Ethereum powers the virtual reality platform known as Decentraland. You purchase land pieces in this virtual setting, which you may then explore, develop, and profit from. There are many options. For the first time, people have complete authority over a digital platform. The Decentraland metaverse platform is powered by the native cryptocurrency MANA. MANA tokens may be used in Decentraland to purchase both virtual land plots and real-world products and services. Users may interact, socialize, learn, and play in a shared virtual space known as a metaverse. To put it another way, Decentraland is a decentralized virtual world where users may interact, explore the land that belongs to other users, and admire structures.
How Decentraland works
Like Fallout and Skyrim, Decentraland is an entirely immersive virtual environment instead of playing on a two-dimensional screen, you are immersed in a three-dimensional environment. Seems toise a logical progression from creating fully realized AI-based video games in the real world, like Westworld.
LAND
In Decentraland, the locations you interact with are non-fungible digital assets called LAND that you purchase from other users. Owning LAND gives you the freedom to do anything you want with it. You may develop interactive 3D games, applications, and gambling services. Why, therefore, end there? Even if it is not their primary emphasis, you may build LAND-based services relating to tourism, professional development, education, etc. The number of LAND is capped at a maximum, and each plot has a dimension of 33 feet by 33 feet with no height limit. By linking neighboring regions, Decentraland’s LAND Estates feature makes managing your LAND simpler. If purchasing land is something you’re interested in, check out the marketplace. On LAND, districts are arranged in the same fashion. In essence, districts serve as hubs of activity for groups of people who have common interests. For instance, there may be a District dedicated to enterprises and apps related to cryptocurrencies. You may vote on issues about the District using Decentraland’s voting dApp, Agora. The amount of LAND you possess in a certain district is connected to the weight of your vote there. Decentraland created Agora to give you more control over what happens in your districts and to gather feedback for the platform as a whole.
MANA
MANA is the cryptocurrency coin used by Decentraland. It’s an ERC20 token that can be used to pay for in-world products and services as well as LAND plots. When you obtain LAND, Decentraland destroys the MANA you used to get it. The Decentraland team first sold each LAND plot for 1000 MANA. However, now that there is a secondary market, its values now fluctuate. The present market cost for LAND is 11,750 MANA, but more desirable locations must demand prices in the millions. The most expensive tract sold in March 2018 for 2,000,000 MANA, or $175,578. This was a substantial quantity of money for a fictional tract of land, and it provided the seller with a good profit.
Engineering architecture
The protocol of Decentraland comprises three layers:
Advisory layer
Uses an Ethereum smart contract to keep track of land ownership and content.
Land content layer
The content is rendered in the virtual world via a decentralized distribution method by the land content layer.
Real-time layer
Users may communicate with one another over peer-to-peer connections offered by the real-time layer.
The virtual reality platform is being built by the group utilizing A-Frame. Create a model in SketchUp or Blender first, then import it onto the platform to begin creating in the environment.
Trading
The MANA price was very constant before the market eruption in late December or early January. Since then, the currency has outperformed the other cryptocurrencies, remaining around 75% of its value in Bitcoin despite the subsequent downturn. MANA reached two more peaks in May and July, at $0.18 and $0.14, before hitting an all-time high of $0.26 in January 2018. MANA has been continuously declining since July 2018, mirroring the trends of the cryptocurrency markets. As of present, MANA can only be used to purchase LAND, making it impossible to predict what variables may influence the price. Increased demand for LAND may merely raise the amount of MANA needed to purchase any, rather than raising the value of MANA itself. The price should climb since you may spend MANA to buy other goods.
Obtaining and retaining MANA
MANA may be purchased with either Bitcoin or Ethereum on the majority of major exchanges. Binance and OKEx are the two exchanges with the largest trading activity. Because MANA is an ERC20 token, you have a variety of wallet options. It is recommended to use a hardware wallet, such as the Trezor or Ledger Nano S. These secure your funds and make it less likely that malicious software will get access to them. If you don’t want to spend money on a hardware wallet, MyEtherWallet is another popular option.
