Slowly by slowly, cryptocurrency is doing away with traditional banking as we know it. The newly introduced blockchain technology that is continually being improved is on the verge of changing the forms of global payments, fundraising, and the entire stock market.
Analysts predict that in the near future, global payments will be made by the use of public ledgers that individuals will be able to see but not change randomly. This trend may be positive to some while negative to others.
There are still some issues related to the blockchain technology that companies like Stellar are looking into. Such problems include the fact that not the whole corporate world is familiar with this financial system. There is also the issue of the increase in the first coin offering to an amount that is equivalent to 9 billion US dollars. This increase has led to the emergence of numerous deceitful fundraisers. The chief technology officer of Stellar, Jed McCaleb shared his insight on this technology, stating that indeed, cryptocurrency is the future of finance.
Jed McCaleb is an American software developer based in San Francisco that has been involved with the crypto marked for several years. Jed McCaleb came up with verified digital currencies that differ from the bitcoin technology under the name Ripple Protocol in 2011.
He launched the company Open Coin that would operate the Ripple token ownership and recruited some of the most accomplished individuals in the market like Chris Larsen as its executives. Currently, Ripple is reported to be worth an impressive twenty million dollars.
He also developed the eDonkey, one of the globe’s most extensive networks for sharing files in 2000 and the XRP currency company and served in it as an executive until 2013. His most recognized creation was the Mt. Gox which was the first ever bitcoin exchange company in existence which he later sold.
In 2014, Jed McCaleb joined forces with Joyce Kim to launch the Stellar Development Foundation. Stellar Development is a non-profit organization that allows for individuals to carry out monetary transactions across borders. His latest venture is LightYear, a project under Stellar that is meant to expand the operations of the organization to all continents of the globe.