Jed McCaleb believes technology can be leveraged to improve the condition of all humans and reduce inefficiency. He is the creator of one the biggest file-sharing networks called eDonkey. He additionally created the first Bitcoin exchange called Mt. Gox and founded Ripple in 2011. Once he realized the financial infrastructure of the world was broken, he became the co-founder of Stellar in 2014.
Stellar’s technical development is led by Jed McCaleb. The goal of this financial network is to increase the economic participation for everyone. Stellar.org supports the Stellar network as a nonprofit combining digital financial literacy and technology. Jed is additionally one of the advisors for MIRI and researches artificial intelligence.
It was Jed McCaleb’s interest in Bitcoin that was responsible for the idea for Stellar. He realized Bitcoin was essentially a distributed database. He knew the technology could do more than create new currency. He believed it could potentially transform the world. Bitcoin moves the value between people while Stellar is the link between institutions.
Approximately fifty percent of the population of the world are unbanked because they do not have a bank account. They must pay astronomical fees if they need to send money. Maintenance fees for lower income individuals are not affordable to the banks due to limited connections and systems. According to Jed McCaleb, Stellar’s goal is to tie the siloed and disparate institutions together with an open source financial network.
Stellar has already been implemented as a financial infrastructure by businesses and nonprofits. Stellar has been integrated into a messaging app called Vumi by the Praekelt Foundation. This has enabled South African girls to save money for credits in airtime. In developing countries this is mobile money.
Jed McCaleb is both terrified and excited by artificial intelligence. He believes we have just seen the start of what artificial intelligence is capable of doing. He feels during the next twenty years it will make people’s lives easier and solve numerous problems. These are the reasons he has made donations to the Machine Intelligence Research Institute. This nonprofit organization develops formal tools to make certain the future of artificial intelligence software is safe.