Jed McCaleb’s newest business venture Stellar is making waves in the financial market. As co-founder of Mt. Gox, the first Bitcoin exchange, the programmer is familiar with the global financial system. The goal of Stellar is to make it affordable for financial institutions to provide services and accounts for unbanked people, usually lower income individuals without any bank accounts.According to the World Bank, this population consists of 2.5 billion people in the world. Many institutions have already implemented Stellar, these range from non-profits to businesses as well as banks. There is particular interest among developing countries where most unbanked people reside statistically.
Jed McCaleb was inspired by the way Bitcoin worked through a distributed database, but he also saw the many problems that Bitcoin had. He is using Stellar to network the different financial institutions to lower the maintenance costs for these lower income accounts as well as the cost to transfer money between institutions. Not only does Stellar bring the cost of money transfers down, it makes the process easier and safer.
Jed McCaleb continues to upgrade the Stellar network since it was started in 2014 to make it more scalable and secure. Jed McCaleb’s programming expertise aided him in making the network easily understood and maintained by their clients and employees. Stellar is completely open-source, which means the code is modifiable to fit the needs of the particular client implementing it. The entire network is community run, meaning the users are the ones who keep it going beyond the open-source protocol created by Jed McCaleb and the rest of the Stellar staff.
Jed McCaleb co-founded the Stellar Development Foundation with Joyce Kim. Currently serving as the Chief Technology Officer, he heads technical development of Stellar. Not only does he do the coding and take care of technical aspects, he also does the everyday business obligations like responding to emails. The business receives part of their funding from Stellar, a non-profit that also provides funding for other open source projects. Jed McCaleb spends a lot of his time trying to find solutions for the world’s many problems through technology.
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