Jed McCaleb is perhaps best known for sponsoring the first online exchange for BitCoin in 2011 through his already established (2006) web domain Mt. Gox. The demand for the service was great enough to warrant more management than Jed could devote. Accordingly, within less than a year he sold Mt. Gox, BitCoin division. This experience, however, would commence his reputation as a cryptocurrency expert.
Jed McCaleb, a programmer, founded the Stellar Network and the Stellar Development Foundation in 2014. Stellar is a throughway for international currency by use of open sourced protocol technology developed by Jed. He functions as the Company’s Chief Technology Officer (CTO). The Stellar Development Foundation supports Stellar Network’s expansion into untapped and unbanked markets. The Stellar Network sells and deals in its own cryptocurrency called LUMENS and is traded on various cryptocurrency exchange sites under the ticker symbol, if you will, XLM.
According to Global Coin Report, the digital protocols established monitor and designate acceptable transactions in record timing. Jed McCaleb proposes that this type of exchange called block chain technology will become popular for use with even noncryptocurrency transactions in the near future. In a post from Bloomberg, he explains that this methodology processes transactions light years faster than the current options for sending and receiving international currency transactions. Similarly, Jed advises that it’s markedly less costly which permits a greater number of consumers to participate in its use.
Some noncryptocurrency institutions that are currently testing Jed McCaleb’s blockchain technology include the ubiquitous IBM and the new kid on the block Securrency, Maryland incorporated in 2016. Jed predicts that noncryptoassets will also soon employ this digital technology for the holding and exchanging of its products as an enhancement to their consumer services. Jed McCaleb suggests its use for Initial Coin Offerings (ICO), investment stocks, global remuneration, charitable funds accrual and the like. Stellar’s central office is located out of San Francisco, California and employs over 500 people worldwide.