Jed McCaleb Insists On The Security Of A Payment System For Cryptocurrencies
The world is first approaching the “internet of money” era. Digital currencies are now real. In fact, some people have become billionaires as a result of investment in these currencies. A few years ago, very few people knew what digital currencies of cryptocurrencies were all about. However, with the huge prices which bitcoin and other cryptocurrencies recently recorded, the world is waking up to new opportunities in a new industry.
Cryptocurrencies are taking us to a situation where people can send and receive money as we receive or send emails. The process of transacting is going high tech, and with just an internet connection, you will be able to send money with ease. Cryptocurrencies takes the power of controlling money from the governments and take it to the people. There is no one to regulate the money under the new system.
The challenge that the industry currently face is security. One needs to have a payment system that is safe. In transactions that involve networks and machines, it is good to ensure that no one can hack the whole system and run away with the money. Security of such a system needs to be emphasized as much as possible. Currently, bitcoin security lies in “mining rigs” which are computers which are always solving random math problems. This system is however complicated and consumes a lot of energy.
The bitcoin mining rigs are not an affordable and safe method of securing money. This is why a company known as Stellar Development Foundation is coming with a payment system known as Stellar which will be easy to use. The payment system that Stellar is creating is unique in that it will allow you to send bitcoin or any other currency and have it arrive in any other form; it could reach the other end as yen or dollar or just any other currency.
According to the co-founder of Stellar, Jed McCaleb, this new payment system is the solution that all cryptocurrency lovers have been looking for. McCaleb adds that this system will be so secure that the machines used will keep each other secure and no money can be lost in the system.
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