Jed McCaleb is certainly a man to listen to when it comes to the crypto industry. He created Ripple and Mt. Gox, and is now known as the creator and CTO of Stellar. His Ripple ownership alone is reported to put him in the world’s top 50 richest people. But as major companies and governments alike begin to incorporate elements of centralization and control into the blockchain world, McCaleb has warned that the blockchain needs to remain completely decentralized in order to work in the long term.
Don’t Become Like PayPal!
McCaleb sees a future in which all equity runs on blockchain tech, and a fully globalized network for payments. He told CNBC:
In the future, I think it’s pretty clear to me there will be a universal payments network… In the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere…
However, he went on to say that any aspect of centralization harms that vision, and that this would transform payments systems into something “no better than SWIFT or PayPal”.
McCaleb created Stellar as a way for the whole world to access low-cost financial services without a centralized, costly control center. It’s a non-stock, nonprofit organization, that isn’t charging people for access, and in this way, it is aspiring to revolutionize the financial industry. To date, McCaleb believes that the only truly decentralized entity in the world, is the Internet.
You can read more about Stellar here and watch Jed McCaleb talking about the future of blockchain technology by clicking on the tweet below.
— Stellar (@StellarOrg) March 5, 2018
Are you concerned that elements of centralization will inevitably become integrated into blockchain networks? Leave us your thoughts in the comments section.