Stellar’s Universal Financial Network, Jed McCaleb
Jed McCaleb is a well-known programmer and cryptocurrency expert. There is no dispute in his contribution to the cryptocurrency world like starting the first Bitcoin exchange Mr. Gox. Over the years he has recognized that the global financial system has very notable flaws. This revelation would lead Jed to teaming up with Joyce Kim to cofound Steller Development Foundation in 2014. Stellar being focused on increasing economic participation and inclusion in a Universal Financial Network.
The idea for Stellar came from understanding that many problems that can be solved using a distributed database, the technology behind Bitcoin. Creating a digital currency was just the beginning and the need for connecting financial institutions is the next step. This is where Stellar comes into the scene, being an open source financial network designed to connect financial institutions together. Through Stellar, Jed aims to help institutions reach out to the unbanked population of the world. This will be done through the linked institutions being able to offer more affordable services.
Jed has already seen Stellar implemented in financial infrastructure across the world. Through businesses, financial organizations, and nonprofits. With Stellar’s implementation seeing success it has garnered special interest in the developing nations. Where substantial portions of the local population are unbanked and makes up most of the world’s unbanked population.
Jed McCaleb and his team have made significant upgrades to the Stellar Network in terms of its security, scalability, and how modular it is, since its inception in 2014. The addition of SCP (Stellar Consensus Protocol) to enhance the Security of Stellar Network is one of these upgrades. Another one would be the approach Stellar has taken with Smart Contracts. Which utilizes two main components namely batch operations and multi-signature support. Many of these upgrades are developed through the participation of the Stellar Network Community, because Stellar is a Community run network.
When it comes to Success Jed believes that to putting the time and effort to development of solid planning and strategies. Believing that without a focused plan you cannot succeed if you set the wrong goals in the first place.