Jed McCaleb’s Thoughts on the Future of Cryptocurrency & Banking

Jed McCaleb has been a revered, well respected name in the tech community for as long as he has been a member. He has a well established background in the tech world, and he is an expert in programming and blockchain technology.

 

Even though he is considered a premier expert on the world of blockchain technology, he wasn’t always involved in cryptocurrencies. His original contribution to the tech world was a peer to peer protocol. The software was first seen in his companies eDonkey and Usernet, but the technology he created can now be found in almost every peer to peer and torrent program available today.

 

It wasn’t til later, with Mt. Gox, that McCaleb got involved in the cryptocurrency industry. The original purpose of Mt Gox was not cryptocurrency focused;however, it started out as a market place for players of an online trading card game. When McCaleb realized that his technology could be used for so much more, he transformed Mt. Gox into the world’s first worldwide bitcoin exchange.

 

His experience in such organizations as those mentioned above have given him the opportunity to create Stellar, a blockchain technology that is meant to be used alongside existing financial systems. Along with Joyce Kim, McCaleb created Stellar in 2014 and serves as CTO.

 

Jed McCaleb believes that cryptocurrency will lead to a better and cheaper banking future. He also says that one day stocks may be digitized with blockchain, the technology behind cryptocurrency. McCaleb says he wouldn’t be surprised if blockchain technology was available for all purchases in the next ten years.

 

“In the future,” McCaleb began. “I think it’s pretty clear to me there will be a universal payments network that will operate.” This system must be able to exchange country specific currency for a universal currency; the system must be able to maintain a public ledger that cannot be changed or defrauded.

 

McCaleb created Stellar to solve these issues.

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