#What is #Elrond? #(EGLD) Elrond is a software that seeks to incentivize a distributed network of computers to run a smart contract platform that aims to prioritize scalability and low transaction fees. In this way, Elrond is designed to compete against major blockchains, such as Ethereum and Zilliqa, aiming to grow an ecosystem of decentralized applications and cryptocurrencies.  To do so, Elrond employs two unique features: Adaptive State Sharding – The process of splitting the Elrond infrastructure to support more transactions and programs Secure Proof-of-Stake (SPoS) – The consensus mechanism devised to sync separate network components to a common ledger Further, developers will use the Elrond Integrated Development Environment to write and launch customizable programs that replicate goods and services on its platform.  Elrond is powered by its native cryptocurrency, EGLD coin, which is used to interact with applications, send transactions, and incentivize actors supporting the network. For more regular updates from their team, you can check out Elrond's Blog, which releases categorized updates for technologically or economically curious users.     Who Created Elrond EGLD Coin? Elrond was founded by Lucian Todea, Beniamin and Lucian Mincu in 2017 and is supported by Elrond Network, a company based in Malta dedicated to expanding the project. In June 2019, the project conducted a private investment round raising $1.9 million from several angel investors. That same month, Elrond held an Initial Exchange Offering (IEO) that raised $3.25 million in exchange for 25% of its total token supply. At the time, Elrond distributed its cryptocurrency as ERD coin, but, after the project launched its mainnet in July 2020, Elond changed its cryptocurrency to EGLD coin. The project then held a transitory event that enabled its investors to swap ERD for Elrond’s new EGLD cryptocurrency. How Does Elrond Work? The Elrond network offers many features common to other cryptocurrency networks, like smart contracts, transaction settlement, and token issuance. Developers can use programming languages (such as Rust, C and C++) to run custom programming logic (smart contracts) and design new programs (decentralized applications) to offer a variety of products and services. Unique to Elrond is its design variations of sharding and proof-of-stake, helping process roughly 12,500 transactions

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