What is Decentraland (MANA)?
Decentraland (MANA) is a popular blockchain-based virtual reality ecosystem. It first appeared in a white paper dating back to March 2017. This digital platform enables users to sell, purchase, and construct LAND, an ERC-721 compliant non-fungible token. This “LAND” represents ownership of a virtual plot in the ecosystem.
LAND owners have the freedom to construct virtually anything they choose. This includes static scenes as well as completely immersive video games. This is possible through a token known as MANA.
MANA is an ERC-20 compliant token that facilitates the payment for goods and services in Decentraland. MANA holders can trade it for fiat currency and other cryptocurrencies and store it in a Gemini-managed crypto wallet.
As a shared virtual world, Decentraland allows users to create content, connect, talk, and play games with other players. Using its virtual economy, users can perform several real-world financial transactions. Players are also free to monetize their applications and content.
Unlike other virtual worlds, like Second Life, it is decentralized. As such, it’s not under the control of a single company or organization.
Who Created Decentraland (MANA)?
Ari Meilich and Esteban Ordino, both of Argentina, have been developing Decentraland, which they established in 2015.
Esteban is a seasoned blockchain engineer. He co-founded Zeppelin Solutions and oversaw the team that created the first app that facilitated payment channels, Streamium.
He also worked previously at BitPay. There, he co-created Bitcore, one of the most influential Bitcoin infrastructure libraries. In addition, he was among the Copay (a bitcoin wallet) and Insight teams (a bitcoin blockchain API).
Early in his life, Esteban participated in mathematics and computer science olympiads. He spent two summers at Google, working as a Software Engineering intern. Ariel was also an Analyst with Silicon Valley’s Charles River Ventures.
He is the founder of Benchrise, a big-data business whose platform benefited tech companies in recruiting software developers.
Before entering the digital economy, he was a National Institute of Health fellow for two years, doing neuroscience research.
How Does Decentraland (MANA) Work?
The Decentraland application is intended to track LAND tokens that represent real estate plots.
The application utilizes the Ethereum blockchain to track ownership of this digital land. Also, community members must own MANA tokens in an Ethereum-compatible wallet like MetaMask to interact with its program.
In addition, developers can construct animations and interactions for their virtual properties on the Decentraland platform. Decentraland’s architecture comprises several stacked components built using Ethereum smart contracts.
Firstly, the consensus layer maintains an ownership ledger for land parcels. Each LAND has an owner, a unique online location, and a file containing its metadata. There is the content layer which determines what takes place inside each parcel and includes the files required to show them:
The Decentraland team has created a marketplace and a drag-and-drop scene-building editor to allow players to add settings outside the gaming environment. Participants may manage and exchange LAND tokens denominated in MANA on the market.
Players may use the marketplace to exchange or transfer items and other in-game assets such as wearables and unique names.
Notably, all transactions are settled between Ethereum wallets. Hence, they are confirmed by the Ethereum network and recorded in its blockchain. Decentraland’s construction tools allow LAND plot owners to create one-of-a-kind experiences inside their LAND plots. Through its editing tool, developers may construct interactive scenarios with access to customization libraries and payment implementations.
Is Decentraland (MANA) a Good Investment?
According to market capitalization, the Decentraland (MANA) currency is among the most valuable cryptocurrencies. With gains of up to 5,300 percent, it was one of the best-performing tokens over the last year. MANA is an excellent long-term investment. Some commentators relate this to the increasing value of Bitcoin and other cryptocurrencies. This indicates that MANA will continue to rise as long as Bitcoin’s price increases.
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