It is said that in the world of business, there’s no such thing as a failure since the mistakes you make end up helping others to avoid committing the same mistakes. Such is the nature, too, of the cryptocurrency and blockchain trading that Jed McCaleb is actively involving himself in. You may have heard already of Mr. McCaleb as the man who has made a great contribution in the world of the blockchain, which includes his contribution in creating Mt. Gox, known to be the first Bitcoin exchange or trade that the entire globe has witnessed.
In an effort to find the great products that people would be happy to pay money for, Mr. McCaleb has started Stellar, which is a venture that attempts to create a financial network where people can trade, exchange and increase their potential to access better financial opportunities online. The background of Jed is in technical programming, particularly coding, and with that background, he was able to find a great gap in the financial system that needed fixing. He solved that issue by creating Stellar, with his co-founder Joyce Kim. Together, they were able to build Stellar Development Foundation, which aims to be a universal financial network that anyone can use. Most of the foundation of Stellar also comes from the non-profit group Stellar.org, which helps educate people in financial literary and about the new ways people can leverage tech to increase their leads.
The Inception of Stellar
In the IdeaMensch interview, it is revealed that the seed that gave birth to Stellar came from a realization Mr. McCaleb got about the nature of Bitcoin, and how he found the potential solutions that can be leveraged by using the tech behind Bitcoin. He saw more than others did. When people just saw Bitcoin as a network that could be an alternative currency to the ones they have right now, Mr. McCaleb found a secondary use for it, which is related to making it a network for finance. His Eureka moment was then after he realized that he could connect institutions together to achieve a greater value for people involved. That realization turned out to be a fantastic gold mine after all.