Stellar Development Foundation is a company started by Jed McCaleb, a prominent figure in the blockchain industry. McCaleb is one of the early innovators in the industry. Stellar was founded in 2014. This company aims to develop a system that will enhance payments and remittances using cryptocurrencies. The application of cryptocurrencies in payments remains one of the biggest challenges facing the cryptocurrencies industry. According to McCaleb, what the company needs is to create a system that will connect financial institutions all over the world as well create payments networks that will allow money to be sent like we do send emails. He adds that it is not just about connecting the large institutions but different institutions that exist.
Jed McCaleb started Stellar more like an open source non-profit foundation. This has given confidence to the people that the organization will be around for a long time and that it will not change its business model like it happened with some of the organizations he worked with in the past.
According to Global Coin Report, Stellar is utilizing a technology known as Byzantine agreement which was created by Professor David Mazieres of Stanford. This technology allows each node to pick a trusted node which it can connect with. When nodes connect in such a way, in the end, we will have a web-like structure based on consensus all over the network. In this scenario, anyone trying to inject a malicious node into the network will not succeed since the other nodes will ignore it. Only trusted nodes will succeed in getting a connection.
He hopes that the current project being created at the company will be successful and that there will be payment network that will be secure and fast enough to enable payments around the world, mentioned by Jed McCaleb on LinkedIn. The experience that he has had in the industry is one of the most significant to the success of Stellar. He has learned from the mistakes that have occurred and now he is ready to setup a system that will solve the payment problems which have dogged the blockchain technology. McCaleb joined the industry in 2010 and has so far established a name in the industry as a top innovator.