Jed McCaleb has been a big player in the cryptocurrency industry since its early days. Mt. Gox was the very first company that was used by people to exchange bitcoin. He now works at Stellar.org. This is a non-profit he established with a business partner and he operates at the CTO. He says Stellar is his answer to a broken financial industry that doesn’t work for half of the planet’s population.
The goal of Stellar is to create a universal financial network that everyone can participate in, not just the wealthier 50% of the world’s citizens. In order to keep things simple Jed McCaleb says that he uses open-source software at Stellar.org. Beyond his role at Stellar.org, Jeb McCaleb also serves as an advisor to another nonprofit, MIRI, which is involved in the field of artificial intelligence.
Jed McCaleb says that the reason so many people can’t access financial institutions is that the maintenance costs are too high for banks to provide their services to 2.5 billion people. Stellar solves this problem by linking financial institutions together and drastically lowering the maintenance costs. He says Stellar allows money to be moved around, even over national borders, both easily and inexpensively.
Failure is a big part of being an entrepreneur. Jed McCaleb says that he likes to look back at events and situations so that he can see what went wrong, what went right, and why things unfolded the way they did. He wants to see if he made the right decision with the information he had available to him at the time. In this way he seeks to continuously improve as a programmer, leader, and entrepreneur.
Jed McCaleb encourages other entrepreneurs to think really big. He says concentrating on niche ideas really isn’t a good use of time and energy. Instead, he believes entrepreneurs should focus on solving the big issues. He says not only is the reward a great deal better but it also doesn’t really require any more effort than something that has more of a niche focus does.