When it comes to reducing inefficiency in any business, Jed McCaleb, of Stellar.org, believes in utilizing the latest and greatest technology. It is essential to have the right goal at the forefront as working towards the wrong objective will play havoc with the end result. In his quest for technological advancement, McCaleb was the creator of eDonkey which is a file sharing networks. He also established Mt. Gox, one of the first Bitcoin exchanges. McCaleb also founded Ripple in 2011 and in 2014 he co-founded Stellar.org.
Bitcoin, being a distributed database, spawned the idea for Stellar. Utilizing the potential of Bitcoin, Jed McCaleb recognized the potential of connecting financial institutions by using the company’s open source financial network. The philosophy of Bitcoin is to have the ability to move value from one individual to another and Stellar links financial institutions including Bitcoin. This is an important factor as there is a significant part of the adult population that is unbanked. The idea behind Stellar is to utilize the available open source financial networks to move money economically and seamlessly, especially for the unbanked.
McCaleb reports that he operates in two modes. The first is “focus mode” and when in that mode he codes and builds. The second mode is “reactive mode” and that is when he responds to emails, phone calls and requests for thoughts and time. Operating in two separate modes helps McCaleb to be more efficient with his time. Jed McCaleb also views Artificial Intelligence (AI) as a very powerful and valuable technological tool. In the coming years, people will rely on AI to solve a myriad of problems and make lives easier and more productive for everyone.
When he is focusing on a particular element, he keeps the non-essential element at bay. One strategy that has helped Jed McCaleb grow his business is to take full advantage of everything the Internet has to offer. It is an extremely valuable vehicle that helps get a great idea to the consumer market incredibly quicker than older, standard marketing methods. Focusing just on the niche things will limit the potential of that niche.
Striving for the big picture will have a much bigger impact. It is important to look at failures and find the lesson learned and move on. It is important to keep swinging despite any setbacks because as long as you keep swinging, you will eventually hit it out of the park.