Jed McCaleb is an expert in many fields, primarily in the tech world. He is also a very successful businessman, founding several business and participating in even more. McCaleb is currently the CTO of Stellar, a blockchain company that originally started as a nonprofit. As CTO, McCaleb oversees most of the technical developments made at the company Joyce Kim, who co-founded the company alongside McCaleb acts as CEO of Stellar.
Beside CEO of eToro Yoni Assia, Jed McCaleb talked to a crowd in Tel Aviv, Israel. The topic was the future of the blockchain industry and how he plans to survive the bubble when it pops. A bubble, in the tech world, refers to mass, instant loss of popularity. It happened to the internet in the mid 2000s when hundreds of websites went out of business, and a few lone survivors remained. These survivors were the likes of Wikipedia, Facebook, and Google. On paper, Facebook, Google, and Wikipedia all have competitors, but none of these competitors can realistically catch up.
When the blockchain technology falls in popularity, Jed McCaleb intends for his company Stellar to survive. He is accomplishing this by making sure that Stellar’s currency is miles ahead of the competition.
For one, Stellar doesn’t use the popular data mining process. This process is very energy dependent, requiring the market’s most powerful GPUs in order to remain effective. Individuals who becoming miners loan their machines to cryptocurency companies, permitting them to store information on their machines.
Despite not using the mining process, Stellar is still decentralized. A person in attendance at the lecture actually asked McCaleb how Stellar remains decentralized even though they are now partnered with an industry giant like IBM.
“We don’t want to be an IBM product,” McCaleb explained. “But, it’s the only way to get a worldwide adoption.” McCaleb believes this because IBM already has connections all over the world, and these connections are useful to the expansion of Stellar.
Jed McCaleb’s LinkedIn: https://www.linkedin.com/in/jed-mccaleb-4052a4