Jed McCaleb, the CEO stellar organization, is a believer in controlling technology to help reduce incompetence and also improve the human condition. He together with Joyce Kim co founded stellar development in the year 2014.
Stellar development was founded mainly to oversee stellar protocol development. Its vision is to provide an internet protocol level for payment, aiming at connecting numerous payment networks and financial institutions together so that payment of money can operate just like an email where one will be required to connect to all banks and financial institutions.
Stellar utilizes Federated Byzantine, a new consensus form, originated by Professor Mazieres David of Stanford. This model form allows a network node to select several other nodes that it can trust, and in turn, it creates a structure in the form of a web of consensus in a network. From this model, stellar does not require many validators for them to be successful, as Jed McCaleb explains is that they need a thousand validators, and from this, a flexible trusted network is created since it is easier to route around if a problem arises. From these trust nodes, bad actors are easily removed from the trusted network node list.
Since this consensus method works with fewer full nodes compared to the other models, most people believe it is less secure. Jed McCaleb opposes that attitude explaining that contrasting Bitcoin, stellar blockchain having full nodes is lightweight for its clients and that anybody is capable of doing it.
According to Jed McCaleb, stellar is determined to work with several financial institutions and big banks but is not interested in involving itself with the economy of the private blockchain. He says that the private blockchains are less explored in the development of the blockchain industry.
Jed McCaleb focuses on developing the stellar business to another level. He is determined to make stellar network a standard network such that people can send money worldwide and that people accept it purely. He further publicized his spread out the interface of exchange that should be launched by stellar in the year 2018.
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