Jed McCaleb has been working in the blockchain sector for many years and has already been a part of some of the largest projects, to-date. Today, he is working on Stellar, which is a company that is making cross-border remittances and payments much more affordable. It was during 2010 that he discovered Bitcoin through a whitepaper he read, and he immediately became fascinated by it. After learning more, he went out and began to put together the first centralized exchange for Bitcoin trading, which is now known as Mt. Gox. While other exchanges existed, none of them were as efficient and affordable as Mt. Gox. He eventually sold the company to Mark Karpeles before it was hacked in 2014, and began to focus on other blockchain technology possibilities.
According to Jed McCaleb, he soon reflected on the fact that the mining process involved with Bitcoin was a waste, and he thought that there had to be a more efficient way of figuring the issue out. He began to work on Ripple, and while doing this, he realized there were so many ways that blockchain technology could be used. This is when he founded the Stellar Development Foundation, which was the beginning of the Stellar protocol. The idea was to connect any kind of financial institution and payment network together so that money could be sent from one place to another just like email is. The project would be an open sourced one that would increase security and allow innovation.
Jed McCaleb knew that Stellar would have to be different, and he put the federated Byzantine agreement in place, which makes it so that every node on the network can select other nodes that it trusts. This helps to create a network of consensus that is built something like a web. Malicious nodes are ignored, and this means that Stellar does not require a millions of validators in order to be a success. Instead, a few thousand might do it, and he believes that this can revolutionize the industry. Jed McCaleb is now looking to help people who cannot get bank accounts due to their economic situation to be able to have a bank account, and Stellar is his vehicle to get there. Get in touch with Jed McCaleb on LinkedIn.