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The idea is to create a financial system built on a blockchain that makes it easy for people to send and receive money regardless of where they live.

“You want to onboard the next billion people, if you have this kind of interface, you can do something that will be like a wave that lifts all boats,” Mincu said. .

To do this, Elrond built a new blockchain architecture that can perform over 15,000 transactions per second, with a 0.001% cost per transaction.

Elrond uses a distributed name service, which allows for complex information—like a wallet address—to be associated with a human-readable name called a “herotag.” Instead of sending money to a long list of seemingly meaningless characters, you can send Bitcoin, Ethereum, eGold—Elrond’s native cryptocurrency that has a $1.8 billion market cap—or any other cryptocurrency supported on the Elrond blockchain directly to @JohnSmith, for example

“We’re in the midst of a blockchain revolution, it’s becoming clear to the world that software has eaten almost every part of society except for finance,” Mincu said, adding, “It’s not enough to have this network built, it’s super important that it becomes accessible to anyone anywhere in the world.”