Jed McCaleb Working On A Universal Payment System

Jed McCaleb is the creator of the first centralized exchange that was known as Mt. Gox bitcoin. At the height of its popularity, this was the biggest exchange platform for bitcoin. It was making over 80 percent of all the transactions in the industry. The platform did not require one to have a second party in order to transact. The platform was hacked later after he sold it to another tech expert in the industry. The fall of Mt. Gox affected the prices of bitcoin at the time by a huge margin. The hacking happened when Jed McCaleb had already transferred ownership as was therefore not responsible for any of the failures of the platform.

Jed McCaleb had joined the blockchain industry in 2010 after reading an article about the potential that bitcoin had. He had always wished for a currency that could not be controlled from a central location. This currency finally came in the form of bitcoin. The creation of bitcoin opened possibilities for the creation of more cryptocurrencies. Currently, there are numerous of them which are in the industry. The industry continues to grow day by day offsetting any challenge that has been there for the past few years.

Jed McCaleb is an industry innovator who wants to see the blockchain technology being used in all sectors of the financial industry. The biggest challenge currently is a lack of universal payment system which can be used for cryptocurrencies. With awareness about the cryptocurrencies still being created, there is a lot that still needs to go on for the cryptocurrencies to be utilized as they should.

With blockchain technology, Jed McCaleb is determined to change the industry. He is working on a new payment system. The universal payment system will allow people to transact freely with cryptocurrencies. Just like other currencies are being used today. One will comfortably pay with the digital currencies, and the money will be received in the form that the recipient wishes for.

Jed McCaleb is currently the co-founder of Stellar which is conducting this research. With a universal payment system, even non-crypto assets will be digitized.

You should read this CNBC article about McCaleb: https://www.cnbc.com/2018/03/21/an-early-bitcoin-pioneer-predicts-how-the-blockchain-will-change-banking.html

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