heard of Mt. Gox, the popular pioneering cryptocurrency exchange? Jed McCaleb started it. He also helped found the decentralized peer-to-peer file sharing network, eDonkey, the first of its kind. Today, Jed McCaleb is in the limelight for yet another groundbreaking achievement – helping co-found Stellar with Joyce Kim
In addition to being one of its founding members, Jed McCaleb is also the CTO of Stellar Development Foundation. Stellar is meant to fix problems in the global financial system. The outfit is intended to improve economic participation around the globe.
As the leader of Stellar’s technical development, Jed McCaleb helps build the company’s technical aspects. He is also the person who handles email communications related to the business.
A non-profit, known as Stellar, supports Stellar and even provides its open source software. Stellar.org blends technology with digital financial literacy.
How Stellar Came About
The Stellar idea was born of the realization that Bitcoin is a distributed database, and that this concept could be used to address another dire financial issue. So, the focus for Stellar is not to create new currency, but ratherc connecting financial institutions using the technology on which Bitcoin is based.
Stellar wants to help the 2.5 billion unbanked people in the world. In this regard, Jed hopes that Stellar will make banking affordable for this group of people since improved connections between institutions will result in lower banking costs. For instance, money-transfer costs can be lowered when the institutions use the open source financial network Stellar has put in place.
Stellar already in Use
Today, Stellar is being used by businesses, financial organizations and non-profit organizations all around the world. The developing world has the most to gain from this financial infrastructure since it has the highest concentration of the unbanked.
Over time, Stellar has undergone many changes. Its user-friendliness, scalability, security and other important features have been improved over time. Stellar is also a community-run network. The reason behind this, according to Jed, is so that the system is not operated internally.
Jed McCaleb Outside Stellar
Jed is also interested in Artificial Intelligence, and he foresees a future where AI will exceed the capabilities of blockchain technology. This explains his involvement with MIRI (Machine Intelligence Research Institute) in an advisory capacity. MIRI is an NGO that is working on tools that allow for safe use of AI software.
Jed’s Success Secrets
Jed McCaleb believes in having a plan. In fact, he believes that plans and strategies are the reason behind his success. While at it, he tries to make the plans big and global for greater success.
He also thinks the product quality is better than its promotion. Jed McCaleb also does not let hurdles get in his way. That said, he always assesses the risk profile of every venture he considers to ensure improved odds of success.