Jed McCaleb is the Chief Technology Officer and co-founder of Stellar Development; he leads in the technical development, which focuses on the development of cryptocurrency network. Jed McCaleb was talking at the Fintech Week. He was talking about Stellar Lumen, about its past, present, and future.
He went on ahead to talk about the transactions in Stellar.org and about what they offer regarding services. He talks about how they try to get the banks on board, but none of them is in production. He stated that the banks have a lot to lose and they can’t possibly do anything until they can see a lot the money flowing into the ecosystem first.
However, the smaller financial institutions like money transfer operators, who focus on payments, are more like to adapt to this method of sending money.
Jed McCaleb, who has been a crypto developer, has predicted that the technology will change a lot of things. It will improve the global payments, stock markets, and fundraising shortly.
He states that the current financial system is not tapping the market. He talks of the future and how the universal payment network will operate. McCaleb speaks of the use of public ledgers and of how (people can see it but can’t change it.)
He went on ahead to talk about initial coin offerings which have raised an equivalent of approximately 9 billion euros in about four years. McCaleb says the influx of funds has led to the increase of fraudsters fundraising.
He says the company cannot stop anyone from issuing a token, but they could not be involved. He again said to the globalcoinreport.com that their responsibility is to ensure that they deal with notable projects.
The issues of ICO has attracted attention from all over the world. The supporters argue that it represents a new way of fundraising. He says that people need to be careful when investing in initial coin offerings as there are many scams out there.
Jed McCaleb said that Stellar is working to solve the issues stated above. The network claims transaction settlement. It allows the quick exchange of exchange of currencies. IBM uses Stellar’s system in developing cross-border payments.
Finally, the Stellar’s XLM coins have soared into the largest cryptocurrencies by market capitalization. View Jed McCaleb’s work history here.