Jed McCaleb – The Cryptocurrency Jedi

Both children’s books, Phantom Tollbooth and Alice In Wonderland, feature a busy-body character who’s clearly going nowhere fast. Jed McCaleb cautions against this. As mentor, he advises to devise a clear plan before engaging in activity. Then he reiterates the need to ensure complete focus from task to task. That’s not kids’ play. And when we review his accomplishments thus far, we find that he sees fit to heed his own advice.

 

Behind every good bitcoin, there’s a dollar and a designer. In this case, it’s Jed McCaleb. This innovative, American programmer built the first bitcoin exchange called MT. GOX. Prior to that, in the year 2000, he developed the first multi-source download application and named it ‘eDonkey.’ One could justifiably assume that Jed McCaleb has been busier than his peers, and, perhaps, more focused as well. His newest endeavor, Stellar network, will squelch any doubts.

 

Defined as an open-source protocol for payments, Jed McCaleb details how he’s designed it to function as a gap sealant making a global bridge between the 2.5 billion unbanked people and the payment platforms the rest of us enjoy via so many access points. His Stellar network system addresses every aspect of electronic money exchange which are: assurance of singularity of instance, digital representation of actuals, inclusiveness of global institutional access and exchange, and potential for growth as more and more establishments and persons make use of it. Yet, despite all of this clarity of purpose and function, Jed McCaleb finds himself resulting to hieroglyphic-like charts to try to help us understand what’s going on with bitcoin money and the platforms that support its telecommunication.

 

Jed McCaleb draws a picture of the security concerns regarding every type of monetary interchange plus those unique to the concept of cryptocurrency. At the level of data input, cryptographs assure the matter. But at the level of exchanging that data across denominations, global institutions and devices, a slightly more vast system is required. Enter Stellar network. Think of it this way, at the advent of the institution of banking, the assumption was that you could not really trust the people in your neighborhood, couldn’t keep your money in your cookie jar at home or even carry it on your person in too great a quantity. Well, after several fiascos engendered by selfish greed of so many banking insiders, that paradigm has shifted. It’s no longer the community collective to keep at bay but, rather, the trusted suit behind the banking desk. In this vein, Stellar network uses a system crafted proprietarily in collaboration with their company chief legal officer. It’s called SCP,or Stellar Concensus Protocol along with beta level batch operations. And if you think about it in light of the traditional banking loan method or insurance claim method, there are various levels of review of the matter with the securing of a verifiable employee signature at each progressive level. Well that’s the role Stellar network assumes such that, digitally, the bitcoin maintenance and movement is founded on and transported via approval of the communal collective. Just like the internet digital security certificates of the recent past, certain approvers in the network have particular digital signatures that open the gates or otherwise keep them shut against a bitcoin or cryptocurrency transaction. It’s not a game but it does remind you of the ability to play, say Scrabble, globally on a digital platform with those you’ve accepted as friend on your gaming device. And in that similar vein, Jed McCaleb marches on to fulfill his vision of seeing everyone on the planet having an access point to play financial ball.

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