BlockChain Technology Can Create Universal Payment Networks Say, Jed McCaleb

Stellar CTO and Mt. Gox creator Jed McCaleb has envisioned a worldwide payment system that is powered by the blockchain technology. Stellar is an international payment setup that utilizes digital tokens using blockchain technology. The operations of the universal payment network according to Jed McCaleb will be a hybrid system that enables payments using fiat currencies via the blockchain. Stellar was co-founded together with Joyce Kim after an analysis of flaws in the global financial system, where they sought to address such problems. Stellar goal is universal participation and economic inclusivity in the financial markets through connecting financial institutions around the globe.

His words are relevant to seeing the Ripple has been adopted by a South Korean bank called Woon Bank to be used for commercial purposes before the end of 2018. Sections of financial institutions have given both Ripple and Stellar the nod as the main part of improving their remittance models. He says that in the next ten years, Stellar’s blockchain technology will be capable of powering a universal payments system for both payments and traditional assets of shares and stocks, as well as fundraisers.

In a Coin Telegraph article, Stellar networks token, the Stellar Lumens (XLM) have been on the rise following the adoption of the lightning network that neutralizes future drawbacks. They are among the ten cryptocurrencies by market capitalization. At Stella, Jed McCaleb who is a cryptocurrency expert and programmer is in charge of technical development where he engages in coding together with his team and creating technical aspects for Stellar.

Earlier on, together with developer Sam Yagan, they came up with eDonkey, which was a file sharing network that enables multiple source downloads and sharing among friends. Stellar is supported by a nonprofit organization that incubates and helps in the development of new digital financial technology and intelligence.

Jed McCaleb was part of Ripple before he left to start Stellar. He maintains that technology can be used to solve life problems. Jed also maintains a special interest in artificial intelligence which he sees as a way of making easier where he serves as an adviser at Machine Intelligence Research Institute (MIRI). (Source: Github)

Jed McCaleb and Stellar: http://analystoffinance.com/2018/02/jed-mccaleb-newest-venture-stellar/

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