Around the world, according to the World Bank, 2.5 billion people do not have access to basic banking services. They are too poor or too isolated in rural areas. Their local banks do not have the resources to serve these people in a cost-effective way. Therefore, they cannot participate meaningfully in the world’s economy.
Jed McCaleb is the visionary pioneer and technological innovator seeking to bring those people into the economic mainstream so everybody can profit from their contributions. This will increase the wealth of humanity, ending poverty by including everybody. That’s why McCaleb and Joyce Kim founded the Stellar Development Foundation in 2014. It uses blockchain technology to create universal networks of financial institutions that can afford to provide financial services to even the poorest persons of the world, for the economic improvement of everyone.
One success story for Stellar is the Praekelt Foundation. They have integrated Stellar into their open source messaging ap, Vumi. Vumi allows young girls to save money as airtime credits, a form of currency widely used in developing countries. Nonprofit organizations and businesses are integrating Stellar’s blockchain technologies to create virtual silos of financial institutions that are seamlessly integrated.
Jed McCaleb has a long list of successfully networking people. He started out founding MetaMachine and creating eDonkey2000, a peer to peer file-sharing network that enabled 1-to-many data sharing and hashtags to enable multi-source downloads. He founded Mt. Gox, the first Bitcoin online exchange and co-founded the cryptocurrency Ripple.
One thing Jed McCaleb advises people to do is to spend a lot of time thinking about their best strategy and overall plan, because you need to working toward the right goal. If you’re working hard for the wrong goal, you’re holding yourself back even though you are busy and productive. When he’s building something, he’s focuses only on what’s essential to accomplish that task. He keeps a sharp lookout to eliminate unessential items.
Also, when he completes projects, he looks back to analyze what he did wrong and what he did right, so he can learn from both. And he advises entrepreneurs not to focus on small niches.