One of the biggest names in cryptocurrency in recent times has been Jed McCaleb because of his involvement in multiple spectra of products and enabling technologies in this sphere. The master of crypto agrees that blockchain is the future of cryptocurrencies, but insists that closed-in, intra-blockchain will fail for lack of public network features which are the essence of decentralized ledger systems.
His credentials are a tome and his actions continue to draw investor attention in the hope that more disruptive and explosive products are built out of blockchain.
His latest involvement is in integrating the latest crypto-acquisition Chain into Stellar the tokenized protocol. McCaleb is also the co-founder of ill-fated bitcoin Mt.Gox, the bitcoin exchange. Ripple which is a banking-system based cryptocurrency also has his endorsements.
Chain made it to the stellar platform essentially because of its blockchain features built for large-scale Enterprise-level integration.
By itself, Stellar is a trend changer and moves beyond the typical crypto spectrum of activities. Stellar can be defined as one of the power projects which have changed the face of cross-border payments. It also has the feature of tokenizing value, allowing universal payment networks.
Hype for stablecoins
A serious development in markets currently is for coins which are “stable” or stablecoins. McCaleb prefers to say Stellar preceded the latest range of cryptos in terms of characteristics and more.
One of his biggest concerns is the ‘hype’ which has been driving the industry. He believes that if it was not for the hype-based exaggeration of the greatness of blockchain and cryptocurrencies, the growth of these digital alternatives would have been much slower from when it all began back in 2009.
Criticizing the hype, social engineering has driven price rise and collapse, the celebrity cryptographer says projects with technical merit should be the ones which will land the big million dollar funds and not half-develop programs which launch on the basis of hype.
Disagreeing that the current market is a bear market, McCaleb rightfully reasons that crypto-interested investors will remain, despite the fall or rise in the price of the asset. Hence, the alleged bear market is a driven situation but fortunately has led to market stabilization or calming allowing only the crypto-interested to continue with their business of trading in these assets. On the other hand, the current low-prices has definitely weeded out investors who were in it merely for the potential price increase.