Jed McCaleb is an innovative programmer and expert in blockchain technology. His unique ideas have benefited nearly every company he has worked with. Now he is the CTO of Stellar, a blockchain company that brings financial services to the disadvantaged countries of the world.
Jed McCaleb was working on Mt. Gox, a trading platform for gamers, when he first heard about Bitcoin. Immediately, motive shifted at Mt. Gox; McCaleb transformed the company from video game marketplace to global Bitcoin trading network. By the time McCaleb sold the company, Mt. Gox accounted for nearly 80 percent of all Bitcoin transactions.
His drive to make innovation resulted in him creating Stellar, where he expanded on the capabilities of blockchain to create the Stellar Protocol. The Stellar Protocol is superior to other blockchain companies in some very meaningful ways. Stellar can handle transactions much faster than Bitcoin, and it also does much less work. Jed McCaleb realized that Bitcoin mining was a huge waste of resources so he removed this from Stellar. Stellar operates with less nodes than other blockchain companies as well.
Stellar believes that the future of blockchain is with financial institutions and banks; many others believe the future lies with video games or consumer purchasing. Stellar is already active in Europe and Asia, in dozens of countries. Stellar works within these countries to bring financial services to communities that previously had no banking options.
As the blockchain world changes private networks are becoming less common. “There has been a shift away from the private chain idea,” McCaleb said. “If you are going to have a private chain, you may as well just have a database.” Stellar’s technology allows for any customer to set up their own public node and use it the way they see fit. Each node is verified by Stellar to have a limited number of clients it listens to. If a illegitimate node is created, it has no authorization to operate; this makes all efforts from hackers frivolous.
Jed McCaleb has been teasing a new deal between Stellar and a major organization. Although McCaleb refused to announce the name of this organization, he did say that the partnership opened up pathways for Stellar to become a true global entity.