Jeb McCaleb has been down a long road in the blockchain sector through the company Stellar. He co-founded the business while the technology was still new. He has been responsible for several blockchain projects and works hard to ensure Stellar becomes the standard in the industry for cross border payments and remittances. He received his first taste of Bitcoin through an article written in 2010. He was immediately hooked at the prospect of money without a central controlled basis.
The first move Jeb McCaleb made was to build a Bitcoin centralized exchange called Mt. Gox. This was the first exchange that did not require coordination with another person. At one point in time Mt. Gox was responsible for eighty percent of the exchange trading for cryptocurrency. He sold the business in 2011. In 2014 Jeb McCaleb used his skills and experience to acquire Ripple and began leading the development protocol for Stellar. Stellar was originally nonprofit and open sourced for the public. This required trust that the company would not change their governance or business model.
Stellar is innovative due to the type of consensus utilized. This model is called the federated Byzantine agreement. Every node present on the network can select other trusted nodes to create a consensus structure within the network. This means if someone tries to infiltrate the system with the use of a new node it would be ineffective because the existing nodes have already selected the other nodes they trust. Any malicious nodes are simply ignored.
The Stellar DEX has an excellent performance rate in relation to the competitors in the industry. These competitors have large delays and lag times. The blockchain ledger houses the Stellar order book and closes every five seconds. The execution of trades occurs roughly every three to five seconds. Jeb McCaleb believes despite the system being decentralized it is the fastest one out there. The exchange will be even easier and more intuitive once the work on a UX overhaul has been completed. Jeb McCaleb is currently focusing on growing Stellar. He wants the network to be the standard in the industry.