Co-founder of the Stellar Protocol and CTO of Interstellar jed McCaleb believes that most financial institutions will not use bitcoin, but continues to support open and public blockchains. He said this in an interview with Yahoo Finance.
In September last year, the company Lightyear Corp., the former commercial division of Stellar Development Foundation, acquired developer blockchain solutions for financial industry Chain, stating its intention to transfer the products start-up in the public blockchain Stellar. Brands Lightyear Corp. and Chain at the same time was abolished, and instead there was a project Interstellar.
Jed McCaleb
Answering the question of how integration takes place and how it fits into widespread on wall street rhetoric, “the blockchain, but not bitcoin”, McCaleb said:
“One of the main motivations [when buying] Chain was that all of these private circuit access rights have certain limitations […] I agree that most financial institutions will not use bitcoin. But the blockchain gives you a public record that everyone can see but no one can change. The parties can carry out transactions without knowing each other. Therefore, the essential public network. It doesn’t have to be the bitcoin blockchain, but if it’s not a public circuit, you are missing the main point”.
He also drew attention to the fact that often the term “blockchain” is very blurred and everything is mixed in one pile.
“But there are different protocols, and they are all designed for different scenarios. There are things where it’s nice to use bitcoin, where it will be better for Ethereum and Stellar will be better. None of these protocols can not do everything equally well – the software doesn’t work”, — said McCaleb.
According to him, Stellar, for example, is best suited for international payments and tokenization of values of any type. So it can be called a universal payment network. With that being said McCaleb, while there is now a popular tablconv and the pursuit of tokenization all around, Stellar all the time gave it the opportunity, but the process is called differently.
In the past the founder of the exchange Mt. Gox and one of the creators of the Ripple Protocol, jed McCaleb also said that while all say that 2018 was the year of the fall of the cryptocurrency, he believes that in a truly market continues growth.
“It’s funny when they say that cryptocurrencies fell. They grow. Yes, prices have fallen from their peak, but in General is increasing. But we are not so much focusareas on prices, so for us it doesn’t matter that much. Of course, when prices rise, it is an indicator of a greater interest in people is more money, something to do,” he said.
Thinking about how it transformed the cryptocurrency industry over the last 10 years, jed McCaleb believes that it has surpassed initial expectations or at least grew at a faster pace. However, it also recognizes that there are a lot of hype.
“Weird to see how the allocated money and resources for millions of dollars when these projects have no technical Foundation. It’s very sad. I hope the situation will begin to change. And a good thing in a more relaxed – I don’t call it a bear market is that it will be less,” he says.
Moreover, he is convinced McCaleb, 90% of existing projects is “full of shit”.
“Projects such as Tron, well, that just sucks. But people put a lot of money, although technically it does not work. In many cases a simple digital payment system, and then you can use Stellar or bitcoin. The same industry of cannabis absolutely does not need a separate payment system”, — he concluded.
We will remind, at the end of last year, the developers of Kik messenger stated that they refuse to Ethereum blockchain in favor of Stellar.
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