Bitcoin’s system of transferring money utilizes a system of mining rigs. These are computers which are kept always running such that they can help to keep the system secure. Bitcoin rewards miners with bitcoins as a result of the mining activity. During mining, the system completes numerous mathematical algorithms which keep all transaction safe such that users lose no money. The mining rigs, however, require huge amounts of energy supply. The power consumption of mining machines is too high. This is the system which is currently being used.
As mentioned in globalcoinreport.com, although the system has been running well for years now, it is not the most convenient method. We need to move on to a technology that will solve the needs of today in the industry. Right now, the industry wants to see the inclusion of better payments methods that will allow people to use cryptocurrencies for payment. The disaster with the bitcoin system is that it only allows transaction in bitcoin. It cannot be used for payments purposes.
Amidst all the problems associated with the current systems, there is one organization which is ready to work for a solution to the needs of the industry. Stellar development Foundation is an organization founded in 2014, which is currently trying to come up with a payment system that addresses the challenges facing the cryptocurrencies. The biggest thing that needs to happen to the industry right now is acceptability. Acceptability of the digital currencies will be seen when the world will accept these currencies to be used as a payment method.
Stellar under the leadership of Jed McCaleb who is the founder of the organization is committed about the creation of a single payment system that will allow people to send money in cryptocurrencies but the recipient to receive it in the form he or she would like; it could be dollars, pound, yen, etc. This is where the innovations in the industry are leading to. Jed McCaleb has high hopes on Stellar to accomplish this goal. Jed McCaleb is a pioneer in the industry. He joined in 2010 after the invention of the bitcoin. A year later, he had created an exchange platform known as Mt. Gox.
Get in touch: Jed McCaleb | LinkedIn