Jed McCaleb claims that he and his partner Joyce Kim started Stellar because they recognized that the world’s infrastructure was broken and unfair. Millions of people are left with no options to enter the financial world and Stellar aims to bring a service that is affordable for people of all incomes.
McCaleb is the co-founder and CTO of Stellar, he is an entrepreneur that has been involved with several very successful products and currently resides in San Francisco, California.
If you have ever used peer to peer file sharing for any purpose, chances are you were using technology created by Jed McCaleb. In 2000 he created eDonkey, the first peer to peer file sharing service to download your file from multiple people at once. The technology would then stitch back together every individual piece of data to give you a complete file.
McCaleb then went on to run the first bitcoin exchange called Mt. Gox. The company was first introduced to the world as a digital exchange for a popular online trading card game. Eventually McCaleb saw an opportunity for something greater and transitioned the company to focus on bitcoin. McCaleb then sold his stake in Mt Gox to a company in Japan.
Now McCaleb is using his knowledge in bitcoin and other cryptocurrencies to link together financial organizations in a way that allows them to make their service more affordable. McCaleb says he hopes to make the financial industry more open and fair to people who are looking to get their foot in the door. Stellar and McCaleb accomplish this by using technology that makes the transfer of cryptocurrencies so trust-worthy that people will want to use them instead of real cash. McCaleb says that if you can eliminate costly fees that are involved when one business interacts with another, it will help the consumer.