Nearly everyone with an interest in blockchain is aware of Jed McCaleb. He first made a name for himself at the early ages of public internet access and has remained prominent in the tech world – an accomplishment itself.
Jed McCaleb has remained innovative and relevant by knowing exactly what the next big thing is going to be. When Napster was all the rage, McCaleb created eDonkey, a superior way to download files over the internet. When he first discovered bitcoin, he transformed Mt. Gox, his current company, into a bitcoin exchange network.
As a longtime member of the blockchain world, it only made sense that when CNBC went looking for a crypto expert to interview they turned to Jed McCaleb. The discussion between the two was strictly about the future of blockchain and how Jed McCaleb believes it will change the banking industry.
Stellar is working to united financial institutions in poorer areas of the world. This is the foundation of Jed McCaleb’s vision, and by starting in these locations, he can build important partnerships along the way. Stellar is already partnered with one major company, IBM. IBM is using Stellar’s protocol and currently developing its own blockchain payment solution.
Coincidentally, Jed McCaleb predicts that the banking industry will implement blockchain fully within the next 10 years. This is obviously an educated guess rather than simple theory. Jed himself is working in the blockchain industry in an attempt o make his prediction a reality.
“In the future, I think it’s pretty clear to me there will be a universal payments network that will operate,” McCaleb boasted. He went on to say that this network will be a public ledger that cannot be changed by unpermissioned entities.
This is precisely how Stellar and other blockchain currencies work. All transactions are stored across sometimes hundreds of machines, housing the information in multiple places at once. This is called decentralization.
Stellar may use decentralized ledger keeping like other cryptocurrencies, but it does have its differences. Stellar is backed by legitimate and tangible assets. It also doesn’t utilize data mining to create its coins.
Jed on LinkedIn: https://www.linkedin.com/in/jed-mccaleb-4052a4