The co-founder of Ripple and creator of Mt. Gox exchange, Jed McCaleb explains why he parted ways with Ripple. He claims that a decentralized network is necessary for a cryptocurrency to be successful in the long run. He split off from Ripple and formed Stellar later in 2014.
According to him, a centralized financial payment system will be no better than PayPal or Swift. He told CNBC’s “Fast Money” on Friday that decentralization creates a path for network growth and ubiquity.
During the same, he also expressed his beliefs stating:
“Similar to the internet, the real vision is that you have a network that anyone can participate in. There is no single central entity that can decide about starting the charging. This way we can actually grow and reach ubiquity. That’s the key thing to taste success with these things.”
Jed has been a pioneer on many fronts in the crypto and blockchain world. He blasted Rippled while he explained the reasons for quitting there and starting his own in the same year. After disagreements about his views on how Ripple should operate, he waved goodbye forever only for the betterment of his own. At one point, he was frustrated with Ripple as he saw it lacked vital decentralization.
He expressed regarding this earlier:
“It’s very hard to run nodes outside of Ripple Labs. The team is running the majority of the nodes, which should be concerning for people.”
The discussion extended turning towards his current project, Stellar where he explained the importance of maintaining nonprofit status in a crypto company. This is what the Stellar Foundation follows when compared to the non-profit origin of the internet.
Stellar Lumens is currently trading at $0.223 and has been increasing considerably recently. XLM is ranked 8th among the largest cryptocurrencies by a market capital which is worth $4 billion. The transaction time is less than 5 seconds which is way faster than the crypto leader Bitcoin, Jed noted.
Paulo, a Stellar Lumens investor and Jed’s follower says:
“Jed is an example of determination and passion. You have been inspiring me with your work and the way you keep yourself motivated is truly commendable. We are sure stellar will grow bigger and keep getting better in the coming days. Good Luck buddy, we are with you.”
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