What is Decentraland (MANA)
Decentraland is a virtual reality platform powered by blockchain technology. It allows users to create, experience, and monetize content and applications in a virtual world that they own and control. The platform is built on the Ethereum blockchain and utilizes a cryptocurrency called MANA, which is used to purchase virtual land and in-game items.
In this article, we will explore the background and workings of Decentraland, as well as the uses and potential of its virtual world and MANA token. Whether you’re a gamer, virtual reality enthusiast, or just interested in the future of digital ownership and online communities, Decentraland offers a unique and exciting opportunity to be a part of the decentralized revolution.
The History of Decentraland
Decentraland was first proposed in 2015 by co-founders Esteban Ordano and Ariel Meilich, and the platform officially launched in February 2020. The idea behind Decentraland is to create a decentralized virtual world where users have full control and ownership over the content and experiences they create.
The Decentraland virtual world is made up of a grid of parcels of land, called LAND, which are represented as non-fungible tokens (NFTs) on the Ethereum blockchain. Users can purchase and own virtual land, and use it to create and monetize their own content, such as games, virtual stores, and social spaces. Decentraland also includes a built-in cryptocurrency, called MANA, which is used to purchase LAND and in-game items.
Decentraland’s virtual world is accessible through a web-based interface, as well as through virtual reality headsets such as the Oculus Rift and HTC Vive. Users can move around the virtual world, interact with other users and digital objects, and access different experiences and applications created by other users.
Decentraland’s virtual world is decentralized, meaning that it is not owned or controlled by any central authority or organization. Instead, it is governed by a decentralized autonomous organization (DAO) run by the community of LAND owners. This allows for a truly open and decentralized environment where anyone can participate and contribute.
What is MANA
Decentraland’s token, called MANA, is an ERC-20 token built on the Ethereum blockchain. It is used as the primary currency within the Decentraland platform, and is used to purchase virtual land and in-game items.
MANA can be bought and sold on various cryptocurrency exchanges, and can also be stored in any ERC-20 compatible wallet. It has a finite supply of 2 billion tokens, with a current circulating supply of over 1 billion.
When a user purchases LAND, a portion of the cost is paid in MANA. The amount of MANA required to purchase LAND can vary depending on the location and demand of the land. Additionally, MANA can be used to pay for in-game items and experiences, such as virtual clothing, weapons, and access to certain games or experiences within Decentraland.
MANA can also be used to participate in Decentraland’s governance by staking it and participating in the DAO voting process, making it a form of utility token.
Decentraland’s Virtual World
Decentraland’s virtual world is a decentralized, 3D space where users can create, experience, and monetize content and applications. It is made up of a grid of parcels of virtual land, called LAND, that are represented as non-fungible tokens (NFTs) on the Ethereum blockchain. Each parcel of LAND is 10m x 10m in size and can be purchased and owned by a single user.
Users can access the virtual world through a web-based interface, as well as through virtual reality headsets such as the Oculus Rift and HTC Vive. Once inside the virtual world, users can move around, interact with other users and digital objects, and access different experiences and applications created by other users.
Users can use the LAND they own to create and monetize their own content, such as games, virtual stores, and social spaces. For example, a user can create a virtual store and sell virtual clothing, or a user can create a virtual world where people can play games and socialize. Users can also use their LAND to create unique experiences, such as virtual art galleries, museums, and more.
One of the key features of Decentraland’s virtual world is that it is truly decentralized, meaning that it is not owned or controlled by any central authority or organization. Instead, it is governed by a decentralized autonomous organization (DAO) run by the community of LAND owners. This allows for a truly open and decentralized environment where anyone can participate and contribute.
Final Thoughts
Decentraland has a wide range of potential use cases and applications, from gaming and virtual reality, to social interaction and education and training. Additionally, the platform’s decentralized nature and governance through a DAO allows for a truly open and decentralized environment where anyone can participate and contribute.
However, like with any new and emerging technology, there are also risks and challenges that Decentraland faces. Scalability, adoption, and security are some of the main concerns. Despite these challenges, the future outlook for Decentraland is promising, as the platform continues to grow and evolve.
Exchanges For MANA
Uphold — https://wallet.uphold.com/signup?referral=86b3f53908
Kucoin — https://www.kucoin.com/r/rf/1vdKPvg
Coinbase — https://coinbase.com/join/dandri_q?src=ios-link
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Original article on Medium