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Jed McCaleb Talks About New Payment System For Cryptocurrencies

Jed McCaleb is the co-founder of Stellar and the creator of the famous exchange platform in the early years of this decade known as Mt. Gox. McCaleb is an industry innovator who took up the initiative of utilizing the new blockchain technology to make cryptocurrencies a reality. Using the blockchain technology, there has been increased concentration on the growth of the cryptocurrencies. However, there is one thing that so far has slowed down the usage of cryptocurrencies, and this is the lack of a payment system that can be integrated with the other currencies. Right now, there are few shops where you can pay for anything with bitcoin. No payment system will allow you to pay with bitcoin and the seller receives the payment in his or her preferred currency. This remains a big issue that still needs to be looked at.

Jed McCaleb is in the industry already trying to create a solution for this situation. Through Stellar, he is working on developing a universal payment network. This is a concept that will change the whole cryptocurrencies industry in a short time. He says that the current initial coin choices do not tap the whole potential of the industry. He is also hoping that in the next one decade, there shall be a hybrid system that will incorporate the non-crypto assets such as shares. These assets will also be digitized, and everything will be running on the blockchain technology.

Jed McCaleb has had experience in the industry for some time now. He joined in 2010 after bitcoin was introduced. Since then, there has been serious growth in the industry courtesy of his efforts. The Mt. Gox concept that he created was the first centralized exchange where one did not need to have a second party to transact. He, however, sold it to another party in 2012 so that he could concentrate on other innovations in the industry. Mt. Gox was unfortunately hacked when it was under the new management. The contribution of McCaleb will even be greater if he can pull through the current payment system. The system will have the potential to change the whole banking system as we know it.

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