Jed McCaleb is one of the world’s leading experts in bitcoin technology and cryptocurrencies. In 2014 he helped to cofound the Stellar Development Foundation in an effort to develop a system that will help to ameliorate some of the issues that are currently plaguing the world’s financial infrastructure. Jed McCaleb has been involved in cryptocurrencies since their infancy and originally created one of the largest bitcoin exchanges which was known as MT. Gox.
Today Jed McCaleb believes that the influence of blockchain technology and cryptocurrencies as a whole will continue to grow and even some non-crypto assets will become digitized utilizing the same backing to technology. With this current project at the Stellar Development Foundation, he is aiding the development of a universal payment network that will help to change the way financial transactions take place internationally. Currently, the Stellar network is capable of processing transactions in less than five seconds significantly faster than rival cryptocurrency bitcoin. The blockchain technology that Stellar is based on creates a decentralized public ledger that is totally immutable which in turn makes it an incredibly secure way to process transactions.
Jed McCaleb has expressed interest in the growing rate of occurrence of initial coin offerings. Initial coin offerings are a unique way that blockchain technology companies are attracting venture capital that allows regular retail investors to get in on the ground floor of new potential projects. He believes that the growing interest initial coin offerings shows there is still a large amount of untapped potential in the cryptocurrency sphere. Over the last four years, nearly $9 billion has and raised through these initial coin offerings.
Over the course of the next ten years, Jed McCaleb believes that the benefits conferred by blockchain technology will be applied to a number of other asset classes that bear no relation to cryptocurrencies. These could potentially include digitized tokens of stocks and bonds. By digitizing them, it was impossible for investors to trade resources in a decentralized manner that will help to reduce financial fees and eliminate the need for intermediaries and transactions.
The Stellar Development Foundation is now within the top 10 largest cryptocurrencies when measured by market capitalization and is currently trading around 23.8 cents.