Jed McCaleb is a man who wants to help as many people in the world today as he can. He is well on his way to achieving that particular goal. He is an expert when it comes to computer programs and how they work. One day he was able to figure out how the Bitcoin platform worked and wanted to help as many people gain financial footing and literacy as he can. That is when Jed McCaleb and his friend Joyce Kim founded a website and a platform called Stellar. In an article for Analyst of Finance, Jed explains how Stellar works and why he has traveled down this particular road.
Jed McCaleb says that Stellar is an open source platform that can be used to help people learn the basics of finance and open bank accounts around the world. According to the World Bank, more than two and a half billion people do not have a bank account. What Stellar does is make sure that financial institutions can come together in order for more people to be more financially secure and have a leg up when it comes to basic financial transactions.
The main reason that Jed McCaleb too on the project was to fix a glaring problem in the financial sector. The problem was that financial institutions were not willing to help people become financially literate because the cost to the institution would be too much to take on. Stellar corrects this error by linking banks together so that one single bank does not have to shoulder the risk of people with a low income. The program uses simplistic tools in order for people to learn about finance and how banks work. This is one of the main reasons that Jed McCaleb is a rising star in the world of finance and cryptocurrency.
Jed McCaleb is a man who saw a problem with the financial sector and went out of his way to try to fix it. He believes that helping as many people as he can is the best way to go in finance. He is absolutely right.