Tel Aviv Fintech Week is a four-day event hosting conferences discussing fintech, blockchain technology, and cybersecurity. This particular meeting took place at Rise, which is an innovation center set up in Tel Aviv by Barclay’s Bank. Jed McCaleb discussed the future of blockchain technology as well as his new company, Stellar.
McCaleb explains his company’s system is much more efficient than bitcoin. He believes that for every digital dollar there should be a real dollar, and Stellar works to accomplish that. McCaleb wants Stellar to fill gaps within the financial system to ensure full economic participation.
Jed McCaleb admits the world of cryptocurrency evoked in him the memory of mining. More than a million dollars went into mining and McCaleb believes bitcoin can expand further than just a token. McCaleb founded Ripple in 2011 but explains he left because they were setting it up as a for-profit company. In his opinion a nonprofit company would be more effective, allowing as many people as possible to have access to Stellar. Accessibility allows developers to get tokens for projects at their convenience; Stellar’s ultimate goal is to provide people with the service of getting money from point A to point B.
Over the last few months, according to Jed McCaleb, he has been working to expand Stellar. He has been hiring many new employees and working to advance technology so that the features within Stellar can be accessible to more people. McCaleb boasts about Stellar’s general platform. Saying that it is more customary than that of Ethereum, and if one wants to transfer value or store assets, using Stellar is more straightforward and better. In an interview with CNBC.com, he said that making an asset is more suitable because there is no coding required and Stellar backs the tokens with actual assets.
Interoperability is a priority for McCaleb, and he plans to set up Stellar as an open source protocol with a small amount of centralization to scale. They partner with IBM for worldwide adoption considering their relationship with major banks, but McCaleb admits they do not want to be an IBM product. View Jed’s work history here.
More facts that you should know: https://www.stellar.org/about/