Cryptocurrency is gaining popularity among many investors worldwide.
Among those who have contributed immensely in this area is Jed MacCaleb, who is
a blockchain Cryptocurrency professional and a famous programmer. He is
credited for inventing Mt. Gox, which is the first Bitcoin worldwide. He has contributed
to other major projects such as eDonkey, a peer to peer file sharing platform
that is fully decentralized. He developed this network together with Sam Yagan.
The most recent venture he has developed is Stellar. Let’s look at this new
Jed McCaleb began working on this venture in 2014. He did
this after he realized that there were many loopholes in the world monetary
system. He collaborated with Joyce Kim, who founded Stellar Development Foundation.
Jed McCaleb works as the technical developer in Stellar.
His technical development work is categorized into two. He
codes and creates technical aspects with his fellow workers. Jed McCaleb is
also involved in responding emails and other tasks involved in running a
How he began Stellar
Jed McCaleb received the idea for creating stellar after
gaining full understanding of Bitcoin. He recognized that there was a great
need to develop a new digital currency that connects different financial
institutions. Jed decided to develop open source financial networks with the ability
to connect various institutions. The difference better Stellar and Bitcoin is
that Bitcoin helps move value, while Stellar helps in linking financial institutions.
According to Jed McCaleb, the major goal is to help connect those
people who do not have bank accounts. The linking of the different institutions
by Stellar makes it more cost effective to provide services to those without
bank accounts. This is because lack of connections among the institutions leads
to high cost in money transfer. By tying the different institutions, Stellar
has made it possible to have seamless and cheap transfer of money through a
more open source monetary network.