In 2011, Jed McCaleb diverged from Ripple and Mt. Gov to form Stellar. This was in response to a need to form a separate platform to ensure the future of cryptocurrency. Jed felt that centralization of money payment systems, such as Paypal and Swift have reached their growth potential. In order to create a decentralized cryptocurrency, Jed sought a money unit that could use nodes outside of the labs. Because as it stands with Ripple, the nodes could not run separately, and this was concerning to Jed. So, as the ultimate anecdote, he said that open system Internet protocols should have been created as non-profits. Jed McCaleb also implied network run technologies of the Internet would have been more successful as for-profit protocols.
Jed McCaleb saw Stellar as the cryptocurrency that could change digital monetary systems for the better. Thus, expansion and growth would occur without any major overhauls after implementation of the lighting network. The Stellar alt coins are called, lumens and they’re capable of making 100 to 200 transactions at once. These are considered responsive network transactions because the completion time is between one and five seconds. The lumens are ranked among the top ten cryptocurrencies, according to market saturation. Market saturation refers to the markets where the digital currency is used instead of an alternate digital payment method.
As the Chief Technical Officer and Co-Founder of Stellar, Jed McCaleb has always been on the verge. His first business, Mt.Gox is credited with being the premiere bitcoin exchange. Additionally, he was responsible for the very first large, peer-to-peer file sharing protocol, eDonkey. However deep Jed is into technology, he also has a heart for helping others. His concerns for people left without full financial stability after infrastructure collapse led him to create the Stellar Development Foundation. The Foundation seeks to use artificial intelligence resources towards funding constructive research for the greatest impact. According to Jed McCaleb, technology will enable cryptocurrency to correct the imbalances that currently exist in the financial system. A global system that Jed believes hinges on world participation; more people need to get involved with transformative cryptocurrency.