JED MCCALEB INNOVATION IN CRYPTOCURRENCY

Jed McCaleb is a co-founder of the Development Foundation Stellar. He has worked his way through difficulties in the industry of blockchains into founding several renowned blockchain projects. He still works to hit his goal of getting Stellar in payments and cross-border remittances standard industry. He first learned about Cryptocurrency in 2010 when he read about Bitcoin from a tech site online by the name Slashdot. It had linked to the whitepaper of bitcoin and Bitcointalk, the common web forum for more information. He was interested and decided to get involved immediately. He was amazed by the fact that there would be a money kind that would not be centrally controlled though he wasn’t convinced at first. The article on Bitcointalk on Slashdot gained it members from 200 before it had been published, to 2000 after it was published.

He first came up with Mt. Gox a Bitcoin Exchange trading center that he later sold. He was disappointed by the mining process of bitcoin exchange and thought that it was wasteful. He, therefore, came up with Ripple that would be a better option. With time, Ripple manifested, and they discovered that it would be used in more than just the decentralized money. It was possible to put assets of any kind into the network making it bigger than it was originally envisioned.

He founded the Development Foundation Stellar in 2014, from the knowledge he acquired from Ripple. This foundation would in-turn oversee the Stellar protocol development. He saw Stellar as a payment protocol on the internet level. His aim was to connect different institutions of finance and networks of payments together so that money would operate in the like of emails. It was beneficial as organizations not only needed to connect to large banks but to different institutions of finance.

Stellar created a network that utilizes a new consensus form, Byzantine federated agreement. It was created by David Mazieres, a professor of Stanford and allows all the network’s nodes to select any other nodes that it trusts, creating for the network a consensus that is web-like structured.