In 2009, the world welcomed the first cryptocurrency known as Bitcoin. A man known as Satoshi Nakamoto created Bitcoin. With this currency, it opened up a new technology that would be used to facilitate transactions. Blockchain technology was introduced. One of the people who took advantage of the invention is Jed McCaleb. He was an experienced tech entrepreneur who had participated in various innovations in the past. He is particularly experienced in the technologies that support blockchain technology such as centralized p2p connections and cryptography. With the experience he had, it was never going to be a hard thing implementing the blockchain technology possibilities. He was ready to explore the possibilities of this technology, and that is how he found himself among the best innovators in the industry.
Jed McCaleb made his first invention in 2010 when he launched Mt. Gox, a platform that was a centralized exchange for bitcoin. McCaleb was not only interested in the implementation of the blockchain technology but the stability of the digital currencies. There was no way the cryptocurrencies would survive without a trading platform. His inquisitiveness led to the creation of Mt, Gox which was the largest bitcoin exchange platform before it he sold it in 2014. The site was however hacked under the new management and collapsed.
Jed McCaleb wanted to concentrate on developing other projects. Seeing that the industry was new, it had so many opportunities as well as challenges. McCaleb was committed to using his knowledge to deal with the challenges that hindered the growth of the blockchain technology. He had worked with other companies such as Ripple before he left to create his own company known as Stellar. Stellar is a non-profit foundation which is interested in coming up with ways of making the industry better through the provision of advanced technology that will lead to better acceptability of digital currencies in the mainstream financial industry.
Stellar is focusing on creating a single payment system that will allow payments through cryptocurrencies. Just as we use fiat money, digital currencies are headed there. Stellar is a foundation is hopeful that in the next one decade, we shall have a global financial system that will be running on blockchain technology.