Elrond is a high-performance blockchain using sharding technology to enable fast, low-cost transactions. It aims to be a technological ecosystem for the new internet, including fintech, DeFi, and IoT. The network can reportedly handle 15,000 transactions per second with 6-second latency and fees as low as $0.001.
The native token EGLD is used for network fees, staking, and validator rewards. Elrond launched in August 2019, with the mainnet going live in July 2020.
The project was founded in 2017 by brothers Beniamin and Lucian Mincu and Lucian Todea, aiming to solve blockchain scalability, one of the industry’s biggest challenges.
Reference: CoinMarketCap