Jed McCaleb is a prominent creator of the MT. Gox Bitcoin exchange. He is also the co-founder of Stellar, and he now predicts that the Bitcoin technology is set to cause significant shockwaves that will make it possible to have a universal payments network. It will affect the world’s global payment systems, stock markets and fundraising. Having been a significant player in the Bitcoin market, he sees that how we currently transact our businesses and how we handle money will soon change shortly.
The Stellar Company is currently focused on developing a network of cryptocurrencies geared towards cross-border payments.
“In the coming years there will be a universal payment network that will come into play and which will involve a public ledger that people can see but cannot change but which will still allow people to continue using the traditional currencies such as the Dollar,” Mr McCaleb said during an interview with CNBC.com.
It is this universal payment network that Stellar is currently working on. The system will allow people to conduct transactions in fractions of seconds and at the same time be able to exchange government-backed currencies. IBM is one such company that is currently using the Stellar’s network to develop a cross-border system with several large banks.
McCaleb also shares his views on the Initial coin offerings which he says it depicts markets that are yet to be tapped by the financial system. According to Autonomous Next, an estimated $9 billion has been raised in just over four years through initial coin offerings.
Regarding non-crypto assets such as stocks, McCaleb says they will soon be undergoing digitization with the same technology that is currently being developed. He says in the next ten years he envisions a scenario whereby equities will be digitized to the point that it will be hard to monitor all the transactions in one central exchange point.
Jed McCaleb’s love for cryptocurrencies has seen him co-found several companies such as Ripple and Mt. GOX. He has dedicated his time thinking of technological solutions that will improve the world.