Before we get into the main topic of the article, let’s take a brief introductory look at Jed McCaleb, the founder of Stellar.
Jed McCaleb: American programmer and businessman, born in 1975.
He first became famous as one of the founders of the first Bitcoin exchange platform “Mt. Gox” and sold his stake in the company to later participate in the founding of both Ripple and Stellar.
Jed McCaleb helped launch Mt. Gox in 2010 with the goal of becoming the largest Bitcoin-to-dollar exchange, which it did, and then sold it to someone else in 2011.
He also contributed to the establishment of the Ripple project, then sold his share and exited it and moved towards establishing a similar and competing project, which is the “Stellar” project.
Recently, Jed McCaleb, founder of the Stellar Development Foundation (SDF), confirmed that the Stellar network is significantly different from Ripple, pointing to the difference in code, consensus mechanism, and features, in addition to Stellar’s support for smart contracts.
These statements came after sarcastic comments from Charles Hoskinson in a live broadcast, where he drew attention to Stellar's capabilities and what distinguishes it from Ripple.
Stellar recently gained further recognition after being selected as one of the eligible networks for the Wyoming state-backed stablecoin project, WYST.
McCaleb continues to promote the potential of Stellar, calling it the “most underrated and least understood” project, noting that Stellar records more daily transactions than most major networks, including ten times the number of transactions than Ethereum.
The price of the Stellar project’s XLM digital currency has recently witnessed a significant rise, reflecting a strong correlation with the Ripple XRP currency, despite their fundamental differences in structure and function, and despite McCaleb’s confirmation of this.