Cryptocurrency expert Jeb McCaleb is a pioneer in the industry having founded Mt. Gox, the world’s first bitcoin exchange. McCaleb entered the world of computer development by founding eDonkey and then eDonkey2000 in 2000. He would work in this position until 2005. In 2007 he programed and designed an online strategy game called “The Far Wilds.” He operated the game until 2009 when he passed it on to some huge fans of the games who continued to operate it themselves. In 2011 he sold Mt. Gox hugely successful company to Mark Karpeles. It was soon afterward hacked and therefore went bankrupt.
After selling Mt. Gox, he founded Ripple, leading the company until 2013. In 2015 he became an advisor for Machine Intelligence Research Institute, a role he continues to hold. Today he serves as the CTO of Stellar, a company focused on making more streamlined international cryptocurrency payment systems. McCaleb has openly declared his full confidence that in the future there will be a much used perfect universal payment network in place. Stellar is making huge strides toward this goal with a current settlement time of fewer than five seconds.
Some companies, like IBM, are successfully using Stellar’s system right now. The financial research firm Autonomous Next said Stellar’s work has been instrumental in raising about $9 billion in cryptocurrency in just four years. The downside of this massive growth in monies has been that the number of scammers and fraudulent fundraisers has also grown. But experts say that positives of this new system far outweigh any negatives. McCaleb says that as good as the system is right now it will only get better. He says in the very near future, for instance, non-cryptocurrency stocks will be able to be digitized using this system.
And digitization of non-currency is really only the beginning, says McCaleb. He says over the next few years all types of equity will be able to be digitized. But while it is by far the biggest, there are also other company’s throughout the world working on this very thing.