Jed McCaleb is a known American programmer who created peer-to-peer technologies such as eDonkey and Overnet. He even entered the blockchain system, with his creation of the once upon a time popular Mt. Gox which he eventually sold to Mark Karpelès. He had a Ripple ownership of $20 billion in January 2018 which made him the 40th richest man according to Forbes.
According to Cointelegraph, McCaleb is the Chief Technical Officer and co-founder of Stellar. Stellar is, like Ripple, a Blockchain powered international remittance network which eases cross-border transactions.
The article mentions how McCaleb, being part of the Blockchain environment for years, has predicted that Blockchain will be the technology behind a universal payments network. Imagine how the ease of trading cross-border will increase when buyers can be confident that the good is being safely delivered, and the sellers can be confident that they are being paid for their hard work.
CNBC highlighted reasons why McCaleb believes Blockchain will help ease cross-border transactions.
It states a quote from McCaleb –
“In the future, I think it’s pretty clear to me there will be a universal payments network that will operate” that will involve a “public ledger that people can see and can’t change arbitrarily” and let people “use things they’re used to, like dollars and euros.” This suggests that the public ledger will help the world use familiar fiat currencies like dollars while still being able to have a transparent overview of the transactions.
The next major evidence is that Initial Coin Offerings have raised almost $9 billion in just four years, which means that many markets are still not tapped into by the financial system.
The final reason given is that non-crypto assets, such as stocks, will become digitized using Blockchain. With people wanting to trade to a greater extent, it will only be possible on a decentralized exchange which is a characteristic of Blockchain.
Cryptovest gave insights into McCaleb’s current company, Stellar. Stellar’s token, Lumens, is the eight largest cryptocurrency with a total market cap of $4.9 billion.
On the news of Stellar developing a Lightning Network, it started rising in the range of 7-9%.
Bitcoin Magazine revealed that Stellar network is the first to integrate Lightning Network. This is a sign that McCaleb is able to read what will distinguish the great from the good for the future.
McCaleb told Bitcoin Magazine in an interview –
“We’re super excited about Lighting, It’s a great idea and a necessary one if any of these protocols are going to achieve their vision.”
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