Yes.
I believe Forged alliance forever users this system.
Your "elo" is the average of your two bound values.
A new player has a "high variance" so the bound is pretty big.
If two players have the same elo, no elo change occurs as the w/l is supposed to be 50%.
Each time a player wins/loses this bound shrinks if the w/l ratio is around 50% at your "elo".
If you win against someone thats at your lower bound no elo gain happens either, but your bound shrinks.
Elo change is variable on your expected win chance- the farther away from your "elo" you are the more change there will be, unlike in our ELO where change happens even if its supposed to be 50/50.
I don't remember much else, but thats the gist of it.