Stellar is a completely decentralized payment system which enables clients to send and exchange money in form of any currency. It was co-founded by Jed McCaleband Joyce Kim, and has remained the most recognized financial technology that is now making it easy to make transactions across the world.
The origin of Stellar
After working in the fintech space, Jed McCaleb saw a gap in the financial infrastructure which left billions without resources. He realized that there was no uniting currency for different countries or any connecting financial institutions that would make transactions easier. He, therefore, thought that the problem could be solved using Bitcoin technology. As Bitcoin aids in the movement of money, Stellar would help in the linking of institutions.
Through the newly founded technology, Jed McCaleb aimed at connecting over 2 billion people who are unbanked in the world. Stellar would, therefore, make it affordable for institutions to provide financial services to the unbanked population. Limited connection among banking systems initially contributed to high cost money transfers; with Stellar in place, the transaction process became cheaper and seamless.
Implementation of Stellar
Since its invention, several businesses, financial institutions and non-profit organizations have implemented Stellar. Jed McCaleb is currently targeting developing nations which have the most unbanked populations.
Achievements of Stellar
Since its upgrade in 2014, Stellar has become even more effective. The network is more secure, modular, and scalable. Jed McCaleb and his team have made the system easy to understand as well as maintain. The network security has further been enhanced through the implementation of Stellar Consensus Protocol (SCP).
Jed McCaleb also describes Stellar as a community run network. It can be run entirely by participants outside the network. These developments, according to Jed McCaleb, ensure that the network is not administered or operated internally as all the activities are manned by the community.
About Jed McCaleb
Jed McCaleb is the co-founder of Stellar Network. Before this, he had invented eDonkey200 which is a file-sharing network. Through his passion for technologies, he has spent a lot of time improving services particularly in the financial industry.