Jed McCaleb co-founded Stellar in 2014, to repair the already broken financial infrastructure and provide individuals with the required resources to attain the best human conditions. He has been working the best way he knows how to, to get Stellar into the blockchain Industry. However, he has managed to create big blockchain projects but is still working to get Stellar into the standard industry for payments and cross-border remittances. He bases his success on his previous works.
Jed McCaleb was first introduced into cryptocurrency trading through an article in an online popular tech site by the name Slashdot. The article had been linked to the whitepaper of Bitcoin and the Bitcointalk web forum for more information. His interest in this business grew immediately. However, after some time in the trade, he founded the Development Foundation Stellar, after other cryptocurrency networks did not impress him. For instance, he thought that mining in bitcoin was a waste of time and it was his responsibility to come up with better technology for exchange.
Stellar’s vision is providing payment protocols that are internet leveled. They are focused on connecting financial institutions of different kinds and networks of payments together so that money may operate in a similar way to emails. This way, not only does one need to connect to large banks but to financial institutions of different kinds.
Together with his co-founder, Jed McCaleb philosophically built Stellar as a people’s open source nonprofit benefit plan. This, in turn, gained it trust to their customers that their business governance and model will remain unchanged for as long as it is in operation. It operates under a network developed to utilize the new consensus forum Byzantine, a federated agreement. This model allows every node in the network to select other nodes that they trust. This, in turn, creates for the network a consensus that is web-like structured. With this creation, the transitive quorum can be formed over the network as a whole then show its convergence with a similar value if the overlap between the different nodes is sufficient.