Jed McCaleb’s Bitcoin World

Although blockchain technology is still pretty young, Jed McCaleb has already founded and run a number of blockchain-based companies. Her first read about bitcoin’s in a 2010 article on the technology sit, Slashdot. He wasn’t the only person inspired by the article. It was an article that led to a complete revolution of the marketplace by so many people. McCaleb loved the idea of there being a kind of currency that wasn’t centrally controlled. His first bitcoin company was the now famous company, Mt. Gox.

In 2011, he mentioned to CNBC that he sold this incredibly successful company to software developer, Mark Karpeles. His current one, Stellar, is concentrated on international remittances and payments. He then founded Ripple, the focused on streamlining the mining process. Up to that time the process had been very tedious and time-consuming. He then founded Stellar, which perfected many of the blockchain principles discovered with Ripple. In particular, Stellar effectively unified all of the bitcoin-based institutions in the world. Stellar utilized an innovative consensus that allows nodes to select nodes it trusts, which in turn create web-like structures of consensus in the network.

This makes it so that if a bad node comes into the network, the nodes that are already there will be enabled to ignore it. The system will also know to drop these bad nodes out of the lineup. What this does is to give the site a kind of Facebook-like quality. This method does have its critics, though, who say that a blockchain with less than a full load of nodes will not be as efficient. McCaleb says that that is not on an issue at all, because if something ever goes wrong because of the lack of full nodes, you can just set up your own.

Stellar is open to the public. This is usually the case these days. McCaleb says this is because making it private is more costly and requires more work. In addition, it misses the point of blockchain which is to enable the public to perform financial transactions to whomever they choose anywhere in the world. Since Stellar is public, it can connect to virtually any network in the world. Get more facts about Jed McCaleb on LinkedIn.

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