The Decentraland platform with MANA native tokens is a virtual world based on the Ethereum blockchain where users can buy and sell or develop virtual worlds of this world.
Each non-replaceable token (NFT) actually indicates the user’s ownership of part of Decentraland. Each section of Decentraland is completely unique and the owner can choose what content to publish in it. This content can be a simple white scene or a fully interactive game. Users of this platform can purchase their desired goods and services from this virtual world with ERC-20 platform with Mana ciphers.
You can also read: Custodial vs. Non-Custodial Wallets: What’s the Difference?
Decentraland is a shared virtual world. The world that fiction novelist Neil Stephenson talked about years ago. Decentraland also has a virtual economy where users can manage large financial transactions and earn money by producing and delivering content or apps. This world is very similar to the Second Life virtual game, except that it is not controlled by a centralized organization or company.
What is Decentraland (MANA)?
As the digital currency market continues to expand, new projects are emerging. Although many of them have already disappeared, only the most successful and advanced are active. Decentraland was created in August 2017 after an initial coin offering (ICO). The ICO was so successful that MANA tokens sold out in just a few seconds.
According to the project description, the MANA digital currency will allow users to buy land in the virtual reality economy.
The team behind the project began work on Decentraland in 2015, in which they provided a conceptual proof of digital property ownership to users on a China blockchain network. Technology leader Esteban Ordano is the founder of Smart Contract Solutions. Project leader Ari Meilich was a market research analyst at CRV.
Through an Atrium Smart Contract (ETH), LAND ownership over the Chinese block is maintained. This makes Decentraland one of the largest Atrium Network-based projects in terms of volume.
Today, this network continues to expand with different developments at different levels. This includes creating avatars, improved mapping tools, land auctions, and more.
Decentraland has already signed many partnerships with other projects including Aragon, area0x as well as imToken. Some of the network’s consultants include Luis Quend, Aragon project manager, Jake Brockman, co-founder of CoinFund, and Xiolai Li, founder of blockchain.
MANA is a virtual currency that powers the entire Decentraland ecosystem from auction to transfer. The MANA digital currency is one of the top 45 ERC-20 tokens and is among the top 120 CoinMarketCap tokens. In various cases, it has been traded among the top 80 valuable tokens.
History of Decentraland
Decentraland started out as a Proof of Concept to offer digital real estate ownership to users of a Chinese blockchain. This digital asset was initially implemented as a pixel in an infinite 2D network, each pixel containing metadata identifying the owner and describing its color. This stage was called the “Stone Age of the Decentralized”.
In late 2016, the network team developed the Bronze Age, a 3D virtual world divided into a series of plots. The owner of each package of these snippets could create a reference hash for them using a modified bitcoin blockchain and refer to a file. Through this reference hash, users browsing this virtual world could use BitTorrent and a Distributed Hash Table to download the file containing the package, which in fact it represented the models and context of the relevant area in the game.
The next version of Decentraland is the Iron Age, which will create a social experience alongside economies of current levels of land ownership and content distribution. In the Iron Age, developers could build and distribute apps in the Decentraland and make money by selling to other users. Iron Age will implement a peer-to-peer relationship and a scripting system that brings interactive content to a faster cryptocurrency payment system for global transactions.
You may be a little confused about how this virtual world works. But don’t worry, this was just a history of how Decentraland evolved, and we’ll learn more about how it works later.
How does Decentraland work?
The Decentraland app is built to track real estate packages defined by LAND tokens. The software uses Ethereum blockchain to track digital currency ownership and asks users to keep their MANA password in their Ethereum wallet to engage with their ecosystem; In addition, developers can innovate in the Decentraland platform by designing animations and experiencing interactions in their virtual real estate.
Decentraland has many layered components built using Ethereum smart contracts. Maintains an office consensus layer that tracks land ownership. Each packet of LANDs has unique coordinates in the virtual world, including an owner and a reference to a description file that represents the contents of the packet. The content layer controls what happens in each package and includes the various files that are required to provide them:
- Content Files – Refer to all still audio and video images
- Script files – Define the placement and behavior of referenced content
- Interactive files – Peer-to-peer interactions such as voice chat and messaging
Marketer and manufacturer
Outside the game environment, the Decentraland Market team can access scene creation with a drag-and-drop editor. This market allows participants to manage and trade LAND tokens at the MANA price. Owners can use the marketplace to trade or transfer packages and other in-game items such as unique emails.
It is important to note that all transactions are made between Ethereum wallets; it is therefore verified by the Ethereum network and entered into its blockchain. Decentraland build tools allow owners to experience a unique experience in their LAND packages. Interactive scenes are designed through its editing tools, where developers can access libraries for customization and payment execution.
What is a MANA token?
Mana Token is a digital token based on ERC-20 blockchain. With this token, you can buy virtual goods and services or NFT tokens in the world of Decentraland. Mana digital currency can be bought and sold in reputable digital currency exchanges around the world. There are a total of 2.8 billion mana, 600 million of which were burned during the Land auction in Central Australia.
In fact, Mana is the way the Decentraland world communicates with the real world. The token can be traded in Decentraland and then transferred to a digital currency exchange and converted mana into cash (Fiat). This is the closest way to connect the Metaverse worlds with the real world.
What are the uses of Decentraland?
Decentraland seems to be an interesting concept; yet why do they need Mana cryptocurrency? They have actually talked about some of their uses in White Paper, and here are a few:
Decentraland programmers can develop their own applications in text. This can include in-game games, gambling, and 3D scenes.
Have you ever seen the iconic billboards in Times Square? Decentraland does the same thing, but in digital form. Companies can pay users to advertise on billboards in the virtual world. They can use these ads to raise brand awareness or even create experiences where Decentraland users can interact with the brand’s products on the operating system.
Gamers love to collect rare items; Take World Of Warcraft, for example. Accounts with rare items can often fetch hundreds or even thousands of dollars. Decentraland developers can generate their own rarities rather than in-game trading and aggregation, creating more value and freshness for the operating system.
Decentraland is a unique project in the field of blockchain virtual reality platforms. It is completely free to explore, so you can easily enter this world. The Decentraland development team has grown it from a small project to something it has become after 5 years.