Jed McCaleb is an entrepreneur who was one of the pioneers of blockchain technology and the cryptocurrency bitcoin which is based on it. He created Mt. Gox which was the first place that people could buy and sell bitcoin to others. He is now working on a different cryptocurrency called Stellar. He co-founded Stellar Development Foundation in 2014. He has said that in his opinion blockchain is going to create a universal payments network that anyone can use.
At Stellar, Jed McCaleb is the chief technology officer. He is designing a network which will allow people to use Stellar to make cross-border payments. He thinks that cryptocurrencies are just getting their start and blockchain technology will be used in the future for other financial transactions, such as the stock market. He says the advantage of blockchain is that it involves a public ledger that everyone can see for themselves. Blockchains can’t be arbitrarily changed by anyone and he thinks that in the future nation’s currencies will be based on it including the EU’s euro and the American dollar.
Jed McCaleb says that, unlike bitcoin, Stellar transactions are very fast. He has the transaction settlement times down to five seconds or less. Bitcoin transactions take far longer than that to the point where it’s not all that useful in the real world. Stellar also lets people quickly and easily exchange Stellar cryptocurrency to government-backed currency.
When talking about stocks and other equities, Jed McCaleb says that it would come as no surprise to him if within a decade they are based on blockchain technology. He says this would likely necessitate taking a decentralized exchanges approach as any centrally controlled exchange would likely be overloaded.
It was in 2011 that Jed McCaleb decided to sell Mt. Gox to someone else in the cryptocurrency industry, Mark Karpeles. It was long after he had sold this exchange that it was hacked and had millions stolen from it resulting in its bankruptcy. Meanwhile, as of the end of 2017 Stellar is one of the 10 biggest cryptocurrencies in the world.