Jed McCaleb is a revered individual in the programming and blockchain industries. He has made a name for himself with his involvement in such companies as eDonkey, Mt. Gox, Ripple, Overnet, and now Stellar.
Stellar promises to one day call itself the future in banking. It is a blockchain technology created with the purpose of linking banks and other financial institutions together. It was founded by Jed McCaleb and Joyce Kim to create a scenario where the possibility of expensive banking fees being eliminated is extremely likely. If Stellar is successful in its goal, the company will create a banking world that is cheaper, fairer, and more easily accessible.
Stellar says it has a special interest in the developing world and calls these individuals the “unbanked.” While Stellar does provide benefits for those in countries like America, their primary targets are those with no financial options. By implementing Stellar in financial organization in these countries, they hope to lower the costs of banking to such a degree that the poorest citizens will be able to use it.
Like most other blockchain technologies, Stellar is a decentralized system. Records of every transaction are stored on computers and networks all over the world, this ensures that no one can take advantage of the system. Stellar provides the safest, most secure protocol specifically made for the banking world.
Prior to creating Stellar, Jed McCaleb worked on a large variety of different projects in the internet and technology world.
eDonkey was created in 2000 in a joint effort by Jed McCaleb and Sam Yagan. The protocol created by McCaleb has went on to become the industry standard for peer-to-peer file sharing.
Overnet was McCaleb’s second attempt at creating a peer-to-peer file sharing program. Overnet uses the same technology found in eDonkey and eventually the two companies merged.
Prior to McCaleb’s involvement in Ripple and Stellar, Mt. Gox was his most successful venture. Original a trading platform for video gamers, Mt. Gox eventually became the first bitcoin exchange. After a successful run at Mt. Gox, McCaleb sold the company.