Jed McCaleb has been a central figure in the cryptocurrency industry. He is 43 years old and at various points his net worth has been valued in the multiple billions of dollars.
Jed McCaleb was co-founder of Ripple (XRP) and co-founder of Stellar (XLM)
Ripple is the number three cryptocurrency as of August 29, 2018. Ripple has a market capitalization of $13.6 billion. Chris Larsen is co-founder and former CEO of the cryptocurrency company Ripple. In Feb, 2018, Chris held 17% share in Ripple company. (15.56 billion XRP) At today’s exchange rate of $0.34 per XRP, Chris Larsen total worth is about $5 Billion.
McCaleb had 5.3 Billion XRP. This is worth about $1.7 billion.
Stellar has a market cap of $4.2 billion and is the number 6 cryptocurrency in the world as of August 29, 2018.
Pre-cryptocurrency with eDonkey file sharing
Jed created eDonkey which was one of the largest file-sharing networks. The eDonkey Network is a decentralized, mostly server-based, peer-to-peer file sharing network created in 2000 by US developers Jed McCaleb and Sam Yagan. It was good for sharing big files. In 2004, the eDonkey network overtook FastTrack to become the most widely used file sharing network on the Internet. In 2005, they hosted an of average two to three million users sharing 500 million to two billion files via 100 to 200 servers. They were passed by BitTorrent in 2007.
Donkey2000 was a peer-to-peer file sharing application developed by US company MetaMachine (Jed McCaleb and Sam Yagan) using the Multisource File Transfer Protocol. The client supported both the eDonkey2000 network and the Overnet network.
The Recording Industry (RIAA) sued Metamachine and the case was settled. Metamachine paid $30 million to RIAA.
Mt Gox and Jed McCaleb
In 2006, programmer Jed McCaleb built a website for trading Magic: The Gathering Online cards like stocks. In January 2007, he purchased the domain name mtgox.com which was short for “Magic: The Gathering Online eXchange”. It went live for three months in late 2007.
Jed re-used the domain name in 2009 to advertise his card game The Far Wilds.
In July 2010, McCaleb read about bitcoin on Slashdot and decided to create a bitcoin exchange. On July 18, 2010, Mt. Gox launched its exchange and price quoting service on the mtgox.com domain.
There were hacking and security breaches in Mt. Gox between July and October 2011.
By April 2013 and into 2014, Mt Gox grew to handle over 70% of the world’s bitcoin trades.
The major Mt Gox lawsuits and bitcoin thefts occurred in 2013 and 2014.
Ripple and Jed McCaleb
McCaleb was CTO and co-creator of the Ripple cryptocurrency. McCaleb later split from Ripple and created the Stellar cryptocurrency.
Ripple (XRP) offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.
Ripple is more centralized than Stellar. Ripple Labs runs the majority of the nodes.
XRP is over a thousand times faster than Bitcoin.
XRP confirmation time is deterministic and closes every 3.2 seconds.
XRP transaction costs are 0.1 cents.
XRP consistently handles 1,500 transactions per second, 24×7, and can scale to handle the same throughput as Visa. (50,000 transactions per second, as of July 15, 2017.)
Stellar and Jed McCaleb
McCaleb wants Stellar to be an internet level protocol so that it can be a reliable foundation for the broader financial industry.
Stellar is more decentralized and has a non-profit organization controlling it.
The Stellar network has been used by companies such as IBM, KlickEx, Deloitte, Parkway Projects, Tempo, Wanxiang Labs and Stripe.
Processing times and operations per second
Stellar is faster and more efficient than Ethereum.
* The Stellar network can quickly exchange government-based currencies with 2 to 5 second processing times.
* a conservative estimate of Stellar’s processing rate is 1000 operations per second.
Stellar free to use, no commercial restrictions, base fee is .00001 XLM
The Stellar network is free to use.
All of the software necessary for integration is licensed under the Apache License, version 2.0. This license permits commercial use, modification, and/or distribution.
Integrators will need to dedicate technical resources to integrating with Stellar. It typically takes between 120-200 hours of technical development, depending on the size and experience level of your developer team.
There are no restrictions for commercial uses of the Stellar network.
Stellar.org covers operational costs in several ways:
* 5% of the initial lumens are set aside for operational costs.
* Stellar.org accepts tax-deductible donations from the public.
* Stellar received an initial infusion of funding from the payments startup Stripe. * Stellar corporate donors include BlackRock, Google.org, and FastForward.
The base fee is currently set to .00001 XLM. The sender of the transaction incurs the fee.
No one profits from the base fee. The ledger collects the fees and redistributes them in the process of inflation.
Written by Brian Wang at Nextbigcoins.io
SOURCES- Youtube, Ripple website, Stellar website, wikipedia, ArsTechnica