Jed McCaleb’s Predictions about the Future of Currency Exchange

Jed McCaleb knows a few things about bitcoin and international exchanges. As the founder of multiple bitcoin startups, including his current position as Chief Technology Officer at Stellar Development Foundation which he also co-founded.

And in Jed McCaleb’s vision for the future currency exchanges and digital coin currency are inevitable. He foresees a financial future where all currencies with government backing can be exchanged in one international digital currency that anyone can access from anywhere. By having a universal method of exchange for all currencies business can become a more egalitarian, widespread activity. Any member of any nation could, with internet access, put whatever currency they use onto the global market and bring not only their capital but their goods and services to a wider customer base- a base that could span the world.

This would not be some shadowy government agency running the exchange system nor would it be an unaccountable group of elites. Jed McCaleb sees a global financial exchange that is open source and visible to the entire populace. If you can use the system you can double check it yourself. Everything would therefore be transparent.

One of the larger problems would be deciding between using a centralized exchange or a series of independent exchanges using the same technology much like different banks operate today. Jed McCaleb believes that a series of exchanges would work the best as any system large enough to cover cross border transactions all over the world would be too large and vulnerable if it was centralized.

This system would not only allow for currency transactions across national borders and banking but also to stock purchases. Stellar Development Foundation, a non profit, is working on many of these issues in terms of software and infrastructure. The goal of Stellar is the help bring as much of the world as possible in to a single market system for the benefit of everyone.

There must be merit to Jed McCaleb’s predictions: IBM uses Stellar technology to develop a cross-border exchange and the company has raised over $9 billion (U.S.) in four years from coin investments.

From this source: cointelegraph.com