Now Entering Russ's World
Jed McCaleb is a co-founder of Stellar Organization. He has faith in leveraging technology in an attempt to reduce the inefficiency and raise the standards for human conditions. Jed created the eDonkey, which was one of the best and largest flee sharing network in his times. Upon realization that the financial infrastructure was falling apart and leaving people without resources, Jed co-founded the Stellar organization in 2014. He leads the technical development at Stellar, a leading universal financial network whose goal is to raise the economic participation of every person. The stellar organization is a non-profit organization that brings together technology with all digital financial literacy and contributes towards the open source software. Jed serves at MIRI where he is also an advisor.
Through an interview that was conducted by ideamensch, Jed shares that the Stellar idea was brought by the evolving interest to venture into Bitcoin. It was through an inspiration of the Bitcoin potential. However, their focus at Stellar is to use the open source financial network in connecting financial institutions. Stellar links many institutions to each other even the likes of Bitcoin. According to World Bank report, more than 2.5 billion individuals in the entire adult population in the world are not banked. This would in return mean that these individuals do not have an opportunity to access bank accounts. In the end, they may not save or be able to send money to family and hence incur some astronomical costs. It is obvious that not all banks in the world have the ability to offer their services to very low-income earners. With this in mind, Stellar aims at using an open source financial network to bring together institutions and enable money to be moved in an affordable and seamlessly way. Jed McCaleb says that most institutions have implemented the Stellar financial infrastructure, especially in the developing countries.
Sharing on his career success, Jed McCaleb points out that one of the strategies that have boosted his growth in business is the focus towards building great products. Jed focuses on creating great products more than marketing the products themselves. Once the products are created with the help of the internet, they become well known very easily.