Who is Jed McCaleb, the founder of Ripple?

Introducing Jed McCaleb, the creator of Mt. Gox, Ripple and Stellar

Jed McCaleb is an iconic person in the cryptocurrency world . He is called a serial entrepreneur . He is behind many successful projects like eDonkey2000, Mt. Gox, Ripple and Stellar .

At the peak of the January 2018 crypto-asset bubble, his virtual currency portfolio, consisting mostly of XRP, was worth more than $20 billion , which put him in 40th place among the richest people on the planet.

Education and career

Born in 1975 in Arkansas, Jed McCaleb ended up landing in Berkeley, California to study there. However, he will never complete his course and will then move to New York.

In the year 2000, he founded the company MetaMachine, which released the famous eDonkey2000 , an application that allowed the downloading of large files (films, video games, etc.) peer-to-peer, at a time when the speed of connections was slow and where streaming did not exist.

During 2006, eDonkey ceased operations and entered into an agreement with the RIAA (Recording Industry Association of America) to avoid legal action against the sum of 30 million dollars in compensation for copyright infringement. .

The Creation and Resale of Mt. Gox

Jed McCaleb bought the Mtgox.com domain name in 2007 with the intention of making it a Magic: The Gathering card trading site. At the end of 2010, he decided to turn the platform into a cryptocurrency exchange site . In February 2011, given the growing popularity of the site, he decided to sell it in part to Mark Karpelès , while remaining a minority shareholder in the company.

The creation of Ripple

During 2011, Jed McCaleb developed a digital currency that would later be known as Ripple . For the time, it was a revolution, since the protocol was different from that employed by Bitcoin , an asset created two years earlier and which was already revolutionary in itself.

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He continued to be involved in developing the project and improving network security until his resignation in July 2013.

The creation of Stellar

In 2014, he decided to found a new cryptocurrency in partnership with Joyce Kim. This new crypto-asset is none other than Stellar, and allows transactions to be carried out both in fiat currency and with digital currencies. To carry out this project, he received a $3 million loan from Stripe .

In its early days, Stellar operated with a protocol similar to that of Ripple, but will eventually adopt its own consensus in 2015. Jed McCaleb serves as CTO in the company.

Distinction and philanthropy

In 2018, The New York Times honored Jed McCaleb as one of the 10 Most Influential People in the Blockchain Revolution.

He is also a generous philanthropist. He offered the equivalent of $500,000 in XRP to an artificial intelligence research institute while at the same time joining the team of advisors . He will also donate money in February 2018 to another artificial intelligence research group, OpenAI.

Our opinion on Jed McCaleb

Jed McCaleb is someone who has made significant contributions to the crypto-asset industry. First, by deciding to turn Mt.gox into an exchange that, at its peak, handled 80% of cryptocurrency transactions on the planet.

By creating Ripple and then Stellar, some of CoinMarketCap’s best-known cryptocurrencies for many years, he continued his work of democratizing cryptocurrency. Even though a lot of people criticize XRP within the crypto community, the fact remains that it is a project with a working product.

From our point of view, Jed McCaleb has done a lot to promote digital currencies and has helped a lot in their design thanks to his talent as a programmer. Love or dislike Ripple and Stellar, they are nonetheless highly capitalized assets and each has a strong and tight-knit community.

5/5 - (2 votes)
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