Why Jeb McCaleb Wants To Change The Banking System

Jeb McCaleb has been in the technology industry since 2000. Over the course of his professional career he has founded or co-founded a number of successful companies such as MetaMachine, Code Collective, and Ripple. He presently serves an advisory role for a nonprofit called the Machine Intelligence Research Institute. He is also the chief technology officer of a nonprofit he co-founded in June 2014, Stellar Development Foundation.

Stellar is an organization that is looking to replace the current financial network as he says that the current system is irretrievably broken. Jeb McCaleb says that the goal of his organization is to allow everyone a way to engage in the economy, something that is now possible currently and has resulted in more than 2.5 billion people around the planet with no access to even a bank account.

Jeb McCaleb says that his organization was inspired by his ongoing interest in Bitcoin. It uses a distributed database as a form of a digital ledger in order to keep track of transactions between different parties. He says that present banking system just doesn’t work for those who are low-income because it costs too much for banks to provide them with any services. His platform uses open source coding in order to build a financial network that allows people to easily and inexpensively move money around.

There are two modes of work that Jeb McCaleb engages in each day. The first is his focused mode during which time he says he codes and builds software programs. The other part of his day, he says, is when he is engaged in what he calls his reactive mode. This entails things such as responding to emails and other requests as well as all of the minutiae that are involved in running a business.

As the CTO of Stellar, Jeb McCaleb spends a good deal of his time developing strategies for his company and what its overall goal is. As he points out, you can be the most productive person in the world but if you’re working towards the wrong goal than it’s all for naught.

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