Jed McCaleb believes that blockchain technology will change the very nature of banking. The industries he thinks the technology will affect include the stock market, banking, payments made around the world, and fundraising to name a few. Jed McCaleb is the founder of Mt. Gox. He is also the founder of Stellar. Of course, his ties to crypto currency go all the way back to its beginning.
His confidence level in the technology is peaking now that it seems the world is taking notice of crypto currency. He believes there will have to be a universal payment system that people will have access to, but that cannot arbitrarily change. People will still be able to use their current currency in his new creation called Stellar.
Stellar is far more than just a fast crytocurrency. Partner organizations, Anchors, are entities that people trust and that can provide lines of credit for people who use the network. The dollar and euro are examples of assets that back the network. This would allow someone from their country to send or pay money to another country with an extremely low transaction fee.
The transaction automatically updates on a Stellar ledger. Another brilliant aspect of the system is that it decentralizes exchanges. An attempt to convert between exchanges will automatically find an individual the best exchange rate. The system accomplishes this by matching buy and sell orders from partner organizations that actually hold the currency.
Another benefit, almost unrecognized, is the decentralized element that drives the Stellar Network. It can trade anything that is within the Stellar Network. People can watch others buy and sell orders live on the Stellar Dashboard. Jed McCaleb is a genius who is on a mission to improve the conditions of people around the world. He believes the world’s financial systems are broken and that far too many people are void of resources as a result. His system would help millions of people gain access to resources that might otherwise pass them by. His technology is truly disruptive.
Additional reading material: https://www.cnbc.com/video/2018/03/23/the-rise-of-the-alt-coin-according-to-the-stellar-co-founder.html