According to the creator of Mt. Gox and the co-founder of Stellar, the application of blockchain abilities will finally lead to the creation of a universal payment network. McCaleb is a long time developer in the cryptocurrency industry. He is among the original innovators of the industry. He developed Mt. Gox when the industry was less than three years old. It was the first centralized exchange for bitcoin. It was being used to transact over 80 percent of bitcoins in the market at the time. The creation of Mt. Gox was just an opener for McCaleb; he has gone ahead to create numerous other innovations in the industry.
Jed McCaleb recently opened up about the possibilities of the blockchain industry. In an interview with CNBC, he revealed that blockchain would be used to alternate funds, trade stock markets and fundraise. This is where the technology is leading to in the next one decade. Jed McCaleb is currently working with Stellar trying to transform the cryptocurrencies industry by applying the most important aspects of the industry. He is leading in efforts to create a cross-currency payment system that will allow people to pay with the cryptocurrencies directly without changing to any other currency first.
According to globalcoinreport.com, the blockchain based payment system will be a ledger that cannot be changed easily or controlled by anyone. It will also allow people to enjoy the currencies they love such as the euros and the dollars. You will be able to make a payment in cryptocurrencies which will then be received in dollars or any other currency. IBM is working with Stellar to make this technology a possibility. They have incorporated the big banks in the world which will facilitate the transfer. According to Jed McCaleb, the initial coin choices sign total does not tap the possibilities of the whole industry. The initial coin choices have made the industry insecure by allowing fraudsters to take advantage of the vulnerabilities and at the end of destroying the market significantly.
According to McCaleb, he is hoping that in the next one decade, there will be changes that will significantly affect the industry such that the whole financial sector will be running on blockchain technology.
Get in touch: Jed McCaleb | LinkedIn