Jed McCaleb Gets Introduced To Bitcoin Crypto Currency
Since his initial discovery of the crypto currency ‘Bitcoin’ in a 2010 article, Jed McCaleb realized the potential that came with the financial innovation. Along with this realization also came some insight into the kinks in the software of it. The issues he discovered were that of an acquisitive nature. Namely, the mining process. He described the mining process as “wasteful” and immediately sought out a solution for a more efficient approach. Upon further research and effort, Jed McCaleb co-founded ‘Stellar’.
Stellar In The Making
According to CNBC, Stellar was created as a non-profit to help actualize Jed McCaleb’s dream of full economic participation for all human beings. The idea of having a decentralized bank is what most likely sparked the flame of crypto currency. The desire to have a more efficient alternative to Bitcoin mining is what gave birth to the idea of Stellar. The network security of Stellar allows each Node (computer that is connected to the network) to communicate only with other trusted Nodes. These Nodes are pre-determined and do not communicate with other suspicious or malicious Nodes, but instead ignores them. This provides a more secure facebook-like overlapping web that connects trusted Nodes throughout the network.
How Stellar Is Beneficial
The goal of developer and co-founder, Jed McCaleb is to provide an easier method of currency exchange in the hopes of having it operate in a much more like e-mails. To provide a more secure network, Stellar has also implemented the use of public blockchain technology. However, there do seem to be worries in regard to the backing of assets in a tokenized manner. One remedy to this issue is to have the more valuable assets backed by the most reliable financial institutions.
As mentioned by Jed McCaleb on LinkedIn, he wishes to one day connect all financial institutions to further exploit the benefits of a decentralized bank. Currently, Jed McCaleb’s primary focus is to grow the Stella core business. Much of his hard work has stemmed from the selfless desire to facilitate the sending and exchange of money with other countries. He hopes to soon have the big financial institutions, such as IBM, to back his currency.
Checkout Jed’s video here: https://www.youtube.com/watch?v=VkzGgAL9N24