Jed McCaleb’s Contribution to Cryptocurrency

Jed McCaleb is currently the Chief Technical Officer and co-founder of Stellar org. Together with Joyce Kim, he cofounded Stellar foundation in 2014. Even before founding Stellar, Jed made eDonkey2000. EDonkey is a peer to peer file sharing network. Recognizing how the financial infrastructure was broken is what pushed Jed to start these companies.

Jed is also an advisor at MIRI. This is a company that conducts research in artificial intelligence for positive impact. In addition to this, he is a programmer and blockchain expert. His contribution in blockchain includes the starting of Mt. Gox. This is the first bitcoin exchange platform.

At Stellar, Jed spends a lot of his time with the smartest people. These are the people who have enabled him to think more about how to improve technologies. He spent a lot more on how to use these technologies to change the world. Jed acknowledges the need to improve human efficiency and reduce efficiency by leveraging on technology.

As the CTO, Jed is mainly involved in coding and building the technical aspect of the company. He was also involved in starting Stellar.org which assists support Stellar network. According to Idea Mensch interview, Jed attributes the formation of Stellar to the realization of the impact Bitcoin has and the understanding that many problems could be solved using the Blockchain technology. He saw the need to connect financial institutions using digital currency.

Jed was aware of the transformational Bitcoin currency. However, instead of creating the currency, he chose on building an open source financial network that links financial institutions. By linking these institutions, Stellar aims to connect the unbanked people in the world. The estimate of these people as per the World Bank stands at 2.5 billion people. Despite the challenges offered by the high maintenance cost and high money transfer cost, Stellar offers a cheaper and seamless transfer through an open source financial network.

Through the years, Jed and his team have made Stellar easy to understand, maintain and more scalable. The implementation of Stellar Consensus Protocol (SCP) has enhanced the company’s security. According to Jed, this implementation ensures that Stellar network is not administered or operated internally.

Jed attributes his success to the art of focusing on important things and developing concrete plans. He believes you can only succeed if you get your goals right. He also believes in building good products rather than marketing them. According to him, the internet has made it easier to market great products. He understands the importance of risk analysis when starting a business. This has made him start business ventures with good risk tolerance.

Read more:
https://www.cnbc.com/2018/03/21/an-early-bitcoin-pioneer-predicts-how-the-blockchain-will-change-banking.html

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