- Stellar’s Jed McCaleb Talks About Bitcoin, Stellar and Mt. Gox
Stella’s CTO and founder Jed McCaleb, recently talked about Bitcoin, founding Stellar and the Mt.Gox saga. The Stellar blockchain was created to rival Ripple. In our previous Stellar Lumens news, we talked about how McCaleb was also the co-founder of Ripple. He eventually left the Ripple team to develop Stellar which is powered by the Stellar Lumens XLM token. While Ripple is planning to disrupt the global financial system, McCaleb said that he has no plans to disrupt the system.
Jed McCaleb Shares His Thoughts on Bitcoin, Stellar and Mt. Gox
During a talk at the CoinAgenda 2019, he told Michael Tarpin about his interest in the cryptocurrency space and his journey to Bitcoin. In his words;
“I just like working on things that are interesting to me, and that can change the world for the better.”
The first blockchain-related application developed by McCaleb was eDonkey. It is a decentralized peer to peer file-sharing network. He said that after he created the application, he came across the Bitcoin white paper online. He continued;
“I was super excited,” said McCaleb. “I didn’t think it was possible to solve [the double-spend] problem before I read the white paper. It was super interesting to me and, about two weeks later, I had made the Mt. Gox exchange, because at the time there wasn’t a good way to buy or sell bitcoin, and I wanted to experiment with the technology to learn the system.”
He said that he created the Mt. Gox exchange for fun. He said he never intended on running an exchange long term and that was why he was looking for someone to take over. He eventually chose Mark Karpeles He went on;
“The Bitcoin world back then was much, much different than it is today,” he said. “When I joined BitcoinTalk, which is where everyone that knew about Bitcoin had an account, there were about 2,000 people. By the time I gave Mt. Gox to Mark Karpeles, there were like 5,000, 10,000 people––something like that.”
He said that Karpeles ended up being an incompetent leader of Mt. Gox. After he handed Mt. Gox to Karpeles, he moved on to his next project but never struggled to find the solution for the consensus problem that Bitcoin intended to solve. He also complained about the energy requirement for Bitcoin mining as they cause environmental issues. He talked about how Bitcoin inspired him and everything he did to improve the Stellar blockchain.
Stellar (XLM) Price Today – XLM / USD
Name Price $9,270.72 $0.094
For now, Stellar isn’t as popular as Ripple but it serves the same purpose. The Stellar Lumens token took a hit over the last few months just like Ripple XRP. There is no way to determine how long rivalry between both blockchains will last.