Jed McCaleb is the founder of Ripple in 2011, and then in 2014, he co-established Stellar.org. Stellar.org is a financial network whose goal is to multiply the economic involvement of everybody, and it supports Stellar network. Stellar.org is a non-profit organization that introduces technology that is in conjunction with financial literacy by way of digital tools. Likewise, he is a consultant of MIRI, an institute that does research on artificial intelligence.
According to Jed McCaleb, the idea for Stellar started when his interest in Bitcoin perked. As he understood the fundamental concept behind Bitcoin, he knew that technology can literally make innovative changes that the world needs. The difference between Bitcoin and Stellar is that the former is a means of shifting value from person to person, while Stellar serves as a link that connects various financial institutions.
McCaleb explains that since the majority of the globe’s population do not have any bank account, they cannot save money and send remittances to family members. Money remittances involve high fees so most people seldom use them and banks all over are unable to serve the needs of people with low income due to expensive maintenance costs. This is where Stellar comes in because it provides means and ways for people to transfer funds more easily and economically.
Jed McCaleb’s usual day starts with the focus mode which is followed by the reactive mode. His focus mode is for coding and building while his reactive mode is spent on his business operations that involve answering emails and requests. Moreover, artificial intelligence is a really an exciting trend for McCaleb since he believes that it will help render an easier life.
To be successful according to Jed McCaleb, it is better to focus on the larger picture and do the necessary things needed to attain any objective. In addition to this, he suggested that building a product to address a need has the potential to become more profitable. He likewise emphasized that failures and risks are parts of having a business and people must learn to accept them and just move beyond their biases.