Jed McCaleb Shares Where He Sees Blockchain Headed

Getting into blockchain and Bitcoin when it was in its infancy, Jed McCaleb created Mt. Gox. He is now the chief technology officer of Stellar, a newer blockchain powered network. He sees a future where there is a single payment system for the whole world that has blockchain technology underlying it. His company is one that offers an international payment system that uses a digital token. He can also see a hybrid system being developed which can do the transactions of both fiat currencies and cryptocurrencies.

Stellar, along with another blockchain digital currency called Ripple, are both being looked at by multinational financial institutions as a way they can modernize their remittance models. The costs of moving money across national boundaries will come down and more people will be able to take part in the global economy, something that isn’t currently possible for about half of the people on the planet.

The token used by Stellar is called Lumens (XLM). This digital currency has been in the news recently, in no small part due to Jed McCaleb’s decision to adopt the lightning network. This move of his will help to neutralize Lumens against future drawbacks if they occur. He shared the technical aspects of this as everything Jed McCaleb does at Stellar is open source and as transparent as possible.

In the next ten years Jed McCaleb sees blockchain being used for far more than cryptocurrencies. He can see trading stocks moving to blockchain by 2028 as well as fundraising and making payments. He does say, though, that fraudsters in the industry are unfortunately out there and a growing problem but he sees this issue as one that can be solved.

Jed McCaleb entered the world of blockchain in August 2011 and has been in the technology sector since 2000. He started out founding MetaMachine and creating a very popular file-sharing network called eDonkey2000. He moved into the gaming industry in 2007 when he established Code Collective and built a game called “The Far Wilds”. Stellar Development Foundation was established in June 2014 and is operated as a nonprofit that builds open-source software.

Get more information about Jed: