Jed McCaleb is a computer software company founder residing in the San Fransico Bay area. When he branched out on his own and created his own company, he knew he wanted to help solve some issues in the financial industry. He wanted to delete the barriers that some people face economically simply because of lack of financial understanding.
Jed McCaleb is not new to the world of blockchain technology. He has previous experience of working on blockchain projects. His experience had led him to creating his own blockchain technology company for the financial industry, Stellar. His interest started for blockchain technology when bitcoin first came on the scene. A few years later after working on a host of projects that dealt with digital currency, he saw a problem that needed to be fixed and decided to create the business concept that is today the Stellar Development Foundation to oversee the Stellar protocol.
Today, the Stellar protocol is an internet based protocol for handling payments. The founder’s goal for the protocol is to connect all financial institutions and payment gateways together. To better understand what is he trying to do a similar comparison is to the way email works is how he wants Stellar to work for people.
According to Jed, from the beginning Stellar was built as a non-profit. Jed McCaleb purposefully built his company like this to establish trust amongst the public. He wanted the public to use the Stellar protocol as an open source project. He learned from his last project how important it was to establish trust amongst users.
As mentioned by Jed McCaleb on LinkedIn, the non profit has plans to partner with the big brand name banks. However, becoming apart of the private blockchain economy is not a goal for Stellar. The Stellar co-founder believes as blockchain technology advances, the private chains will become outdated. The non profit does have plans of have governments can benefit from working with Stellar’s blockchain technology. The technology will allow governments to use their currency with other country’s currencies in a more efficient way. With goals like this, it is promised that Stellar will become a household name in cryptocurrency.
Here’s how blockchain will change bank according to Jed: https://www.cnbc.com/2018/03/21/an-early-bitcoin-pioneer-predicts-how-the-blockchain-will-change-banking.html