Jed McCaleb and the New Cryptocurrency Banking System

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Jed McCaleb is the co-founder of Stellar. Stellar is a protocol for the use of banks to make payments. Stellar runs a protocol to assure that when any amount of digital currency goes into the financial loop, a real source of currency is there to back up the cryptocurrency used. Stellar can reach confirmations of a transaction within 3-5 second, and it can handle over 100K transactions on the cost of $0.01/100K transactions. According to Jed, the Stellar protocol is extremely fast in the way it confirms transactions and it doe this at a little cost. One of the critical ingredients in Stellar is the trade-off between transaction time confirmation speed and the no-cost boundaries of a transaction. At the same time that Stellar seeks to lower the transaction time of a transaction it also seeks to decentralize the way in which profit is gained. Stellar seeks to put the trust in the system rather than those who man the system.

Jed McCaleb founded Stellar. Before his founding Stellar, McCaleb worked to co-found the Ripple protocol between 2011-2013, when he left Ripple at COO and devoted his time to pursuing his development of Stellar in 2014 with Joyce Kim.

While cryptocurrency is a beautiful system, entrepreneur Jed McCaleb believes that it can do more than remain a token for transactions and this is what Stellar seeks to do. Stellar seeks to put the protocol at the center of all monetary transactions. These transactions are not settled by persons but by a decentralized system which is fast and low-cost.

One of the driving advantages of Stellar over Ripple is the nature of Open Sourcing Stellar, while Ripple is more closed sourced and used for banks. Jed MCCaleb has worked with some of the best minds in the world trying to implement a system of banking that is beneficial to all users without it being a for profit venture by its users. To know more, follow McCaleb on LinkedIn.

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