Jed McCaleb Background and Overview
Jed McCaleb is co-founder of Stellar. Stellar is a payment network for open-source protocol and currency exchange. Stellar is affiliated with Bitcoin and cryptocurrency. Jed McCaleb first heard of Bitcoin during 2010. He was instantly fascinated by the idea of cryptocurrency. Initially, he was in disbelief that such a thing could exists.
McCaleb built an organized exchange for Bitcoin trading, something he called “Mt. Gox.” At one point, Mt. Gox was responsible for 80% of all exchanges in cryptocurrency.
McCaleb sold Mt. Gox to Mark Karpeles in 2011. His focus shifted to solving a perceived problem with the cryptocurrency industry. McCaleb believed there was a “mining process” involved in Bitcoin. This discovery led him to create Ripple. Ripple is a systematic payment network.
McCaleb learned skills through Ripple. Proceeding that, he founded the Stellar Development Foundation. His goal for Stellar was to create an internet basis for payments. Stellar aimed to merge all payment networks together into one centralized medium.
Some believe setups like Steller are less secure and safe. McCaleb says that Seller is secure, and users can easily understand the software. Stellar is set to work with major banks and financial companies. Steller does not aspire to be part of the private blockchain economy. McCaleb believes a private blockchain is similar to running an official database, something he does not want for the future of Stellar.
Tokenized access is a concern amongst all cryptocurrencies. Tokenized access is when a company’s unique currency is matched with official currency. For example, companies like PayPal offers a currency called “PayPal dollars.” The issue becomes when a company does not match the value of their unique currency to an official one, such as PayPal dollars to USD. Confusion and skepticism can come about during this process, which is why security and trust are vital in the success of cryptocurrencies.
McCleb has been a key figure in the development of cryptocurrencies and their networks. He hopes Stellar will continue to improve the way industry conducts exchange.