Jed McCaleb has long been a tech pioneer. In 2000, he formed the e2000Donkey file-sharing network. He got in on the ground floor of cryptocurrency and blockchain, too. McCaleb founded Mt. Gox in 2006. Originally intended as a site for Magic: The Gathering fans, by 2010 it evolved into an exchange where Bitcoin was traded. McCaleb sold the site in 2011.
McCaleb’s experiences with Mt. Gox taught him that Bitcoin mining was too inefficient and wasteful. In his next venture, McCaleb sought to find a way to eliminate that problem. With the Ripple network, he found it. Transactions in the Ripple network are verified by members of the network, by consensus.
Ripple was launched in 2012, with Jed McCaleb as CTO. Since then it’s taken off. Companies including UBS, Santander Bank and UniCredit. Ripple’s ledger has over fifty validators, including the Massachusetts Institute of Technology, AT TOKYO Corporation and WorldLink.
Ripple’s ledger makes transactions like currency exchange faster. Such a transaction might take only 3 seconds with Ripple. That’s because it seeks out the shortest route from currency A to currency B. Because it’s so decentralized and uses open source code, the Ripple network is able to operate without interference from the company itself.
Jed McCaleb is always hungry for a challenge. In 2013, he was ready to move on from Ripple. His new venture, Stellar, is related in some ways. It seeks to build the same kind of network where people can make and receive payments. However, its focus is totally different. Instead of targeting prestigious institutions, Stellar targets the developing world.
You see, hundreds of millions of people are unbanked. This makes it hard for them to plug into the world economy. Stellar is a non-profit startup that seeks to serve people in poor countries. This technology expands the horizons of people around the world. It makes it possible for them to market their skills and goods, and earn an easily negotiated currency in return. This makes it possible to do so much more than they can do with in-kind payments.
Article reference: https://www.linkedin.com/in/jed-mccaleb-4052a4