Jed McCaleb Is Working With Stellar To Make Banking Transaction Fees A Thing Of The Past

Jed McCaleb knows that cryptocurrencies and blockchain technologies are a window into the future where a decentralized currency system exists. He is a pioneer of these technologies and works as a programmer and visionary who helped to co-found the company known as Stellar. This company serves as a financial platform that helps to reduce extraneous fees that are incurred during transfers and transactions on an international level. As the Chief Technology Officer of Stellar, he has worked hard to ensure that his company is staying true to its ideals of helping people who do not have access to bank accounts this modern necessity.

In the beginning, Stellar, under the careful guidance of Jed McCaleb, worked to create what are known as Lumens; the currency offering of Stellar. To this day, 18 billion Lumens have been distributed, and people are trading them or holding onto them as a future investment. The interesting thing about Lumens is that they are acquired for free, which goes along with the company’s philosophy of philanthropy. Jed McCaleb wanted it this way, because he knows that world’s financial system is broken, and he is hoping to be able to change this through the blockchain technology. His main focus is ensuring that every person in the world, including the world’s most poor, have access to a bank account. He also understands that what is keeping this from happening is the high cost of fees related to transactions and transfers, and this is exactly where Stellar is beginning to change the world.

Jed McCaleb is aware that the rising use of Lumens for monetary transactions will get more people on-board with Stellar. Within a decade all of the Lumens that are free will have been handed out, and this means that even more people will be involved. Lumens can be converted into any monetary currency, and there are no fees involved for those who are looking to make multiple exchanges. This means that everyone will benefit from Stellar, but it is the people who are living in poverty who will benefit the most as their fees will be reduced to zero.

Read McCaleb’s predictions on how the banking system will be changed by the blockchain: https://www.cnbc.com/2018/03/21/an-early-bitcoin-pioneer-predicts-how-the-blockchain-will-change-banking.html

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