Jed McCaleb has been involved in the cryptocurrency industry since long before it became a household name. He was one of the early developers that made cryptocurrency what it is. He believes that the popularity of the different digital currencies will have a huge impact globally when it comes to the stock market, payments, and even fundraising.
As one of the founders of the Mt. Gox bitcoin exchange and other cryptocurrency technologies, he is now involved with Stellar as one of their co-founders and Chief Technology Officer. Stellar is not only focused on cryptocurrency, but also the currencies of countries throughout the world. When it comes to banking, Jed McCaleb thinks the blockchain technology used in different cryptocurrencies will have a huge impact on global banking that will become very prevalent in the years to come.
Jed McCaleb believes that the future will see the development of a universal network that will allow payments to be made globally using traditional currency and cryptocurrency side by side. This technology, Jed McCaleb believes, will include an open-source public ledger that will be available publically and will not be able to be changed arbitrarily.
The Stellar network that Jed McCaleb is developing alongside other developers that are interested in the open source project is aiming to solve many of the issues that are facing the banking industry. Bitcoin can take a lot of time to process each transaction, much more than typical credit card payments, and it is not designed to handle the growth that is expected to happen soon in the cryptocurrency industry. The Stellar system only takes around 5 seconds to process transactions that can be completed with government-backed currencies. Large companies like IBM are already integrating this system into their business model in order to simplify payments that are made across international borders. Along with IBM, there are also banks that are using or interested in the technology.
There are many different markets that Jed McCaleb has stated are untapped by the financial system. This was made apparent by cryptocurrency sales in recent years. In just 4 years, cryptocurrency sales reached around $9 billion.