When Jed McCaleb created Mt. Gox for the players of Magic: The Gathering Online to use as a stock exchange for their cards, he never expected it to blossom into the world’s first bitcoin exchange. When McCaleb created eDonkey2000, he never expected to provide the peer to peer file sharing industry with the protocol they would still use to this day.
With the unorthodox success of his previous companies, it makes one wonder what exactly his new company has in store for the near future. In 2013, along with Joyce Kim, Jed McCaleb created Stellar – a new technology for financial institutions.
The intention of the technology is to provide a cleaner path of communication between banks and other financial organization. By utilizing such technologies, Jed hopes to provide financial services for individuals he calls the unbanked: those with no affordable options for financial services.
Jed claims he got the idea for Stellar after he realized the potential of Bitcoin and understood exactly which problems could be solved by using Bitcoin in the correct way. Instead of creating his own cryptocurrency, he decided to create a system that would allow companies to make easy use of Bitcoin and other cryptocurrencies in a seamless manor.
Jed hopes that his newest innovations will lower the costs of expensive fees that financial institutions are known for. He says that this will enable individuals who could not previously afford financial services to now have them. He hopes to not only provide these services for low and middle class Americans, but to those in developing and third-world countries that have no options what so ever for banking and financial services.
Whether Stellar remains in its current role or not is unknown at this point. If Jed’s previous business tactics are any indication of the future, it is hard to say what exactly the intention of Stellar will be in a few years. Mt Gox. started as a resource for video game players and evolved into something truly special.
While Stellar isn’t one-hundred percent unique technology at the moment, Jed McCaleb has the potential to create something truly unique.