Jed McCaleb is a software developer and co-founder of Stellar, a value exchange platform that uses blockchain technology as a means to quickly, affordably and efficiently exchange currencies in just seconds of processing time. An article on GC Report details McCaleb’s first encounter with blockchain and how it lead to the founding of Stellar in 2014.
Jed McCaleb is a cryptocurrency pioneer and he became familiar with leading cryptocurrency Bitcoin in 2010 after reading an article on Slashdot. Further research only served to grow his excitement in the cryptocurrency market, as the prospect of decentralized currencies free of direct government control appealed to him.
An entrepreneurial-minded individual who had previously founded peer-to-peer file sharing service eDonkey (which at its height served as many as 4 million users at any given period), McCaleb set out to create a centralized platform for Bitcoin trading. Mt. Gox, as the program came to be know, grew to at one point account for 80% of all global cryptocurrency exchange.
Entrepreneur Jed McCaleb would go on to sell Mt. Gox, and after helping to found and grow another successful company over the next two years, would leave to found the Stellar Development Foundation, through which the Stellar protocol would be created.
In describing Stellar, according to McCaleb, “an internet-level protocol for payments,” before going on to say, “We want to connect all of the different financial institutions and payment networks together so that money operates much more like email does, and the thought is that you need to not only connect the large banks but you need to connect all the different financial institutions.”
There is certainly an appeal in this approach as far as other countries are concerned; as McCaleb described it, “Countries that are interested in doing it are interested in the public chain because they want their country’s currency to interact with other countries currencies and institutions out in the world.”
As an open-source software, Stellar can be further improved by other software developers, organically leading to the creation of a collaborative, largely decentralized system that seeks to advance the efficiency of the protocol. Follow Jed McCaleb on LinkedIn.