Jed McCaleb and his Goal to Improve the Banking System through Cryptocurrency

Jed McCaleb considers deliberate use of the advancing technology to improve the human condition and even decrease inefficiency. Jed launched an early peer to peer file sharing network by the name eDonkey2000. Jed McCaleb is well known due to his technological moves.

The eDonkey then was the first platform that brought about the implementation of the multi-source downloading. He then formed a Bitcoin business by the name Mt. Gox. Mt. Gox became the first Bitcoin exchange business in the whole world.

In collaboration with his wife, Joyce Kim, Jed co-founded the Stellar Development Foundation in the year 2014. The idea of creating this foundation was triggered by the realization that many people were left resourceless due to the broken financial institutions worldwide.

Jed McCaleb also serves as the advisor of MIRI. MIRI is an organization that investigates artificial intelligence that would positively impact people and the whole world. His new adventure in the Stellar Foundation focuses on the issue of Bitcoin Business.

A significant number of investors globally have dreamt about the cryptocurrency. The cryptocurrency business has been given several names like the Digicash, e-cash, bit gold, and b-money. The market settled and came to reality back in the year 2009.

This idea of the cryptocurrency business was only invented to help people around the globe operate the currency exchanges without having a fear of spending too much money on the bank’s fees. The banks served the people so slow that there was a lot of congestion in the rooms. Therefore, there was a need to come up with a better method of currency exchanges.

That is when Jed co-founded the Stellar Foundation which focused on helping individuals who did not have bank accounts to have access to the banking services. The foundation was determined to grow as a non-stock organization with no profits for neither the individual employees nor the private investors.

The network was formed in a way that would help individuals send and even receive the cross-border payments since it was open source code. According to Jed, various people fear opening bank accounts due to inaccessibility, deposit fees, unawareness, transaction fees, hidden fees, and deposit fees.

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