Jed McCaleb is an important figure in the world of cryptocurrencies. He is one of the earliest innovators in the cryptocurrency industry. McCaleb has experience in this field after spending many years working in various financial technology firms. One of the things he realized is that despite all the growth that was being recorded in the financial sector, there was no hope for the third world countries to benefit from it. The system was designed to always work against them. He realized that the financial system that is being used is broken and cannot be relied upon to change the situation at all.
The existing infrastructure is also flawed, and just like the system, it cannot solve the current challenges. It is after seeing all these challenges that Jed McCaleb came up with the idea of bringing changes through Stellar. Stellar is an innovation that will revolutionize the financial sector like no other before. Stellar is the way towards a better financial system. McCaleb has been an innovator with passion and has been behind other innovations such as eDonkey and Code Collective.
Stellar is an organization co-founded by Jed McCaleb. It is a non-profit organization that will bring the financial system that Jed McCaleb has been talking about. The organization will be providing banking services for the people. Anyone who does not have a bank account can depend on them to keep the money. The organization has been riding on the slogan of “banking the unbanked.” When the organization was launched in 2014, the coins created by the organization were known as Stellars. They were however later renamed to Lumens (XLM). One Stellar Network is established to be used with the new financial system that is being worked on; it is expected that global inflation will not go past 1%.
There is Stellar Development Foundation which is the organization which deals with all the banking activities of Stellar. Jed McCaleb is projecting that in the next one decade there will be a hybrid financial system that will allow cryptocurrencies to be used just like any other currency. Everything will be running on blockchain technology. Read this transcript of McCaleb and Stellar’s meetup wth eToro at lumenauts.com.
See here: https://www.blockzero.show/c4e67558