Jed McCaleb is a programmer whose specialty is blockchain, the technology that underlies cryptocurrencies. He was the founder of Mt. Gox which was the very first bitcoin exchange. He has also developed other technology and companies such as eDonkey which was a pioneering piece of software that allowed peer-to-peer file sharing over decentralized networks as well as multisource downloading. He also founded ripple.com in August 2011 which is a cryptocurrency that allows people to easily make transactions with others around the world with no need for a third party.
Stellar is the name of Jed McCaleb’s current business. He says that the global financial system is deeply flawed and due to this far too many people have no access to banking services. To solve this problem he co-founded Stellar Development Foundation. He is this organizations chief technology officer. His role is to handle the technical development of Stellar while his business partner, Joyce Kim, handles the business-side of the company. Stellar is a financial network that will allow people around the world will be able to join regardless of their financial position.
Stellar.org is a nonprofit which helps to fund the Stellar Development Foundation. The programmers at stellar.org also provide open source software to Stellar which Jed McCaleb integrates into the rest of the software. Stellar is off to a good start as there are companies, nonprofits, and financial organizations using Stellar around the globe. Interest is especially high in developing countries as most people who lack access to bank accounts live in these types of nations.
Jed McCaleb says that the technology behind bitcoin is what inspired him to establish Stellar. Bitcoin uses blockchain which is a decentralized ledger that keeps track of transactions. Jed saw how this technology could be used to connect different financial institutions together in a way that has never been possible before. He says that 2.5 billion people lack bank accounts. Banks don’t want to help these people because it’s too expensive to do so. Jed McCaleb says that Stellar will make it far less expensive for banks to offer their services to unbanked people.