Jed McCaleb: pioneer of cryptocurrency

April 11th, 2018 by admin
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Jed McCaleb is the founder of Stellar.org, a development foundation. He started the organization in partnership with Joyce Kim. The foundation was established in 2014. McCaleb’s significant role in the organization is overseeing technical developments as the chief technology officer.

McCaleb has been a developer of cryptocurrency for an extended period. He foresees the technological changes in worldwide financial exchange. At Stellar McCaleb together with his department are focused on coming up with a cryptocurrency system for making international financial transfers. In an interview, Mr. McCaleb stated that with time cryptocurrency would like to be embraced and used by many across the world.

He states that it is also likely to be a universal payment system. The system would have a record system which would be available to the public. Additionally, the system will not be able to be randomly changed by anyone. This system will as well allow people to change the universal “currency” into their currencies.

Mr. McCaleb also said that the use of initial coin offering is an indication of markets which are not yet in the financial system. Initial coin offering involves the sales of tokens. In four years this exchange has brought in almost $9 billion.

The token exchange works in such a manner that to make contributions to a project, the investors buy digital coins. McCaleb is confident that the same system can be employed for the stock exchange.

McCaleb goes on to predict that probably in the coming ten years every financial transaction including trade will be done using digital coins. He states that for this to be possible, there must be the use of a decentralized system as using one central management for every form of exchange would be hard to manage.

Several companies are coming up with their digital coins. For instance, Currency is trying to enable the stock exchange to be done using bitcoins. Stellar has also come up with their own, known as lumens; it is one of the most extensive cryptocurrency networks.

Posted in Financial Services, Funds Management

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