Jed McCaleb: Technological Impact In Entrepreneurship

Throughout his career, Jed McCaleb has been interested in the use of technology to improve monetary transactions. He has worked on many cryptocurrency projects including the development of Mt. Gox exchange and the Stellar system. Out of his experiences, Jed prospects that the growth in technology is likely to in the future have an impact on business sectors such as the stock exchange. He states that a universal transaction system might be developed in the future. This network would allow people to view the records of transactions but cannot change them. It would also let people make use of currency they are comfortable with. As time goes by, he becomes more confident of the successful thrive of cryptocurrency.

Jed McCaleb is the founder of the Mt. Gox exchange, a cryptocurrency network. In 2011, he sold the idea. After being traded, the project encountered challenges and was forced to shut down in 2013. The system made use of bitcoins. When it crashed, it caused a decrease in the exchange rates of bitcoins. After selling this idea, Jed McCaleb, together with a partner, co-founded Stellar. He also holds the position of Chief Technology Officer. Stellar is a firm primarily focused on improving the cryptocurrency networks. It has its system called XLM. It is among the best crypto networks. The main reason for coming up with this network, as Jed states, was to try and fix the global financial system.

In its project, Stellar has come up with an innovation that enables faster money transfers. Through the system, one can make a complete transaction in less than two seconds. The system allows financial infrastructures such as stocks and different currencies to be tokenized. After being changed to tokens, these assets can be transferred from one point to the other through the network. The system also ensures secure transactions over very long distances. This is a firm indication that the network is capable of supporting global exchanges. Companies such as IBM have been making use of the Stellar system. This system can be as well used for fundraisings. In fact, companies who have used the network for fundraising have got a lot of money in digital coins compared to what they could have achieved with monetary fundraising. More content on his LinkedIn account.