How Jed McCaleb Is Helping The World’s Unbanked Population

Jed McCaleb is a self-taught computer programmer who lives in the San Franciso Bay area. His first company opened in 2000 and it was called MetaMachine. He had written a program called eDonkey which allowed people to transfer files over a decentralized network. It was also the first software that allowed people to do multi-source downloads.

When blockchain technology was developed he became really interested in it as well as cryptocurrency which is based on that technology. He quickly saw the potential of first digital currency, bitcoin, and he developed the first bitcoin change in existence, Mt. Gox. He has now taken blockchain technology in a different direction than cryptocurrencies with his latest enterprise, Stellar Development Foundation. He co-founded this company which seeks to help the 2.5 billion people in the world that are unbanked. They don’t have enough savings to make it worthwhile for banks to offer them services. This severely hampers them as without access to bank accounts and loans they are unable to participate in the global economy in any meaningful way.

Jed McCaleb says that he based Stellar on open-source coding. This makes it very easy to work with. While something like bitcoin is designed to move value, his goal with Stellar is to link financial institutions together. This makes it far more affordable for banks and financial institutions to offer their services to the huge unbanked population. Money-transfer costs are much lower, he says, by how Stellar functions.

It was in almost three years ago that Jeb McCaleb and Joyce Kim launched Stellar Development Foundation. He says he has spent this time improving the programming and streamlining how it functions. Their company is a nonprofit that has as its mission combining technology and digital financial literacy together.

He is also an advisor to the Machine Intelligence Research Institute. He says that artificial intelligence shows huge promise in making life simpler and more convenient than it is today. MIRI is dedicated to advancing artificial intelligence in a safe way where humans are not at risk. Jed McCaleb is an advisor to this organization in his spare time.

Full article on Jed McCaleb: http://releasefact.com/2018/03/why-did-jed-mccaleb-create-the-cryptocurrency-stellar/

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