Cryptocurrencies, something that was previously only seen in science fiction movies, are finally becoming a thing of the present, but it seems a lot of people don’t quite know what to do with this technologies. There are companies that use crypto to trade stocks, there are companies that use it to conduct transactions for virtual goods, and there is Stellar, a company that is bringing positive change to under developed countries.
Jed McCaleb believes he knows exactly where the future of cryptocurrency is heading: the banking industry. As the CTO of Stellar, Jed McCaleb has tweaked and experimented with blockchain technology to create what Stellar is today. Stellar is a non-profit organization, and in the few short years since its creation has brought incredible change to under developed countries. Stellar has made it possible to have banking services in countries like Nigeria, where Stellar has made it possible for 300,000 residents to make use of a transaction service.
Stellar is able to bring these types of services to these parts of the world for a few different reasons. Stellar uses blockchain technology. This open source software is completely decentralized, meaning that instead of relying on a central location to house information, data is stored on multiple systems spread across a vast amount of locations. Another reason that makes these financial services possible is a large decrease in cost when it comes to additional charges and fees. Individuals that couldn’t afford these fees can now participate in the financial industry.
Jed McCaleb is no stranger to the programming world. He has created eDonkey and Code Collective, two other members of the tech industry. A large portion of McCaleb’s past work experience also dealt with decentralized protocols. This puts McCaleb ahead of the curb when compared to programmers that only got into decentralization when bitcoin became popular. His changes to the standard blockchain code has decreased Stellar‘s transaction time significantly.