How Jed McCaleb Is Working To Change The Financial Industry For The Better

Jed McCaleb is an entrepreneur in the tech industry. Early in his career, in 2000, he founded a company that released eDonkey. eDonkey pioneered decentralized p2p file sharing services. It allowed for multi-source downloads, for instance, which was revolutionary at the time.

Cryptocurrencies were created around a decade ago. Jed McCaleb was one of the earliest players in the industry. He founded Mt. Gox which was the very first website that allowed people a way to exchange bitcoins. He also founded another cryptocurrency, Ripple, in 2011. His expertise in the tech industry has led to him serving the Machine Intelligence Research Institute as an advisor since March 2015. This is a nonprofit is involved in artificial intelligence. The goal of this nonprofit is to see to it that when these are created, especially the ones smarter than people, they will have a positive impact on people rather than something like Skynet out of the Terminator movies.

In June 2014, Stellar Development Foundation was co-founded by Jed McCaleb. He is the chief technology officer and it’s their goal to create a financial network that everyone can use. They create open-source software that anyone can tailor to their needs. It is a nonprofit that is seeking to enable everyone around the world a way to access the financial system.

As Jed McCaleb explains, the current financial system isn’t working for far too many people. Half of the world’s adult population, for example, don’t have access to banks so it’s very difficult if not impossible for them to save money. It also leads to onerous fees, Jed McCaleb says, when they want to send money to a friend or family member. His new organization will change this by allowing everyone to tap into a new financial system that works for regular people rather than banking executives.

Jed McCaleb says that organizations around the world are already using Stellar to build a new financial infrastructure. One of these, he says, is the Praekelt Foundation in South Africa. They’re using it on their own Vumi, a messaging app that allows younger women a way to save mobile money.