The role of Jed McCaleb is one of the significant ones in the history of blockchain technology. Currently running Stellar, a company he co-founded, he has been one of the most consistent players in the industry. At no point has he ever given up despite the challenges that the industry faces due to its tender age. The blockchain just like any other industry is faced with challenges that face young industries. McCaleb has stayed on, and he is always looking for solutions to deal with the challenges. Through Stellar, he is developing one of the biggest projects in the blockchain industry. Stellar is currently working on a cross-border system for remittances and payments.
Currently, the biggest problem facing the industry is lack of payments system that allows the use of cryptocurrencies. Once this project is complete, we are likely to see more businesses accept cryptocurrencies as a means of payment for goods and services. Successful completion of this project will be good news in the industry since we will be moving nearer to a time when cryptocurrencies will be accepted just like any other currency.
Jed McCaleb joined the industry in 2010 after he was introduced to bitcoin by an article he read online. Since then, he has been a central player in advancing the industry. In 2011, he created the first centralized exchange for bitcoin known as Mt. Gox. All other platforms that were available; such as localbitcoins needed one to coordinate with another person to transact. Mt. Gox rose to prominence in a very short time and at the height of its usage was covering 80% of cryptocurrencies transactions.
In 2014, he sold the company to another software developer. Under the new owner, it was hacked. This was one of the worst occurrences in the history of bitcoin. Cryptocurrencies lost value by a huge percentage. Jed McCaleb sold the company so that he could concrete on developing solutions for other challenges facing bitcoin. Looking at the history of the blockchain industry and the contributions that Jed McCaleb have made, his role in the growth of the industry is clear. Get the facts straight from Jed McCaleb on LinkedIn.