A few decades ago, anyone would laugh at the cryptocurrency idea due to lack of knowledge on the potential it held. However, a few of the smart individuals in the industry saw an opportunity in the concept and never hesitated but to dig in to see what it held. In 2009, Bitcoin hit the market, and that’s when people started noticing the many opportunities that the virtual currency industry held. Whenever the history of cryptocurrency is mentioned, the name Jed McCaleb is never left behind.
Jed is a talented developer and his positive contributions to the cryptocurrency world can never go unnoticed. Jed McCaleb launched the world’s first Bitcoin exchange, Mt. Gox. Together with Sam Yagan, Jed developed the eDonkey, the first network to use multisource downloading. However, all that was not enough since the tech guru has a new deal in the block, Stellar. Stellar was introduced in 2014.
While creating Stellar, Jed and his partner, Joyce Kim were looking for a universal financial network that would increase economic participation as well as include everyone, both the rich and poor. This thought was triggered by realizing how much Bitcoin could help solve many problems.
Jed’s new venture is sponsored by Stellar.org, a non-profit-making platform that supports technology and digital financial literacy across the globe. As opposed to Bitcoin which provides a platform to more value, Stellar provides a network for linking together institutions. With Stellar, it will be easy to connect with unbanked people across the world. By this, I mean that after tying the banks together, the unbanked persons will be in a position to make money transfers and other transactions cheaply and efficiently.
Now and then, Stellar has undergone upgrades because it is a global platform hence a wider market. Today, Stellar is more scalable and modular to ensure efficiency when it comes to service delivery. Besides, client’s security has always been a top priority. Therefore, Stellar follows suit of the internet’s simplicity by using libraries as well as other standard tools. The network uses a raised security system, Stellar Consensus Protocol (SCP) which is tested and retested to boost the security. Under Jed McCaleb’s management, Stellar is expected to head for higher margins since it is focused on everyone in the society.