American programmer and skilled technologist Jed McCaleb is leading the way for an open source universal financial network.
McCaleb, collaborated with Joyce Kim, previously a venture capitalist at Freestyle Capital, to co-found and launch Stellar where he currently functions as chief technical officer.
Stellar, which is a platform that joins banks, systems and people, strives to link up people who at this time do not use banks or banking institutions. World Bank statistics estimate that number to be approximately 2.5 billion people worldwide, (http://analystoffinance.com2018/02/jed-mccaleb-newest-venture-stellar).
McCaleb became aware of flaws in the global financial system and trusts Stellar will make it reasonably priced for institutions to make their services available to the unbanked. According to McCaleb, Stellar was launched to bring different institutions together to grant access to less expensive and flawless money transfers by means of an open source monetary system.
The current network is not only more scalable, protected and flexible, it is also easier to comprehend and expand. The Stellar network is supported by Stellar.org, a non-profit that brings technology together with digital financial proficiency and also adds to open source software.
There are already nonprofits, financial institutions and businesses putting the system into practice, in particular in areas around the world like Tanzania and Kenya.
At Stella, McCaleb leads technical development which takes in coding and building on Stellar’s technical aspects. He is also responsible for running the business.
Before Stellar, McCaleb founded eDonkey, Mt. Gox, the world’s first Bitcoin exchange and Ripple.
McCaleb is fascinated by the influential technology, artificial intelligence (AI) and spends time delving into its potential. He believes that in less than 20 years, AI will resolve many of today’s problems.
He also appreciates the many challenges entrepreneurs face and offers his advice to them to focus their energy on bigger ideas as the rewards are great. He also advocates creating impressive products rather than marketing them.
McCaleb credits his victories as an entrepreneur to devoting a good deal of time cultivating specific, definite plans and approaches as he believes success will not be reached if the wrong goals are set.