Cryptocurrencies have changed the manner in which future financial sector will look like. For a long time, people have always thought of technology of technology as a method of creating devices or relaying information with ease. Not many people thought that it could be used to transact money. Yes, technology is now being used to facilitate the transfer of money. It is not just transfer of money, but a new form of currency known as cryptocurrencies. These are currencies which cannot be controlled by any government or one single person. It takes the powers of controlling the money to the people. The government cannot even trace what the money is being used for. This is the new technology is what people like Jed McCaleb have wished for. This new technology has huge potential to change the industry by ensuring that everything is kept away from governments’ control.
Even though the cryptocurrencies are gaining prominence by each day, the biggest challenge that the industry is currently facing is the security of the systems which are being used. Bitcoin currently is protected by machines which are constantly solving mathematical problems. However, these machines require a huge power supply. The process is therefore costly.
Jed McCaleb, the co-founder, and CTO of Stellar Development Foundation is the latest person trying to make the industry safe. He is currently creating a new system that will make it possible for people to send money online freely just like they do with emails. The security of the new system is something that is being emphasized. Unlike the Bitcoin system, the new system by Stellar does not need a huge power supply. It is an advanced system that creates trust in the system.
According to globalcoinreport.com, The new single payment system by Stellar will allow one to send cryptocurrencies and the person on the other end to receive it in the form they wish. You can send bitcoins, and the other person will receive dollars, yen, etc. everything that happens with the new system is designed to make the industry secure. Payments system for digital currencies will make the industry to grow tremendously. Right now, the biggest problem facing the industry lack of a trusted payment system and Jed McCaleb is working on resolving the issue.
Contact: Jed McCaleb | LinkedIn