Jed McCaleb Talks Stellar – The Worldwide Banking Protocol
Jed McCaleb and Joyce Kim have teamed up to create a new name in the blockchain financial industry. With Stellar, Kim and McCaleb hope to unite financial institutions all over the world. Their goal is to create a system of protocols that will lower the cost of banking for the common consumer.
About Jed McCaleb
Jed McCaleb is one of the true innovators in the programming and tech industries. His resume is littered with accomplishments in a wide range of companies. Jed McCaleb invented technology in the early ages of the internet that are still used today.
Jed McCaleb is currently the CTO of Stellar. As CTO of the company he overseas all technical development.
During his career, instead of inventing new things he has decided to reduce inefficiency of other technology. For example, with his P2P software, eDonkey, he created a system of file sharing that involved downloading small pieces of each file from different users. Once all the pieces of the files were downloaded, they were reconfigured to form the entire file. This is the same technology seen in modern day P2P protocols.
After his time in the P2P industry came to a close, he chose another audience to target: Magic: The Gathering Players. Mt. Gox, which started as a virtual market place for players of the popular online card game, was eventually transformed into the first ever world wide bitcoin exchange.
Stellar is a blockchain protocol that enabled financial institutions like banks to communicate in cheaper ways. Stellar intends to bring Western style banking to those in developing countries that do not currently have banking options. It is true that Stellar’s primary target may be developing countries, but they offer their services here in the United States too.
The biggest company to implement Stellar into its company is IBM. IBM and Stellar have teamed up to use digital cryptocurrency and blockchain technology in the South Pacific. Decentralized banking makes it possible to provide banking options in country’s it was previously impossible.
Stellar is also partners with dozens of other companies including MONI, Oradian, Anglo African, and Poseidon.