Decentraland MANA- Virtual Land Token
Decentraland a 3D virtual reality platform that consists of 90 601 parcels of land (~23 km2 or ~9 sq mi) was founded in 2015 by Ari Meilich and Esteban Ordano. Decentraland was developed by a for-profit company called Metaverse Holdings Limited which is based in China but registered in The Cayman Islands. Decentraland development is coordinated by The Decentraland Foundation- a nonprofit based in California. They were able to launch the mainnet in 2020 and then both stepped back into an advisory role, allowing the Decentraland Foundation and the decentralized autonomous organization (DAO) to provide the way forward for Decentraland.
Decentraland is a decentralized, online VR world similar to Second Life. The big difference with Decentraland is that it runs on the blockchain. It is powered by Ethereum and was created to support the creation, development, hosting, and sales of virtual property.
Decentraland allows its users to purchase virtual property and then develop them as an online, virtual business. There are a number of different buildings or attractions that can be built on the plots of virtual land, and those can then be monetized or simply sold to others for a profit.
Decentraland began as a proof of concept for allocating ownership of digital real estate to users on a blockchain. This digital real estate was initially implemented as a pixel on an infinite 2D grid, where each pixel contained metadata identifying the owner and describing the pixel's colour. The experiment was entitled Decentraland’s Stone Age.
In late 2016, the team started developing the Bronze Age, a 3D virtual world divided into land parcels. The owner of each parcel was able to associate it with a hash reference to a file, using a modified Bitcoin blockchain. From this reference, users exploring the virtual world could use a Distributed Hash Table (DHT) and BitTorrent to download the file containing the parcel’s content, which defines the models and textures to be displayed at that location.
The next version of Decentraland, the Iron Age, will create a social experience with an economy driven by the existing layers of land ownership and content distribution. In the Iron Age, developers will be able to create applications on top of Decentraland, distribute them to other users, and monetize them.
The Iron Age will implement peer-to-peer communications, a scripting system to enable interactive content, and a system of fast cryptocurrency payments for in-world transactions. A communication layer is essential for social experiences, providing positioning, postures, voice chat, and more; Decentraland achieves this with a P2P network. The scripting system is the tool that landowners will use to describe the behaviour and interactions of 3D objects, sound, and applications running on land parcels. Finally, a payment system with low fees is key to developing an economy in the environment of a virtual world.
Behind the scenes, Decentraland is built in a similar manner to most blockchain projects. It has a protocol and that protocol has three layers. These are the consensus layer, the land content layer, and the real-time layer. The consensus layer is where the smart contracts that track and govern LAND ownership live.
The land content layer is responsible for rendering the content that you see when you enter Decentraland, and the real-time layer provides the peer-to-peer connections that are required for users to interact with one another.
The Decentraland protocol is comprised of three layers:
1) Consensus layer: Track land ownership and its content.
2) Land content layer: Download assets using a decentralized distribution system.
3) Real-time layer: Enable users’ world viewers to connect to each other.
Source: Decentraland white paper
With the launch of the Iron Age, you find two digital assets: LAND, the non-fungible parcels in which the virtual world is divided; and MANA, an ERC-20 token that is burned to claim LAND, as well as to make in-world purchases of goods and services.
The utility of LAND is based on its adjacency to other attention hubs, its ability to host applications, and also as an identity mechanism. Developers and other content creators will demand LAND so that they can build on top of it and reach their target audience. Although every unclaimed LAND can be purchased at the same exchange rate (1000 MANA = 1 LAND), LAND parcels are distinguishable from each other, potentially trading at different prices on a secondary market due to differences in adjacencies and traffic.
On the other hand, MANA serves as a proxy to assess the price of a new parcel of LAND. Also, MANA is used to buy goods and services in the virtual world creates utility value for the token.
On the visible level Decentraland works by allowing players to interact with the non-fungible assets known as LAND on the platform. These parcels of LAND, of which there are 90,000 in total, can be purchased and sold. More importantly, the owners of LAND are able to create on them. They can be used as containers for games, applications, gambling services, creative 3D scenes, informative sites, or anything one can think of.
In addition to the number of LAND units being capped at 90,000 each one also has a defined size of 33 feet by 33 feet. Interestingly, while the length and width of each LAND are limited, there is no cap on the height of a LAND, so theoretically an owner could continue building higher forever.
A collection of LANDs creates a district, which is basically a community sharing a similar theme (gambling, dragons, amusement park, pirates, etc.). MANA holders are able to vote on issues that affect these districts as part of the DAO governance of the project. The amount of held MANA determines the weight of the vote.
These MANA tokens are the power behind the platform. Everything is powered by MANA, the native cryptocurrency of Decentraland. MANA is an ERC-20 token and in addition to using it for governance, it can also be used to purchase LAND or to buy any number of virtual assets and services within Decentraland.
MANA can be purchased in several big exchanges as below:
1. Binance Exchange - you can purchase MANA on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount.
2. Coin Base - this is one of the most popular platforms because it is easy to use on your phone or tablet and is available in most countries. On CoinBase you will also find many of the top 100 coins. CoinBase will send email confirmations for another layer of security if you are using a PC. CoinBase also can be used on your phone. When you join CoinBase you can get AUD 13.84 in free Bitcoin when you buy or sell AUD 138.41 or more, by using the above link.
3. Crypto.com MCO/CRO - this is a favourite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.
4. Kraken Trade MANA and other cryptos and get 10% discount on trading fees.
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