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What is Decentraland?
Decentraland is the first blockchain-based virtual reality platform. Users of the platform can create, acquire, and develop virtual real estate with the utility token called MANA. In addition, Decentraland is based on the Ethereum blockchain, therefore, the smart contract plays a major role on the platform.
How Does Decetraland Work?
Decemtraland is a peer-to-peer decentralized virtual world with a 3D layout. To participate, users acquire fungible tokens called LAND, which will give users access to various functionalities of the platform. Some of the accessible functionalities are 3D scenes and games creation functionalities. In addition, users can set up tourism and educational services on the platform.
However, the maximum amount of LAND users can access is 33 x 33 feet. As such, the demand for LAND will fuel the network’s growth. In addition, Decentraland has a marketplace where users can buy virtual LAND. It is the collection of these pieces of LANDs that form districts which are communities with themes.
What is the MANA Token?
MANA token is the native coin which participants use to make purchases in Decentraland’s marketplace. MANA is a utility token based on the ERC-20 standards; however, used MANA tokens are burned by the network so as to reduce the number of MANA token in circulation. As such, the value of the token will increase as demand increases. In addition, this also sets up the concept of Land as a finite resource.
Decentraland was one of the most successful ICOs last year as its raised $24 million in 35 seconds. The MANA token is presently priced $0.070114 and its price hit its all-time high of $0.267814 in January. However, the token has generated as much as 250 percent return on investment to its early investors.
The Platform’s Architecture
Decentraland has a three-layered protocol that includes the consensus, land content and real-time layers.
- Consensus layer: this layer utilizes smart contracts to track land ownership.
- Land content layer: this layer is where users download virtual assets
- The Real-time layer: this is a peer to peer layer where users interact.
What Will Users Benefit From The Platform?
Decentraland is a platform where users can explore and create their own world. As such, the limitation of the platform is a function of the user’s imagination. In addition, purchased lands are recorded on the blockchain. Therefore, all records are protected and land ownership cannot be contested. The decentralized nature of the platform also means that users are in full control of their virtual asset. As such, they can use different features available in the platform to create masterpieces.
The website claims that users can access casinos, live music, go shopping, and even attend workshops. As such, Decentraland is a whole universe on its own. However, the platform is still working on resolving its scalability issues and controlling adult contents. In addition, the platform is working on upgrading the layout of the platform. Decentraland is one of the platforms that has shown us that blockchain is “truly a revolutionary tool.’’
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