Jed McCaleb is the CTO and co-founder of Stellar, and he believes he has all the answers for the mysterious of cryptocurrency. Now, companies seem to have a hard time knowing exactly what to do with cryptocurrencies. People are using them to conduct video game and other virtual asset trading, they are using them to purchase services online, and they are using them as investment objects. Jed McCaleb and his company Stellar are attempting to bring banking options all over the world.
There is nearly 2.5 million people in the world who have no access to financial services. These people are without simple checking and savings accounts, but they are also unable to conduct online and international transactions. The individuals that suffer from this reality are mostly from underdeveloped countries, but some developed, less fortunate countries also share this burden.
The reason for lack of financial services in these areas is simple. Banks see no reason to open branches in these countries if there are not enough customers to make the operation profitable. There are few businesses in these countries, and businesses are the primary money makers for banks.
Jed McCaleb can’t bring companies, and factories to these countries, but he is doing all he can. Stellar uses the same technology behind bitcoin in a way that connects financial institutions together in a cheap, seamless manner. Stellar can operate in conjunction with dozens of physical currencies and other cryptocurrencies with transaction fees only a fraction of what more mainstream services charge. Stellar can do this because of their innovative advancements made in the blockchain world.
Blockchain is the system used in Stellar and other digital currencies. It is a public records system that is secure, safe, and reliable. The system is operated across multiple machines in multiple locations, making it impossible for modern day black-hats to tamper with the ledgers.
Stellar was founded in 2014, began operations in 2015, and now, in 2018 is in operation all throughout Asia. Stellar has even teamed up with IBM in America. Countries in Europe are also benefiting from Jed McCaleb’s creative technology as per Global Coin Report.