When it comes to entrepreneurship, inventiveness, and computer programming, Jed McCaleb, is well-known in the technology and entrepreneurial world. When it comes to blockchain, cryptocurrency and Bitcoin payments, McCaleb is involved. Just recently, McCaleb focused on a cryptocurrency-based venture, Stellar.org.
McCaleb produced the first centralized exchange for trading Bitcoin, Mt. Gox. At its peak, Mt. Gox accounted for nearly 80 percent of all the cryptocurrency being exchanged. McCaleb sold his Mt. Gox in 2014 but still owns a 12 percent share. For Jed McCaleb, being on the cusp of cutting-edge technology as an entrepreneur is a key part of what drives him.
Jed McCaleb started out building a website platform in 1999. McCaleb launched the peer-to-peer file-sharing software program, eDonkey. It was a peer-to-peer network for downloading files.
Fast forward to 2018, and Jed McCaleb anticipates blockchain technology to be a force behind some universal process involving banking transactions as well as stock trading. The Stellar Development Foundation was founded to oversee the development of the Stellar protocol. Stellar.org can be a key for opening this untapped business sector. The concept for Stellar.org is to be an internet-level protocol for payments. Stellar was designed to work in the same way that a non-profit organization does, but with an open sourced model for the people. In this way, there is a certain component of trust that an organization will not renege and change its model.
The 2 billion people who currently live in a world where there is no direct access to banks, the Stellar Foundation could be the solution, because it can bring affordable, yet dependable methods for banks and their potential stakeholders to do business.
One of the most innovative elements to Stellar is that McCaleb’s network uses a new mode of consensus called the federated Byzantine agreement. The Byzantine model was hatched by David Mazieres, a professor at Stanford University.
McCaleb’s vision involves a world where banks, which would work with his Stellar.org platform and additional software tools, could be a successful part of an open-source network that is affordable, secure and stable enough for smooth cryptocurrency transactions.