Jed McCaleb, entrepreneur and renowned programmer, has worked in a variety of different industries within the tech world. His experiences have led him to Stellar, a blockchain company that mergers blockchain with financial institutions. Jed considers his previous work as nothing more than learning experiences, leading to his work with Stellar.
When McCaleb first heard of bitcoin in 2010, he knew he was hooked. “I remember feeling like it would be really cool if there was a kind of money that wasn’t centrally controlled,” McCaleb said. Jed first read about bitcoin on Slashdot, an online source of news in tech. “Pretty immediately I thought this was amazing,” McCaleb said.
The article lead McCaleb to a bitcoin discussion forum where he learned more about bitcoin and blockchain. McCaleb then utilized this technology in Mt. Gox; he created a bitcoin exchange network that was unique in many ways. Other bitcoin exchanges required users to personally link up in order to make a transaction. Mt. Gox, at the time of its sell, was making up for 80% of all bitcoin transactions.
After selling Mt. Gox, McCaleb dove deeper into cryptocurrencies. McCaleb thought that bitcoin was a create idea, but he believed he could make it better. “I was hoping there would be a more efficient way to solve the problem,” McCaleb explained. Eventually his innovative approach lead him to Stellar. At Stellar’s CTO, Jed McCaleb handles all technical development and operations.
“As we were making the project, we realized that because we were solving the consensus in a different way, you could do lots of other things,” McCaleb said. “You could put any asset into the network.” This made it possible for Stellar to operate at such a wide scale. Originally Stellar merely wanted to solve a problem, but now they operate in more than a handful of countries and bring banking services to residents in those areas.
Read this CNBC.com article to find out more about McCaleb’s prediction on how the blockchain will change banking.