For everything imaginable in the world, there is an expert. Jed McCaleb happens to be an expert on cryptocurrency. He is also a renowned American programmer. Cryptocurrency owes much to the immense contributions of Jed McCaleb. He created Mt, Box, which was the first Bitcoin exchange in the entire world. He can also add to his creative resume eDonkey, which was the first venue for multisource downloading.
McCaleb and fellow developer Sam Yagan started eDonkey in 2000. Some people, like McCaleb, are born at the right time and amass information and knowledge the world finds useful. Creative souls never sit still. As a result, McCaleb has started yet another, his newest, adventure called Stellar. His brainstorm to start this venture is the result of flaws he sees in the global financial system.
His co-founding partner is Joyce Kim, and he currently serves as the CTO. Stellar is a universal financial network whose goal is to help increase economic participation. McCaleb is a busy man and splits his time into two camps. When he is not busy coding and addressing technical components of the company, he focuses on handling emails and all things associated with running a vibrant and successful business.
The idea to start Stellar came from having a full understanding of what Bitcoin is. Part of his genius is that he spends plenty of time coming up with ways to improve existing technologies and solve world problems using those technologies. He envisioned that the technology behind Bitcoin could solve a host of problems.
McCaleb reasoned that Bitcoin’s technology could be transformational, and that it would go well beyond the confines of just creating a digital currency. While Bitcoin moves value, Stellar connects financial institutions in ways that make it affordable for these institutions to connect with people who are unbanked. At least 2.5 billion people may fit into the category of unbanked.
Countries fight to keep control over their currency. Banking giants are also heavily invested in the status quo. It may be crypto currencies that decide the fate of developing countries in the future. It may also decide the fate of access to financial services, inflation, and even terrorism.