Jed McCaleb strengthens blockchain security with the Stellar platform
There have been some amazing, groundbreaking inventions in the past 15 years. Promising concepts such as 3D printing, graphene, and blockchain technology are on their way to shaping our futures in tremendous ways we have not yet begun to think about. There is one man, however, who has been thinking about it.
Jed McCaleb has been an instrumental force in the growth of cryptocurrency, which is an offshoot of blockchain technology. Cryptocurrency uses the main property of blockchain technology, which is to keep records of information safe and secure by confirming transactions within the system. It is the financial version of a technology that will also power medical records, votes, government services and many other applications.
Jed McCaleb is currently the chief technology officer of Stellar, a company that intends to create a network that facilitates cross-border payments between government-backed currencies such as dollars, pounds, and euros. It has gained the attention of large companies such as IBM, who wants to use the Stellar system to make cross border transactions available to banks.
Before joining Stellar, he was instrumental in the running and the technical infrastructure of the famous Bitcoin exchange Mt. Gox. He was also the founder of Ripple, a cryptocurrency which is now the third largest cryptocurrency. He has been there throughout blockchains growth so he understands what it takes to build a cryptocurrency company.
Jed McCaleb enjoys seeing the growth and the innovation that has been coming out of the blockchain industry in the past few years. He mentions how initial coin offerings, or ICOs, are revolutionising how companies can raise money and involve their investors in the process of their growth. Stellar’s own cryptocurrency, known as lumens, are trading at 23.8 cents at the time of this publication.
Initial coin offerings have done very well so far, raising over 9 billion in 4 years. These coin offerings can be used to back a specific project, as a marker for a specific asset, or as a record for a monetary or other economic transactions between individuals and companies. It will be exciting to see what these new entrepreneurs come up with.