Jed McCaleb
{{short description|American cryptocurrency entrepreneur}}
{{Infobox person
| name = Jed McCaleb
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| birth_date = {{Birth date and age|1975|6|8|mf=yes}}
| birth_place = Fayetteville, Arkansas, U.S
| nationality = American
| alma_mater = University of California, Berkeley
| occupation = Software developer
| known_for = eDonkey, Mt. Gox, Ripple, Stellar
| spouse =
| website = {{URL|http://jedmccaleb.com/}}
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Jed McCaleb is an American programmer, entrepreneur, and philanthropist. He is the founder, chairman and ex-CEO of aerospace startup Vast{{Cite web |date=2023-01-10 |title=Vast Space Becomes the Newest Member of "Space Beach" |url=https://www.businesswire.com/news/home/20230110005431/en/Vast-Space-Becomes-the-Newest-Member-of-%E2%80%9CSpace-Beach%E2%80%9D |access-date=2023-04-06 |website=BusinessWire |language=en}}{{Cite web |title=Team — VAST |url=https://www.vastspace.com/team |access-date=2024-09-13 |website=www.vastspace.com}} and a co-founder and the CTO of Stellar.{{Cite news|url=https://www.cnbc.com/2018/03/21/an-early-bitcoin-pioneer-predicts-how-the-blockchain-will-change-banking.html|title=An early bitcoin pioneer predicts how the blockchain will change banking|last=Cheng|first=Evelyn|date=March 21, 2018|work=CNBC|access-date=July 1, 2019}} Prior to co-founding Stellar, McCaleb founded and served as the CTO of the company Ripple until 2013. McCaleb is also known for creating the Mt. Gox bitcoin exchange, and the peer-to-peer eDonkey and Overnet networks as well as the eDonkey2000 application.
As of April 2025, McCaleb is worth US$2.9 billion according to Forbes{{'}} Billionaires List.{{Cite news|url=https://www.forbes.com/profile/jed-mccaleb/|title=Forbes|access-date=March 7, 2023}}
Early life and education
McCaleb was born in Fayetteville, Arkansas, and attended the University of California, Berkeley. McCaleb left the University of California, Berkeley without completing his degree, later stating in interviews that he prioritized hands-on projects over formal education. His time there exposed him to early discussions about cryptography and peer-to-peer networks.{{Cite magazine|url=https://www.wired.com/2013/09/jed-mccaleb/|title=Bitcoin Maverick Returns for New Crack at Digital Currency|last=McMillan|first=Robert|date=September 30, 2013|magazine=Wired|access-date=May 5, 2018}} He eventually dropped out and moved to New York City.{{Cite news|url=http://wap.dailytech.com/The+Death+of+Bitcoins+Mt+Gox/article34390.htm|title=The Death of Bitcoin's Mt. Gox}}{{Dead link|date=October 2024 |bot=InternetArchiveBot |fix-attempted=yes }}
Career
In 2000, McCaleb founded MetaMachine Inc. and released his eDonkey2000 application.{{Cite news|url=https://www.cnet.com/au/news/file-sharing-site-edonkey-kicks-it/|title=File-sharing site eDonkey kicks it|last=McCarthy|first=Caroline|date=September 27, 2006|work=CNET|access-date=May 5, 2018}} Sam Yagan joined him in 2001 and served as CEO of the company.{{Cite news|url=https://www.bloomberg.com/news/articles/2005-10-23/a-hard-ride-for-edonkey|title=A Hard Ride For eDonkey|last=Helm|first=Burt|date=October 24, 2005|work=Bloomberg|access-date=May 5, 2018}} McCaleb served as the CTO of the company and continued to develop the peer-to-peer eDonkey network as well as the Overnet network and the eDonkey2000 application.{{Cite news|url=http://www.tomshardware.fr/articles/Nouveau-client-officiel-eDonkey-et-interview,1-35446.html|title=Nouveau client officiel eDonkey et interview|last=Dumez|first=Christophe|date=2003-01-29|newspaper=Tom's Hardware|access-date=May 5, 2018|language=fr|archive-url=https://web.archive.org/web/20171204171218/http://www.tomshardware.fr/articles/Nouveau-client-officiel-eDonkey-et-interview,1-35446.html|archive-date=December 4, 2017|url-status=dead}} At its height, the network grew to have over 4 million active users at any given time.{{Cite news|url=https://www.theregister.co.uk/2006/09/13/edonkey_settles_copyright_suit/|title=RIAA drops the dead eDonkey|last=Cullen|first=Drew|date=September 13, 2006|work=The Register|access-date=May 5, 2018}} In September 2006, the company reached a settlement with the RIAA and agreed that the company and its top executives would "immediately cease distributing eDonkey, eDonkey2000, Overnet and other software versions" and the company would pay $30 million to the RIAA to avoid copyright infringement lawsuits.{{Cite news|url=https://www.latimes.com/archives/la-xpm-2006-sep-13-fi-donkey13-story.html|title=EDonkey File-Sharing Network Is Shut Down|date=September 13, 2006|work=Los Angeles Times|access-date=May 5, 2018}}
In 2007, he purchased the domain Mtgox.com with the intent to create a trading site for Magic: The Gathering cards. After moving on from his original idea, McCaleb repurposed the site in late 2010 as a bitcoin exchange that could process bitcoin-to-dollar trades. The website grew in popularity within months. McCaleb sold the company to Mark Karpelès in February 2011 and remained a minority owner in the company until its collapse in 2014.{{Cite news|url=https://arstechnica.com/tech-policy/2014/05/original-mt-gox-founder-i-lost-around-50000-in-sites-collapse/|title=Original Mt. Gox founder: "I lost around $50,000" in site's collapse|last=Farivar|first=Cyrus|date=May 1, 2014|newspaper=Ars Technica|access-date=May 5, 2018}}{{Cite news|url=https://www.wired.com/2014/03/bitcoin-exchange/|title=The Inside Story of Mt. Gox, Bitcoin's $460 Million Disaster|last=McMillan|first=Robert|date=March 3, 2014|newspaper=Wired|access-date=May 5, 2018|language=en-US}}
In 2011, McCaleb began developing a digital currency in which transactions were verified by consensus among network members which became known as the Ripple protocol, which differs from the mining technique used in bitcoin.{{cite web|url=https://www.paymentssource.com/news/disruptor-chris-larsen-returns-with-a-bitcoin-like-payments-system|title=Disruptor Chris Larsen Returns With a Bitcoin-Like Payments System|publisher=PaymentsSource|last=Reutzel|first=Bailey|date=December 7, 2002|access-date=19 March 2018}} He recruited David Schwartz and secured an investment from Jesse Powell before adding Arthur Britto as the chief strategist. McCaleb recruited Chris Larsen to be CEO of the new company, which became known as Opencoin. He continued development of the Ripple protocol and its currency while securing investments{{cite web|url=https://techcrunch.com/2013/04/11/now-backed-by-andreessen-more-opencoin-looks-to-build-a-better-bitcoin-and-a-universal-payment-ecosystem/|title=Now Backed by Andreessen & More, OpenCoin Looks to Build a Better Bitcoin - And a Universal Payment Ecosystem|publisher=TechCrunch|last=Empson|first=Rip|date=April 11, 2013|access-date=19 March 2018}} before McCaleb left his active role with the company in July 2013.{{cite web|url=https://www.wired.com/2013/09/jed-mccaleb/|title=Bitcoin Maverick Returns For New Crack at Digital Currency|publisher=Wired|last=McMillan|first=Robert|date=September 30, 2013|access-date=19 March 2018}}
In 2014, he co-founded the non-profit organization the Stellar Development Foundation with Joyce Kim{{cite web|url=https://techcrunch.com/2017/10/19/led-by-stellar-cofounder-joyce-kim-sparkchain-capital-is-a-new-100m-fund-for-blockchain-and-cryptocurrency-startups/|title=Led by Stellar Cofounder Joyce Kim, SparkChain Capital is a New $100M Fund for Blockchain and Cryptocurrency Startups|publisher=TechCrunch|last=Shu|first=Catherine|date=October 19, 2017|access-date=19 March 2018}} to develop the Stellar open source protocol to allow cross-border monetary transactions including fiat and digital currencies.{{Cite news|url=http://fortune.com/2016/12/06/fintech-stellar-blockchain-stripe-remittances/|title=Stripe-Backed Stellar Kicks Off Worldwide Money Transfers|last=Hackett|first=Robert|date=December 6, 2017|work=Fortune|access-date=May 5, 2018}}{{cite web|url=https://www.inverse.com/article/39929-ripple-stellar-cryptocurrency-bitcoin-alternative|title=As Ripple Surges, Why STellar Could Be the Next Cryptocurrency to Go Huge|publisher=Inverse Innovation|last=Brown|first=Mike|date=January 2, 2018|access-date=19 March 2018}} The organization debuted on July 31, 2014, and received a $3 million loan from the technology company Stripe.{{cite web|url=https://www.bizjournals.com/bizjournals/news/2014/08/01/mt-gox-founder-raises-unconventional-3m-investment.html|title=Mt. Gox Founder Raises Unconventional $3M 'Investment' For His All-Star Bitcoin Startup|publisher=The Business Journals|last=del Castillo|first=Michael|date=August 1, 2014|access-date=19 March 2018}} The organization originally based its payment network on the Ripple protocol McCaleb previously developed, but in 2015 adopted the Stellar Consensus Protocol.{{cite web|url=https://www.technologyreview.com/s/536641/a-new-competitor-for-bitcoin-aims-to-be-faster-and-safer/|title=A New Competitor For Bitcoin Aims to be Faster and Safer|publisher=MIT Technology Review|last=Simonite|first=Tom|date=April 15, 2015|access-date=19 March 2018}} McCaleb serves as chief technology officer of Stellar.{{Cite news|url=https://www.americanbanker.com/news/this-cryptocurrency-project-is-now-courting-banks|title=This cryptocurrency project is now courting banks|last1=Hochstein|first1=Marc|date=May 11, 2017|work=American Banker|access-date=2018-03-20|last2=Yurcan|first2=Bryan|language=en}}
In May 2017, McCaleb also launched Lightyear.io, a commercial endeavor building on the Stellar network. Before its acquisition, Lightyear facilitated Stellar becoming a global payment and currency exchange initially directed at the developing world.{{cite web|url=http://fortune.com/2017/05/11/lightyear-blockchain/|title=Stripe-Backed Stellar Places a Bet on Blockchain in the Developing World|publisher=Fortune|last=Roberts|first=Jeff John|date=May 11, 2017|access-date=19 March 2018}} In October 2017, Lightyear partnered with IBM to launch blockchain banking in the South Pacific using Stellar's lumen currency.{{cite web|url=http://fortune.com/2017/10/16/ibm-blockchain-stellar/|title=IBM and Stellar Are Launching Blockchain Banking ACross Multiple Countries|publisher=Fortune|last=Roberst|first=Jeff John|date=October 16, 2017|access-date=19 March 2018|archive-date=16 October 2017|archive-url=https://web.archive.org/web/20171016065014/http://fortune.com/2017/10/16/ibm-blockchain-stellar/|url-status=dead}} In September 2018, McCaleb negotiated the merger of Lightyear and Chain.com, creating the new merged entity named InterStellar.{{Cite news|url=https://www.reuters.com/article/us-usa-blockchain-merger/lightyear-buys-us-blockchain-start-up-chain-to-move-business-to-stellar-idUSKCN1LQ15G|title=Lightyear buys U.S. blockchain start-up Chain; to move business to...|last=Chavez-Dreyfuss|first=Gertrude|work=U.S.|access-date=2018-10-19|language=en-US}}
The New York Times named McCaleb one of the top 10 people leading the blockchain revolution in 2018.{{Cite news|url=https://www.nytimes.com/2018/06/27/business/dealbook/blockchain-stars.html|title=The People Leading the Blockchain Revolution|last=Popper|first=Nathaniel|date=June 27, 2018|work=The New York Times|access-date=July 1, 2019}}
In 2021, McCaleb founded aerospace company Vast. Vast's announced mission is to develop artificial gravity space stations. {{As of|2023}}, McCaleb was Vast's CEO, now chairman and sole funder.{{cite web |last1=Foust |first1=Jeff |title=Vast acquires Launcher to support space station development |url=https://spacenews.com/vast-acquires-launcher-to-support-space-station-development/ |website=SpaceNews |access-date=6 April 2023 |date=21 February 2023}}{{cite web |last1=Alamalhodaei |first1=Aria |title=Vast acquires Launcher in quest to build artificial gravity space stations |url=https://techcrunch.com/2023/02/21/vast-acquires-launcher-in-quest-to-build-artificial-gravity-space-stations/ |website=TechCrunch |access-date=6 April 2023 |date=21 February 2023}}
Philanthropy
McCaleb donated US$500,000 worth of XRP (at the time of donation) to the Machine Intelligence Research Institute (MIRI), and remains one of its largest donors,{{Cite web|url=https://www.newstatesman.com/sci-tech/2014/09/apocalypse-soon-scientists-preparing-end-times|title=Apocalypse soon: the scientists preparing for the end times|last=McBain|first=Sophie|date=25 September 2014|website=New Statesman|language=en|access-date=2019-07-01}} as well as joining its advisory board.{{Cite book|title=Bitcoin und Blockchain: Vom Scheitern einer Ideologie und dem Erfolg einer revolutionären Technik|last=Rosenberger|first=Patrick|publisher=Springer Vieweg|year=2018|isbn=978-3-662-56087-7|location=Berlin|pages=42|doi=10.1007/978-3-662-56088-4}} In February 2018, McCaleb was announced as a new donor to the artificial intelligence research group OpenAI.{{Cite news|url=https://www.theinquirer.net/inquirer/news/3027222/elon-musk-is-leaving-board-of-openai-due-to-tesla-conflict|archive-url=https://web.archive.org/web/20180222180115/https://www.theinquirer.net/inquirer/news/3027222/elon-musk-is-leaving-board-of-openai-due-to-tesla-conflict|url-status=unfit|archive-date=February 22, 2018|title=Elon Musk is leaving board of OpenAI due to Tesla conflict|last=Bell|first=Lee|date=February 28, 2018|work=The Inquirer|access-date=May 5, 2018}}
References
{{Reflist}}
External links
- {{Wikiquote-inline|Jed McCaleb}}
{{DEFAULTSORT:McCaleb, Jed}}
Category:American computer programmers
Category:Businesspeople from Arkansas
Category:People from Fayetteville, Arkansas