During the Tel Aviv Fintech Week, Jed McCaleb was a part of “An Evening with Stellar and eToro.”
Jed McCaleb is the current CTO of Stellar, a blockchain organization that was founded as a non-profit originally. He is also one of the founders of the company. The goal of Stellar is to bring financial options to people all over the world. They have partnered with over a dozen other companies in order to provide cheaper, faster international transactions.
Yoni Assia, who is the current CEO of EToro was also in attendance, working alongside McCaleb to deliver the presentation.
The discussion at the lecture was all about the future of blockchain and cryptocurrencies.
Jed McCaleb began the segment by discussing exactly what happens inside the Stellar protocol. He explained that what separates Stellar from other blockchain is that every digital dollar represents a real one.
“That’s what Stellar does,” McCaleb said. “We have a Stellar consensus protocol. It’s an extremely expensive process.”
McCaleb also compared the blockchain industry to the .com bubble burst in the early 2000s. No one was able to predict that certain websites would become so popular that they would put other websites out of commission. McCaleb believes the same thing will happen to blockchain: one blockchain could potentially be the only one standing.
Jed McCaleb also talked about how he wanted to give a lot of people free Stellar currency, but their system isn’t quite ready for such a wide-reaching transaction such as that. “We’ve been hiring like crazy over the last 2 months,” McCaleb explained. “We’ll be announcing something huge real soon.”
McCaleb and Assia also took questions from the audience, answering everything from Stellar’s partnership with IBM to the process of tying digital tokens to physical cash.
McCaleb told the audience that Stellar is in the middle of being decentralized and centralized. Stellar is able to work closely with IBM because IBM already has strong relationships with banks all over the world. A partnership with a company just made sense, according to McCaleb.
The audience member that asked about the relationship between digital tokens and physical assets got a simple answer. “Just like with gold and real estate: it’s the same,” McCaleb explained. “We back the tokens with actual assets.”