Jed McCaleb and Stellar Foundation
Blockchain technology, a viable tool that is also a Democratic phenomenon in the cryptocurrency milieu, has the real potential to be an industry disruptor. Jed McCaleb, a programmer, technologist, and entrepreneur is trying to change the world with his newest venture, Stellar Foundation.
Stellar Foundation was built on the notion that people, who have not been able to connect to financial institutions in the developing world could do so. Jed McCaleb had an issue with financial institutions and baking institutions that presented unreasonable restrictions for people. Jed McCaleb was noted as saying that “the world’s financial infrastructure is broken and that too many people are left without resources.”
Jed McCaleb knows a thing or two about creating cutting-edge platforms like Mt. Gox, a Bitcoin Exchange he founded in Japan — and eDonkey in 2000, a peer-to-peer Internet filing service that was similar at the time to Napster.com. Jed McCaleb has also been a part of Code Collective.
Stellar Foundation’s approach, as mentioned in Github, is to make real progress in the banking that by using a more robust technology for making Bitcoin transactions. Well known technology companies like IBM have partnered up with Stellar Foundation based on its robustness and speed of transactions using the technology of blockchain. IBM worked with Stellar to build a system that would help cover a large percentage of payments in the South Pacific region of Asia.
The company, Mobius hatched its ICO using Jed McCaleb’s and Kim’s Stellar platform to raise close to 40 million dollars. Since the start of 2018, many more people are interested in what Stellar as a blockchain technology and cryptocurrency can do. Stellar (XLM) is ranked 8th of all cryptocurrencies traded, according to Coinmarketcap.com. Stellar’s market cap crossed $5 billion in early 2018 and is staying above that watermark, today.
Jed McCaleb, along with co-founder of the Stellar Development Foundation (SDF), Joyce Kim, created this foundation to provide easy access and a cheap online payment system, globally. The Stellar network was hatched in late 2015. Many upgrades were made to the Stellar Consensus Protocol (SCP), to provide quick, yet secure transactions.
Read this cnbc.com article on Jed McCaleb’s prediction about blockchain and how it can change the banking system.