Jed McCaleb Discusses IBM and E-Wallets in Tel Aviv

“If there’s a digital dollar,” began Jed McCaleb at Tel Aviv’s four day long tech conference. “There needs to be a real one somewhere.” Jed McCaleb is of course talking about cryptocurrency – a subject he is very knowledgeable in.

McCaleb first entered the crypto world with Mt. Gox. Mt. Gox was originally a platform for Magic: The Gathering Online to trade and sell playing cards, but when McCaleb learned about bitcoin he had to make a change. Eventually, McCaleb sold the company to a businessman out of Japan.

With the sell of Mt. Gox, Jed McCaleb didn’t leave the blockchain technology. What he did was create a new company; alongside Joyce Kim; he created Stellar.

Stellar is working to bring financial services to parts of the working lacking these services. Some countries have no option at all for basic banking services and international transaction. Stellar is solving this problem.

Stellar is able to complete transaction times in a fraction of the time that other mainstream services are.

“We have a way more efficient system,” McCaleb boasted to the Israeli crowd.

Not only are Stellar’s transaction speeds much faster than competitors, their distribution process is also much different. For example, bitcoin utilizes miners – people who lend their machines to the record keeping process, accumulating small amounts of bitcoin over time. Stellar doesn’t use this process; Stellar simply gives out their coins to investors, bitcoin owners, and others.

In his lecture in Tel Aviv, McCaleb explained this and more to the audience, but the audience was also permitted to ask questions.

One of the audience members asked McCaleb about Stellar’s involvement with IBM.

“It’s easy for IBM to sell to major banks,” McCaleb explored. “We don’t want to be an IMB product, but it’s the only way to get a worldwide adoption,” he said. IBM has connections that can help Stellar expand.

During the Q&A portion of the event, McCaleb was also asked about the goals of Stellar in regards to e-wallets. McCaleb explained to the curious audience member that he wants a currency that will be usable without individuals even knowing they are using a cryptocurrency. Stellar’s goal is to seamlessly integrate their software into existing entities. To find out more, check out Jed McCaleb on LinkedIn.

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