Jed McCaleb Wants To Help Financial Institutions and People Connect

Jed McCaleb, an American cryptocurrency expert and computer programmer, helped start a venture called Steller.

 

McCaleb started Stellar in 2014 to deal with the flaws that he saw in the international financial system. With Joyce Kim, he co-founded the Stellar Development Foundation. He currently is the CTO of this foundation and the leader of technical development.

 

McCaleb has basically two duties at Stellar, One is to code as well as build the technical aspects at this company. He is also supposed to to do the things that run a business like responding to emails.

 

Stellar.org is a nonprofit that wants people to become more literate when it comes to digital technology and currency. McCaleb has helped develop the softwware Stellar.org.

 

McCaleb got the idea for his foundation after learning about Bitcoin and the technology that made Bitcoin possible. It inspired him to help make a new cryptocurrency that could help connect financial institution. He then changed his mind and would use the new technology called blockchain to create an open source software technology that would also connect financial institutions.

 

One of the goals of Stellar is help the 2.5 billion people who have no connections to banks. Stellar wants to banks make it more affordable for these “unbanked” people to use their services. Banks fail serve these people because there are big costs in serving these people. The lack of connections between banks has not helped, either. It costs money just to transfer between banks.

 

Before Stellar, he was known for making one software programs called eDonkey that was create a large file-sharing network. He created Mt. Gox, one of the Bitcoin exchanges. The last thing he did before Stellar was make the currency called Ripple.

 

Jed McCaleb hope to make the financial system work better for people who usually can’t afford just to get an account at a bank.