Jed McCaleb with a Way of Easing the Cost of Money Transfer Under Stellar

Bitcoin has been a massive hit among the cryptocurrencies, but most people are not well versed in the first Bitcoin exchange. Mt. Gox was the first in the world and was started by a renowned American cryptocurrency expert and programmer Jed McCaleb. His contributions to the cryptocurrency industry have been significant ever since he developed eDonkey together with Sam Yagan in 2000. eDonkey was a file sharing network among friends which was among the first to allow multiple sources downloads. Later in 2014, Jed collaborated with Joyce Kim, and together they started Stellar. This was after analyzing worldwide financial systems and seeking ways to make amends for the numerous challenges in these systems.

 

Stellar is a global financial network whose main aim is to boost economic inclusivity and participation. Jed is Co-founder and CTO of Stellar. He is in charge of technical development where together with a dedicated team, he codes and builds technical details for Stellar. Jed also takes time to answer emails and business queries related to his line of work.

 

Stellar, a nonprofit organization, primarily supports the stellar network. The organization also deals with merging digital financial intelligence and technology. Jed commits to improving existing and inventing new technologies that offer solutions to world problems. For instance, although he has vast knowledge in cryptocurrency, he chose not to develop a new digital currency but use it as a platform to connect financial institutions. This was the main idea behind Stellar.

 

The Stellar network seeks to connect 2.5 billion people without a bank in the world. This is by bringing financial institutions together, lowering the costs of financial services as maintenance costs are brought down, key aspects that hinder financial institutions from serving them. Linking these financial institutions together through an open source financial network under Stellar will help in easing the cost of money transfer, which has always been high.

 

Apart from Stellar, Jed has special interests in Artificial Intelligence as he sees it has the potential to solve some of the life problems making life more comfortable. His interests in AI have led him to be an adviser at Machine Intelligence Research Institute (MIRI).