Jed McCaleb looks forward to cryptocurrency technology revolutionalizing the world market.
Jed McCaleb has always had the passion for using innovative technology to reduce human suffering. He is the Chief Technical Officer at the company he co-founded Stellar.org. He is responsible for spearheading the company to reach its maximum technical development. He has pioneered several successful projects namely eDonkey, Mt. Gox, and Ripple. eDonkey was rated as the leading file-sharing platforms of its time Mt. Gox was started in 2011 and was the first Bitcoin exchange platform. The idea for Stellar Development Foundation came about as a result of Jed McCaleb trying to solve the aspect of the financial infrastructure that rendered most people with little or no resources. Jed McCaleb is positive that the modes of global payments, stock markets, and fundraising were bound to change with the change in technology. Sharing with CNBC.com Jed McCaleb spoke how the payment network in the world was evolving. The Stellar organization is an example of a platform bound to bring revolution in the market. The system offers room for trading using currencies that are backed by the government including dollars and euros. The network also has a less time for settling transactions that are faster than other cryptocurrencies such as bitcoins. A system for payments that are of cross-border in nature is being developed IBM using the network provided by Stellar. A financial firm that conducted research reported that the offering of coins had raised over $9billion in just four years and this indeed shows that it is a new system for raising funds. This type of model for fundraising is more effective as the sales of tokens are transacted directly to the investors. The investors can then buy digital coins and in the long run contributing to a project. Jed McCaleb looks forward to those assets that are not in crypto form have a possibility of being made digital by using the same principle and technology. Some organizations have already started this venture of using bitcoins to buy stocks. Jed McCaleb argues that in the future the market would be so flooded that a centrally controlled system would not be able to handle and looks forward to funds being tokenized.