The cryptocurrency market is extremely volatile, now more than ever. Even the heavy-hitter in the crypto world aren’t completely sure what to do with this new technology. Some people want to use digital currency to exchange digital goods. It makes sense. Interfaces can be implemented directly into video games that work with your digital currencies. Some companies offer services where you don’t even have to close your game and you could trade video game assets for real cryptocurrencies.
Jed McCaleb has a great vision in store for the future of cryptocurrency. Along with Joyce Kim, McCaleb created Stellar, a non-profit blockchain organization. Stellar took a different approach to digital currencies. Bitcoin and most other cryptocurrencies utilize a process called data mining in order to produce their coins. Stellar eliminates this power-hungry process and simply gives out its coins. This is how Stellar’s original currency, Lumens, was distributed.
Stellar’s new digital coin, is now one of the top 10 cryptocurrencies by market capitalization. This currency is called XLM.
Stellar was founded with the intention of fixing the world’s banking system. McCaleb believed that the banking industry was extremely unfair, and he could fix it.
McCaleb altered the open source code behind blockchain in order to accommodate the financial industry. Unlike most crypto organizations, Stellar is doing something with their technology that could change the world. Stellar’s software is already implemented in organizations all over the world. This software connects financial institutions together at a much cheaper cost than other methods. Stellar can also complete financial transactions in less than five seconds.
Jed McCaleb believes that blockchain will completely change how things are purchased and traded.
“In the next 10 years,” McCaleb began. “I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere.” International payments, stock markets, and non-profit efforts are all going to change in the coming years, according to Jed McCaleb.