Stellar was co-founded by Jed McCaleb, who also serves as CTO of the company, overseeing all technical development and ensuring that things run smoothly. Jed McCaleb has previously worked on peer to peer file sharing programs, bitcoin exchange networks, and third party video game digital asset trading platforms. Now, as the CTO of Stellar, he is linking financial institutions with blockchain programming in order to expand financial services all over the world.
Jed McCaleb was asked about his business life, his interests, and many more topics in an interview.
“My evolving interest in Bitcoin eventually lead me to the idea for Stellar,” McCaleb explained after the interviewer asked him how Stellar came to be. “Once I was what Bitcoin was,” McCaleb began. “I knew the technology could potentially be transformational for the world.” McCaleb is working to make these transformations. Stellar is responsible for thousands, if not millions of individuals having some form of financial services. Thanks to Jed McCaleb and Stellar people all over Asia and Europe has services they were previously forced to do without.
Unbanked is the term McCaleb has created in reference to people who do not have financial services. There are 2.5 million people in the world who are unbanked: these numbers come from the World Bank and not Stellar. These individuals do not have access to bank accounts and are unable to participate in the world economy. They are unable to save money effectively, and they are unable to make international transactions. Should people in these countries wish to send money to friends or family in another country they would be forced to pay a substantial fee. Stellar has fixed many of their problems. With its blockchain technology, Stellar makes sending payments cheaper, faster, and more secure.
Jed McCaleb is a successful entrepreneur due to his excellent strategic planning. McCaleb has taken the time to decide which industries he participates in, but he admits he hasn’t always made great decisions.
Artificial intelligence is an up and coming industry that excites Jed McCaleb. McCaleb isn’t personally invested in the AI industry yet, but he does donate to the Machine Intelligence Research, which works to ensure safety in artificial intelligence software.