Jed McCaleb is an entrepreneur and computer programmer. He specializes in blockchain cryptocurrency and is considered one of the foremost experts in this field. One of his biggest contributions to cryptocurrency was establishing Mt. Gox. This was the first Bitcoin exchange and it helped establish cryptocurrency. He has also been an early leader in other technology such as eDonkey, a service to share computer files, which he co-created along with Sam Yagan.
It was in 2014 when Jed McCaleb started working on his latest project, Stellar. He said he saw that the financial system is broken and unable to provide financial services to about 2.5 billion people around the world. He is a founder of Stellar Development Foundation which provides a solution to this problem. He works as this organizations CTO. He mostly handles the technical side of this organization while the other founder, Joyce Kim, operates the business side.
Stellar was created to increase the number of people that can participate in the financial system. Stellar isn’t a cryptocurrency like Bitcoin. Jed McCaleb says that Bitcoin was created to store and move value. Stellar instead links siloed financial institutions together. Stellar uses open source code, he says, so it is easy to use and link to.
There are roughly 2.5 billion unbanked people in the world, according to the World Bank. If financial institutions link together through Stellar they will be able to offer their services to these people. It’s presently too expensive for them to do so which is the problem that Stellar solves. The issue is that the maintenance cost of providing services to these people, all of whom don’t have much money, has so far made it impractical to include them in the global banking system.
Over the past three years, Jed McCaleb has been upgrading Stellar. He has made Stellar more scalable as well as more modular and secure. He says it uses standard tools and libraries that are well documented and easy for programmers to understand. The way he has made it more secure is by putting in place Stellar Consensus Protocol.
Learn more about Jed McCaleb: https://www.youtube.com/watch?v=GIMOrsPxlZg