Jed McCaleb’s response to bitcoin, creates open source financial network
Blockchain cryptocurrency expert, Jed McCaleb joined forces with Joyce Kim to start Stellar Development Foundation, a financial network that aims to increase economic participation and inclusion around the world.
Stellar’s origin is in response to Bitcoin and the need to connect financial institutions via an open source financial network. McCaleb realized that using the technology behind Bitcoin, he could give birth to something beyond digital currency by linking institutions together.
According to the World Bank statistics, 2.5 billion people are without banks. Stellar’s goal is to connect those people to an institution. Because the institutions are linked together, Stellar makes it an affordable choice.
McCaleb’s core values include striving to improve technology and in turn make the world a better place because of technology. As a result, he’s spent his entire life working towards that goal. Before starting Stellar, he founded the first Bitcoin exchange in the world: Mt. Gox. He also created an early peer-to-peer file sharing network called eDonkey2000. McCaleb explains that it was the first to apply multisource downloading, as well as Kademilia DHT.
He is the Co-founder and Chief Technical Officer (CTO) of the company. He works tirelessly coding and establishing the technical aspects of the company. He also is in constant communication via emails with everything associated with running the business.
Stellar’s network is secure, modular, and more important it is scalable. McCaleb and his team made it a point to make the system simple in order for it to be easily understood and maintainable. Its security has been enhanced with Stellar Consensus Protocol and the team conducts failure simulations regularly.
What’s next for McCaleb and Stellar? Artificial intelligence (AI). The potentials of utilizing AI will surpass anything blockchain has to offer, McCaleb states. Knowing the dangers of what AI can offer the world, he is playing the role of advisor to the Machine Intelligence Research Institute (MIRI), a nonprofit organization that aims to make AI software safe for use in the future.