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.
When David Zalik founded GreenSky Credit in 2006, he was nearly 100 percent sure that he had a winner on his hands. But the then-32-year-old entrepreneurwas facing a market that was uncertain and a model that had never before been tested. Still, the young businessman was willing to stake essentially everything he had on the future success of his company. David Zalik had as much skin in the game as can possibly be put there.
To come up with the money, he mortgaged more than $10 millionof commercial real estate, representing his entire effective net worth. Zalik could have taken on partners, but so strong was his belief in the future success of GreenSky Credit that he wanted to retain as much equity in the firm as he possibly could. This would prove to be a wise decision.
Zalik first got the idea for GreenSky Credit while working on another one of his companies, Outweb. The e-consultancy firm had a large number of clients in the home-remodeling sector. And Zalik was able to see, first-hand, the problems that this industry faced. One of the issues that Zalik saw was the constant losing of sales at the retail level to customers who had simply underestimated how much a home remodeling project would ultimately cost. It was not uncommon for customers with little or no contracting experience to underestimate the true cost of projects by up to 50 percent. When they finally were informed of the actual price, the sticker shock was frequently enough to ensure that the deal would fall through.
GreenSky Credit addresses this problem by pairing merchants with 14 of the nation’s largest creditors. Because the majority of customers for high-end home remodeling have excellent credit scores, GreenSky Credit can offer extremely attractive terms on the loans while also guaranteeing lenders a very low probability of defaults. This model has proven to be an excellent way to facilitate deals that would have otherwise fallen through.
Today, GreenSky Credit originates more than $5 billion in loans every year. Zalik seeks to grow to doing $20 billion in annual loans by 2020.
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