Stellar is the newest Jed McCaleb’s venture that he embarked in 2014. The famous programmer and blockchain expert joined efforts with Joice Kim to establish Stellar which is a common financial network that has an aim of increasing economic contribution. They came up with the idea of Stellar when they noticed that there were faults in the world financial system.
Jed McCaleb has greatly contributed to the world of cryptocurrency and he initiated the First World bitcoin exchange, Mt. Gox. At Stellar, he either codes the networks technical aspects or handles emails and other crucial activities that help run the business.
A contributor to open source network, Stellar.org which is a nonprofit combining digital financial knowledge and technology is the one that gives Stellar network support.
His desire to come up with a unique digital currency that could connect financial institutions led to the birth of stellar. Bitcoin being a distributed database and Jed McCaleb understanding on several complications that could be cracked by the use of technology behind Bitcoin also brought about the idea to start Stellar.
The population that does not bank is Stellar’s primary target and they are aiming to achieve this by making services affordable through linking the institutions.
Implementation of stellar as a financial infrastructure is ongoing as many financial institutions, businesses and nonprofits across the world have already adopted the network.
Ever since the Stellar was initiated it has been constantly upgrading and the network has now become simple, accessible, flexible and secure.
Security of the Stellar has been enhanced by Jed by implementing Stellar Consensus Protocol. Also, the Network has adopted smart contracts approach and the network is currently using batch operations and multi-signature support components.
Since the network is currently run by outside community participants, the Stellar network is not operated or administered internally.
Whenever Jed McCaleb is free from Stellar activities, he spends most of his time doing potential research Artificial Intelligence which he believes will give solutions to most of the problems we are experiencing today and do more than blockchain. He also works as an advisor at Machine Intelligence Research Institute (MIRI).