What is Decentraland (MANA)?

What is Decentraland (MANA)

Decentraland is software running on Ethereum that seeks to encourage a global network of users to operate a shared virtual world.

Decentraland users can buy and sell digital real estate while exploring, interacting and playing within this virtual world. Over time, the platform evolved to implement interactive applications, internal payments and end-to-end communication for users.

Two different types of tokens govern operations in Decentraland.

These are:

COUNTRY - One non-fungible token (NFT) used to define ownership of LAND parcels representing digital real estate.

MANA - An criptomoeda which facilitates purchases of LAND as well as used virtual goods and services in Decentraland.

Changes to the Decentraland software are accomplished through a collection of blockchain-based smart contacts that allow participants who have MANA to vote on policy updates, land auctions, and grants for new developments.

Who created Decentraland (MANA)

Who Created Decentraland (MANA)?

The Decentraland Foundation, the organization behind the development of software Decentraland, was founded by Esteban Ordano and Ariel Meilich in 2015.

The Decentraland team held an Initial Coin Offering (ICO) in 2017, raising 86.206 ether (about $26 million at the time) to fund its future operations.

The Foundation, which retains 20% of the initial supply of tokens, owns the intellectual property rights and maintains the Decentraland website.

Before launching its platform, Decentraland launched an autonomous decentralized organization (DAO) to hand over project management to its users.

In addition, the founding team claims that the private key that controlled Decentraland's smart contract was destroyed.

Why Does Decentraland (MANA) Have Value?

MANA plays a vital role in Decentraland's virtual world and can be used for transactions in the ecosystem and to participate in the management of your software.

For example, having MANA also allows users to interact with the platform customizing your avatars, interacting with other users and exploring your metaverse.

In addition, owning MANA gives users the ability to vote on policy updates, LAND auctions and grants to improve the platform.

When the LAND is auctioned, the MANA tokens used to buy the parcels are burned, or taken out of circulation, making the MANA supply deflationary. This can put pressure on the token value as the platform grows with new users.

Decentral Price 

 

How Does Decentraland (MANA) Work?

The Decentraland app is built to track real estate lots defined by LAND tokens.

The software leverages the Ethereum blockchain to track ownership of this digital land and requires users to keep their MANA token within an Ethereum wallet to engage with its ecosystem.

Furthermore, developers are free to innovate on Decentraland's platform, designing the animation and interactions experienced in their virtual real estate.

Decentral architecture and

Decentraland has many layered components built using Ethereum smart contracts.

The consensus layer maintains a ledger that tracks Land ownership. Each LAND parcel has a unique coordinate in the virtual world, an owner, and a reference to a description file that represents the content in the parcel.

The content layer controls what happens inside each parcel and includes several files needed to render them:

  • Content files — referencing all static audio and visual resources
  • Script files — defining the placement and behavior of referenced content
  • Defining interaction interactions — peer-to-peer, such as gestures, voice chat, and messaging.

Finally, the real-time layer facilitates social interactions within Decentraland through user avatars, including voice chat and messages.

Marketplace and Builder

Outside the game environment, the Decentraland team has launched a market along with a drag-and-drop editor that users can access to build scenes.

The marketplace allows participants to manage and exchange LAND tokens, priced in MANA. Owners can use the marketplace to trade or transfer packages and other in-game items such as wearables and unique names.

Please note that all transactions are settled between Ethereum wallets, therefore they are verified by the Ethereum network and recorded in your blockchain.

Decentraland's building tools empower homeowners to organize a unique experience on their land.

Interactive scenes are designed through its editing tool, where developers can access customization libraries and payment implementations.

Why use Decentraland (MANA)?

Users can find Decentraland attractive as a customizable and shared virtual reality space.

The Decentraland ecosystem can also be of interest to players looking to earn in-game currency with monetary value, which could be exchanged for real-life goods and services.

Investors can look to add MANA to their portfolio if they believe in the future of virtual reality and its ability to connect users around the world.

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