Cryptocurrency expert Jed McCaleb has some very interesting thoughts to share on the long road that led him to his present position. Mr. McCaleb is the co-founder of Stellar, a cryptocurrency exchange service. The Stellar network is designed almost like a more secure version of Paypal. It is used to to transfer money from one account to another in a way that is completely anonymous and encrypted. But far from being a simple network used to transfer money, it also acts as a high-security environment composed of numerous independent nodes. These nodes can network with other nodes on the network, but the interactions are never random or uncontrolled.
In a way, one might describe it as a series of well-fortified castles, each one of which doesn’t necessarily trust the others. However, by controlling all interactions with the outside “castles”, one can achieve a much tighter degree of control over the environment. This makes it much harder for a threat to penetrate those defenses. Those nodes which are deemed safe and trustworthy are put on a trusted list, and they can be removed from it at any time. While one cannot expect to ever have 100% total security, this seems like it is about as close as you can get.
According to CNBC, Stellar is expected to take off in a big way over the coming year, but it has been a long road for Jed McCaleb. Prior to his involvement with this project, he was involved with another project called Ripple. This was a business venture aimed at solving some of the inefficiencies that are inherent to the Bitcoin process. While they were successful in creating a more efficient cryptocurrency, this project just didn’t satisfy its founders.
Before that, McCaleb had created his first cryptocurrency venture in a very simple way. He started a Bitcoin trading exchange known as Mt. Gox, which at its height accounted for about 80% of all cryptocurrency trading. This was quite simply because Mr. McCaleb created the most efficient and convenient way to use Bitcoin.
But the difference in his new venture, Stellar, is that it is a nonprofit company. Its goal, rather than simply being to turn a profit, is to encourage full financial participation for the entire human race.
More info: https://cointelegraph.com/tags/jed-mccaleb