Cryptocurrency and blockchain technology promises to revolutionize the financial system and infrastructure that is in place in the world today. Jed McCaleb is the current chief technology officer and co-founder of the cryptocurrency project that aims to unify the interests of the banking industry with the benefits that blockchain technology provides to our financial infrastructure. Jed McCaleb has been a pioneer in the cryptocurrency industry and helped to co-found one of the world’s largest coin exchanges during the currency’s infancy.
In a recent interview with CNBC Jed McCaleb has expressed his viewpoint that blockchain technology will revolutionize the way that the banking industry operates. In the near future, there will be a fundamental alteration in the function of global payments, fundraising, and even stock markets. Currently, Jed McCaleb is working on a blockchain technology Stellar known as which is emphasizing the development of a cryptocurrency network that will enable international payments. Through the use of a public ledger that is immutable, a universal payment network is possible. The network that Stellar utilizes is capable of resolving transactions in less than five seconds. There are already some banks and large corporations that are utilizing this network in order to make international payments.
In addition, Jed McCaleb believes that the popular phenomenon of initial coin offerings also known as ICOs shows untapped potential in the cryptocurrency markets. Initial coin offerings have generated almost $9 billion over the last four years. This is a novel method of raising funds that actually gives retail investors the possibility to invest in venture-capital pursuits. Jed McCaleb believes that non-crypto based assets will actually be digitized utilizing the blockchain networks. This will allow the decentralized exchange of value between individuals and eliminate the need for intermediaries for the transactions. There are already several startup companies that are working to create a technology that will allow these kinds of applications to be possible.
Jed McCaleb continues to work on the development of Stellar which is now within the top 10 largest cryptocurrencies as measured by market capitalization. It has since experienced a 34% decrease in price and is currently trading around 23.8 cents a piece.