Jed McCaleb Creates Stellar – A Network for Financial Insitutions

Jed McCaleb is an expert in computer programming and blockchain cryptocurrency. He has been involved in multiple successful companies such as Ripple, Mt. Gox, and eDonkey2000. McCaleb has now, along with Joyce Kim, started a new company called Stellar.

 

When asked how he got the idea for Stellar, Jed told the interviewer that he saw an opportunity to create a better network to connect financial organizations. He got the idea from how bitcoin operates, but said, instead of making a new currency he chose to create a network for all of the currencies to interact with one-another. Stellar is that technology;Stellar connects financial institutions seamlessly.

 

The target audience of Stellar isn’t who you may think. Where most companies try to target people with large amounts of money, Stellar has went the opposite. Jed McCaleb discovered that their are a large portion of low income people all over the world who do not have access to certain financial services. McCaleb found that by utilizing Stellar, institutions are able to operate with one-another at lower costs than before and he hopes that this realization will lead to a cheaper cost to the consumer.

 

About Jed McCaleb

Jed McCaleb not only has an interest in computer program but also Artificial Intelligence. He is involved in a nonprofit organization called MIRI, which is devoted to researching artificial intelligence and discovering ways that AI can better help humans achieve tasks and be more productive.

 

Jed McCaleb seems to innovate in every sector of the digital world he becomes a part of. In 2000, he created eDonkey, a company which created software that is now standard in the peer to peer file sharing industry. McCaleb created Mt. Gox, a bitcoin exchange network that was eventually sold to a company in Japan before being shut down. McCaleb was also involved in Ripple, before leaving the company to create Stellar, a competitor.