Jed McCaleb is an American computer programmer, entrepreneur, and software engineer.
He is the mind of some of the best known cryptocurrencies and exchanges that have made a fortune.
But his past has a black spot. A really NO period. But he got over it big time.
This is where the true character of this man emerged. There is a moral behind his story that I will let you in on later. Follow me and read …
First we need to discover the steps that led him to be a billionaire in cryptocurrency.
HE WAS KIND OF A SEAN PARKER AS A YOUNG MAN
Jed was interested in computers as a child, when he started playing with his father’s computer and writing basic programs on it.
It was a loss that his family home did not have access to the Internet until he was 11 years old.
Jed McCaleb is the founder of Stellar. He has a BA in Computer Science from the University of California, Berkeley.
He also holds a Masters in Mathematics from San Jose State University.
“Jed McCaleb’s parents are both scientists and have a strong influence on his upbringing. His father worked for NASA as a researcher and his mother was a nutritionist for NASA ”.
The only computer course they taught at the time was called Compilers. So he embraced it, never expecting that the language of the high-level computer education program would reshape his life.
He grew up in Arkansas on a dairy farm. He worked as a code writer for the Future Games company. He didn’t expect much from life.
But its first big hit came in 2000: it was eDonkey2000, which at its peak had around half a million users worldwide.
It was a P2P file sharing company very similar to Napster. Large files between users thanks to a decentralized network architecture that allowed direct sharing between users, without housing them on a central server.
By 2004, eD2K, with up to 200 servers, had become the most popular file sharing network on the web, managing an average of nearly 2 billion.
However, in 2006, the RIAA sued MetaMachine Inc., the company responsible for the development and execution of the eDonkey program, for alleged copyright infringement.
Everything collapsed and a $ 30 million fine was made causing the company to close.
Jed had to start all over again. He was back to square one with virtually nothing in hand.
DISCOVER A NEW WORLD WITH CRYPTOs
The first experience with cryptocurrency exchanges was Mt. Gox. On which cryptocurrencies such as Bitcoin can be exchanged for national currencies,
the troubles for Jed McCaleb were not over though. He has had a very difficult time in the last few years.
His company Mt.Gox also went bankrupt. So he was widely considered a loser by many.
However, he came back with three cryptocurrency companies and a $1 billion fortune (which then grew). He rebuilt his fortune and more, today Jed lives in San Francisco with his wife and their 4 children.
Its return is mainly due to its 3 cryptocurrency companies: Stellar, Ripple, and Blockchain which have seen rapid growth and investment from industry investors.
In just 2 years, Stellar has become one of the top 10 cryptocurrency-based blockchain protocols in the world.
It happened after the rise of Bitcoin and other digital currencies that attracted him.
“Together with David Schwartz, Jesse Powell and Arthur Britto, Jed developed Ripple (initially called Opencoin), a digital currency in which transactions were verified using the Proof of Stake algorithm instead of the consensus algorithm used by Bitcoin (Proof of Work ) “.
Ripple helps people entertain themselves and access information in real time, while its third company Stellar has allowed people to use more than one currency at the same time so they are not at the mercy of centralized cryptocurrency exchanges.
After several disagreements, however, Jed left Ripple. All finished? Not at all…
“A year after leaving Ripple Labs, Jed McCaleb has a new ace up his sleeve: Stellar Development Foundation. A non-profit organization “.
The aim was to increase everyone’s economic participation in cryptocurrencies.
The organization entered the market in July 2014 thanks to a $3 million loan from the Stripe Company.
In 2018, McCaleb became InterStellar thanks to the merger of Lightyear and Chain.com.
In no time Stellar reached the top ten of the coins with the largest market capitalization. Last year it boasted a market cap of over $ 9 billion.
IT’S NEVER OVER!
The lesson from McCaleb’s life in my opinion is one of the most important when it comes to being an entrepreneur. When you try to do that job you have dreamed of all your life. When you are looking for that kind of girl you dreamed of.
It can happen that you fail. To have your ass on the ground. To run out of resources. To run out of energy. To have it all wrong.
“Hope is never ending. Because he showed us that even with a $3 million fine and after a bankruptcy. Or after a project that went very badly, you can win back everything and more ”.
How? At the bottom of your heart you must feel that you can do it. That you will make it. So you get back into the game, you get back to work with new ideas and build your life’s project.
Today, Jed McCaleb’s estimated fortune is around $20 billion, most of which are held as Ripple tokens.
In 2021, Jed sold more than $400 million worth of XRP.
In January 2018, The New York Times named McCaleb one of the top 10 people who spearheaded the Blockchain revolution and reported that McCaleb’s symbolic ownership in Ripple would place him 40 on Forbes’ list of the richest people in the world.
But it’s not over yet…
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