Jed McCaleb Working On A Single Payment System For Cryptocurrencies

Jed McCaleb is the co-founder of Stellar Development Foundation. This is an organization that wants to make the cryptocurrencies industry better by making them available for use in payments systems. Currently, the company is exploring possibilities of a single payment system that will allow people to use digital currencies for payments purposes just like they would with any fiat currency. The latest initiative is aimed at making it possible to pay with any cryptocurrencies but the recipient to receive the money in any format that they may want to. You can use bitcoin to pay a seller who wants to receive the payment in US dollar.

Jed McCaleb is optimistic that the research work that the company is currently engaged in will make the cryptocurrencies more acceptable as people will have options for using it. Currently, the biggest challenge with digital currencies is that they do not have a payment system that can allow people to transact freely. Jed McCaleb projects that by 2028, there will be a hybrid system based on blockchain technology that will integrate various currencies and traditional assets. Currently, Stellar is working closely with large banking institutions which will facilitate transactions in the single payment system it is introducing.

According to globalcoinreport.com, The biggest challenge in any kind of online transaction is security. People want to know that the system cannot be hacked and their money stolen. Jed McCaleb says that the system will be utilizing a “trust system” which will allow machine s to connect with trustable machines. Unlike bitcoin which is utilizing mining technology where computers running on high power consumption are used to complete complex mathematics, Stellar will only need machines to trust one another. The algorithm is still being tested so that it offers unlimited access to users.

Jed McCaleb has a history in the cryptocurrencies industry. He joined after the invention of the bitcoin. He has been behind a number of innovations. One of the popular ones is Mt. Gox which was an exchange system that allowed people to transact bitcoin without requiring a second party. It was the first centralized system. Unfortunately, it was hacked in 29014 after he had sold.

Official Contact Info: Jed McCaleb | LinkedIn

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