As the co-founder of the Stellar Foundation with a fellow co-founder, Joyce Kim, Jed McCaleb has been on a mission to connect the bankless around the world to financial institutions. As a serial entrepreneur, computer programmer, and inventor, Jed McCaleb, is very popular for being an early adopter of technology. McCaleb created Internet platforms and websites, like Mt. Gox. And when it comes to hot technology like blockchain and new methods of payment like Bitcoin, McCaleb is right there with the trends. Recently, McCaleb has focused on cryptocurrency-based ventures like Stellar.org.
According to Jed in a recent interview in early May of 2018 that he wanted to dole out 10 dollars’ worth of Stellar to many people, but the Stellar Foundation system is not ready yet to be able to accomplish this task. McCaleb also said that Stellar Foundation has been hiring rather profusely over the last eight weeks. McCaleb also noted that Stellar Foundation would be announcing something quite big soon.
McCaleb also remarked in the interview that Stellar Foundation utilizes an open protocol for making payments. McCaleb’s Stellar Foundation uses a Stellar consensus protocol with Bitcoin as a proof of work. Because the Bitcoin exchange process is a costly one, Stellar.org has a much more efficient system.
Because McCaleb believes that the cryptocurrency world is in a similar dot-com stock bubble like the year 2000, he wants his Stellar Foundation to be real enough when the crash comes. Unlike another cryptocurrency like Ethereum, Stellar Foundation is an open system — basically, any entity can use it. McCaleb notes that Stellar (XLM) is a much different model because Ethereum is a general platform, and if you want to transfer Bitcoin or store cryptocurrency, Stellar is more efficient for transactions. And even a legendary technology company like IBM is using McCaleb’s Stellar. IBM uses Stellar’s network because of their active transactions.
Jed McCaleb and Kim are implementing their vision of a world where banking institutions, which work with his Stellar platform and its tools, can thrive in an open-source network. McCaleb wants Stellar to be secure, stables and affordable regarding cryptocurrency transactions.