Even though the blockchain technology is relatively new, it has already went through several ups and downs. One person has founded several blockchain companies that worked to promote the well-being of the blockchain industry. He has founded both Mt. Gox and Stellar, and his name is Jed McCaleb.
McCaleb’s latest project, Stellar, was founded on the principle that the world’s banking systems were broken. McCaleb took it upon himself to fix these issues, and the process is still ongoing. Teaming up with Joyce Kim, Jed McCaleb created Stellar, a blockchain company that is working to connect financial institutions together with blockchain coding.
The techniques employed by Stellar create a seamless transaction process between banks and other financial institutions. This reduction of cost is passed onto the consumer, creating a scenario where people can afford services they previously didn’t have the funds for.
Jed McCaleb first became acquainted with blockchain from an article on Slashdot, a tech news website. McCaleb has stated that he believed blockchain was amazing and revolutionary from the beginning. In fact, he transformed his current company, Mt. Gox, into a blockchain focused organization shortly after discovering the technology. Mt. Gox was sold in 2011, and McCaleb began pursuing a deeper interest in blockchain.
Stellar was finally launched in 2014, offering a unique alternative to the standard Bitcoin.
“We want to connect all of the different financial institutions,” McCaleb said.
Stellar first began as a nonprofit, offering its currency to investors, current blockchain currency owners, and others. Stellar’s primary model was a brainchild of Professor David Mazieres from Stanford. The company uses a different method of authentication than most companies, using smart nodes. This enables the company to use less nodes than other currencies, lessening the power needed to maintain the network.
As said by Jed McCaleb on LinkedIn, Stellar is already operational all over Europe and Asia, but with partnerships, like the one they have with IBM, Stellar can only expand further going forward.
Watch this video featuring Jed McCaleb: https://www.youtube.com/watch?v=82U3AZdA0qU