Decentraland (MANA): Blockchain Powered Virtual Reality Platform
Blockchain and other innovative technologies may challenge in certain and meaningful ways. Decentraland is already operating on bridging the gap between virtual reality and the blockchain. Its platform, which is powered by the Ethereum ledger, allows users to build, experience, and monetize information and applications. It is a cutting-edge model for content and monetization, even though there is also a lot more to Decentraland that is yet to be developed.
What is Decentraland?
Decentraland is the world’s first virtual reality platform on which the users hold all the control. Whether one prefers to use a VR headset or a regular web browser, they will be engaged in a 3-D interactive experience. At first, it seems like a video game waiting to be built, but Decentraland has a far more professional approach. Obtaining land using the Ethereum blockchain to create a permanent record of ownership is pleasing to the most. Moreover, there are no limitations as to what users can build, create and share with the world.
How does it work?
It works on a public blockchain. It implies that all virtual worlds designed using this ecosystem are public and globally accessible. It is controlled by open standards and limits any form of centralization from taking over the system. Users will always continue in full charge of the content connected with the virtual land they hold.
Additionally, Decentraland’s users can save all the gains from the value they produce for other users. There are no hidden costs, fees, or commissions to be paid to third parties. As blockchain technology gives an unforgeable record of ownership, it is apparent that this project can make a decisive impact in the years to come. Content creators can benefit a lot from immutable blockchain technology, for obvious reasons.
Each area of “land” purchased via Decentraland is designated by a non-fungible digital asset managed in an Ethereum smart contract. Every LAND asset can be divided into parcels which react to specific coordinates and a particular owner. A tile of an area can be as big as 33 feet by 33 feet, which provides users lots of room to work within the virtual world. On this LAND, users can build three-dimensional spaces and applications as they see appropriate.
What is the currency called?
Decentraland has its own native currency, recognized as MANA. It is a fungible ERC20 digital token, which is consumed or spent in trade for land parcels. As an addition, the MANA token can be traded in exchange for goods and services obtained inside Decentraland. There will be many more functionalities to emerge to this token in the future, as the entire system has yet to be developed.
How and Where to Buy MANA?
Buying Decentraland (MANA) for funds from a bank needs a 2-step process. Users that are transacting to buy some BTC or ETH from an exchange that allows deposits from a debit card or a direct bank account, and going to transfer to a newly obtained crypto to a marketplace that sells MANA in exchange for bitcoin or Ether.
Decentraland (Trading Exchanges)
Decentraland MANA is supported and partnered by 40 crypto exchange platforms that include Binance, Bittrex, and OKEx just to name a few. Recently, they have partnered with KuCoin, a state of the art cryptocurrency exchange platform as an addition to the existing exchanges that support MANA currency.
In 2015, a group of same-minded people tackled concepts about what will become when a single entity controls the future of virtual reality and does it requires a centralized gatekeeper directing prices, levying taxes, censoring users, regulating content, and monetizing data. Their answers become a developed concept that leads to creating Decentraland.
The Decentraland team is headed by Ari Meilich (Project Lead) and Esteban Ordano (Tech Lead). Ordano worked at Bitpay as a software engineer and organized Smart Contract Solutions, Inc. Both founders have also worked concurrently in creating Stremium and Bitcore.
Decentraland existed for several years. The team kicked their first development breakthrough, Stone Age, in June 2015. It was a simple, pixelated grid that designated pixels to users through a proof-of-work algorithm. Most recently, they operated a Terraform Event in which they marketed LAND in the modern, 3D experience.
Decentraland is justly unique in the blockchain world with no large, close competitors. High Fidelity and Sansar both render spaces to design and sell virtual reality experiences, but they aren’t blockchain based. MARK.SPACE appears to be the most related project; however, it’s far behind Decentraland in both development and reputation.