Jed McCaleb is the co-founder of Stellar, a company focused on developing a cryptocurrency network for cross-border payments. Stellar’s XLM coins, which are also known as “lumens”, peaked at being the 10th largest cryptocurrency by New Years.
One lumen, or XLM, is equivalent to one unit of digital currency, similar to a bitcoin. Lumens were initially named “stellars,” in which the company launched with 100 billion of the native assets in 2014. The company changed the digital currency’s name to lumen to differentiate itself from the actual company’s name.
As developer, co-founder, and now chief technology officer, Jed McCaleb started Stellar to provide a decentralized network for safer transactions. McCaleb’s company Stellar has been deemed a close competitor to bitcoin, as it is safer and much faster.
McCaleb, who is also the creator of the Mt. Gox, the first bitcoin exchange, predicts the bitcoin blockchain technology will result in a “universal payments network,” which are the type of payments his company Stellar are currently trying to develop.
Stellar is looking forward to bring currency transaction times down to 5 seconds, which will allow users to quickly exchange government-issued currencies.
It has been reported that company IBM has already put Stellar’s network into use with their cross payments system in some large banks.
Initial coin offerings have become equivalent to nine billion dollars in just four short years. However, with the increase of fraudulent sales in cryptocurrency, regulations have been put in place.
Jed McCaleb states that wouldn’t be surprised if all equity is tokenized in the next 10 years. McCaleb also feels that individuals will desire to trade many things and it will result in decentralizing exchanges.
Securrency, a Maryland based cryptocurrency startup is following the steps of Stellar by introducing digital tokens to traditional financial markets, by allowing stock to be bought using bitcoin.