How Jed McCaleb Aims To Help 2.5 Billion People Get Access To The Modern Financial System

Jed McCaleb is a tech entrepreneur who has been in the industry since August 2000. He is known as an excellent programmer whose specialty is blockchain, the technology used for cryptocurrencies. He is one of the top cryptocurrency experts in the world and has contributed a lot to this industry. Among his contributions is starting Mt. Gox, the very first Bitcoin exchange to be released.

The global financial system has some glaring flaws. Among these, it is too expensive for banks to provide accounts and services to about 2.5 billion people on the planet because they don’t have enough money to make up for the costs. Not having access to banking services holds these people back greatly as they can’t save money in an account, open a business, easily send money to others, or do many of the things that many people in developed countries take for granted.

Jed McCaleb has developed Stellar to solve this issue. He co-founded Stellar Development Foundation with a business partner, Joyce Kim. Jed McCaleb handles the coding tasks at this company. He uses blockchain to connect together financial institutions. Rather than being yet another cryptocurrency Stellar is an open source financial network. It links financial institutions together and dramatically drives down the cost of providing banking services so that these 2.5 billion people will have access to the modern-day global financial market.

Stellar Development Foundation was founded in June 2014. Since that time Jed McCaleb has been working to improve its network. This includes making it more secure, scalable, and modular in nature. He says that the code is pretty easy for other programmers to understand so they can maintain and extend it rather simply. He just uses standard tools and libraries so it doesn’t require specialized knowledge.

Jed McCaleb is also really interested in artificial intelligence. He says that technology will solve many of today’s problems but he is greatly concerned about AI being handled in a safe way. He offers consulting services to the Machine Intelligence Research Institute which is a nonprofit dedicated to AI issues and safety measures.