Stellar CTO and co-founder who is also the creator of Mt. Gox, told CNBC yesterday about his visions for a singular payment system across the world, crucially involving Blockchain technology.
Like Ripple, Stellar is also an international remittance setup powered by Blockchain with its own digital token, is making an attempt to create a similar network at present.
“It seems pretty clear to me, in the future, there will be an operable universal payments network.”
He added on:
“There is a possibility of a halfway house situation evolving, facilitating uninterrupted use of fiat currencies via Blockchain, allowing people to use things they’re used to, like dollars and euros. “
Many legit financial institutions accept the fact that they are considering both Stellar and Ripple as a major shake-up of their remittance models, as McCaleb’s comments flush in. Ripple is already lined up to be implemented by South Korean Woori Bank on a commercial basis later this year.
Stellar’s blockchain technology could strengthen ‘Universal Payments Network’ by 2028, that is, the future will not just be payments but traditional assets such as stocks which uses Blockchain technology as well.
McCaleb further stated:
“In the next 10 years I wouldn’t be surprised if all equity isn’t tokenized on some blockchain somewhere. The change will potentially occur before 2028.”
Stellar Lumens [XLM], the Stellar networks’ very own token was beaming in green for a while before it dropped down yesterday to $0.2512. It was also in the news recently for the adoption of the lightning network as a precautionary measure to neutralize future drawbacks.
Jed, a longtime developer in the crypto world predicted its technology will change global payment systems, stock markets and fundraising by 2028. He has had a hand on some of the largest crypto exchanges to date, starting with Mt. Gox Bitcoin exchange to being the CEO at Stellar currently.
He also said the phenomenon of token sales known as initial coin offerings show how the entire market is not tapped right now by the financial system.
Initial Coin Offerings have raised the equivalent of nearly $9 billion in just over four years, according to a financial research firm, Autonomous Next. The influx of funds into Initial Coin Offerings has also spurred the growth of many fraudulent fundraisers, drawing the attention of regulators. But proponents say the token sales represent a new model for fundraising.
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