Jed McCaleb and His Cryptocurrency Ambition

Jed McCaleb is a co-founder of Stellar. He is known for his technological moves. Jed works to improve technology and utilizes the same innovation to come up with the advancement of people’s livelihood. Before co-launching Stellar, Jed created eDonkey2000. Jed created eDonkey with the aim of contributing to youth sharing through a peer to peer sharing network.

Jed Cofounded Stellar in the year 2014 with the aim of coming up innovation to help solve the broken financial institutions around the globe. Jed realized that many people had been left without resources and assets as a result of the fractured economic support.

Mr. Jed McCaleb is one of the MIRI advisors. MIRI is an organization that conducts research on artificial intelligence aiming at affecting people and the world at large positively. Jed is credited with creating the first Bitcoin business called Mt. Gox.

Jed’s newest innovation revolves around the Bitcoin business. Cryptocurrency has been dreamt of by various investors for a long time now. Different names have been given to the business such as b-money, bit-gold, Digicash, and e-cash. Finally, the industry landed and settled at the real course in the year 2009. It was a fierce struggle for innovative investors such as Jed who wanted to accomplish the cryptocurrency ambition.

The whole idea of cryptocurrency was to help people operate businesses and currency exchanges without spending too much money and resources on bank fees. The bank systems were sometimes very slow causing congestion in the premises. Coming up with a more convenient method of currency exchange was paramount.

Jed McCaleb launched Stellar Development Fund in 2014. The organization was meant to provide helpful services such as offering banking services to various people who do not own a bank account. It aimed at becoming and growing as a non-stock body with no income for employees and other private investors.

Stellar Development Fund was created to allow cross-border payments since it was open source code. 50% of the 100 billion Lumen that was created was exclusively dedicated to those who signed up for the Stellar network. Partnerships with non-profit organizations and other bodies received 25% the Lumens, 5% was meant for the operational costs for Stellar, 1% wen to XRP holders and 19% was given to the Bitcoin holders. (Source: LinkedIn)

Check out McCaleb’s gists: https://github.com/jedmccaleb

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