Jed McCaleb Working On Cryptocurrency Payment System
Jed McCaleb is an early cryptocurrency innovator. He understands the cryptocurrency industry so well that he can make a projection of what is going to happen in the next few years in the industry. He sees great potential in this industry and has been hoping that it will bring to an end the challenges that the current cryptocurrencies are facing. He is banking on the industry to change the current financial system which he says does not favor all the people.
Jed McCaleb recently appeared on CNBC where he made a prediction about the use of blockchain technology in the stock market, payments, and fundraising. More of this technology will be seen in the financial sectors as the technology supporting the digital currencies is developed.
McCaleb was behind the Mt. Gox, a bitcoin exchange that did very well at the beginning of this decade. He later sold it so that he could concentrate on other projects. He has worked with big crypto organizations meaning that he is not new to this industry. When he talks about the future of the industry, he does so with authority. Jed McCaleb is the co-founder and Chief Technology Officer of Stellar. Stellar is a nonprofit organization which is about to change the banking system by supporting the invention of a cross-border payment system. When he appeared on CNBC, Jed McCaleb said that the future of the blockchain technology is very bright. It will soon be used even for other types of currencies. The good thing about this technology is that it has very low transaction charges and the ledger is public and cannot be altered arbitrarily.
According to Jed, one of the things that he has predicted is that there will be a universal payment system that will be used with other types of currencies. Paying with digital currencies will no longer be a problem as there will be a system in place to facilitate these transactions. The Stellar network is being used by IBM to create this cross-border system. The most important thing in this industry is changing the industry for the better and facilitating technological development. That way, the blockchain technology will still be in effect. For more info, visit cointelegraph.com.