Decentraland is a long-standing cryptocurrency game within the Metaverse ecosystem. It offers users an engaging experience and potential for profit.
Do you understand the Metaverse Decentraland and the tokenomics of MANA? Join AZCoin to delve deeper into this game!
What is Decentraland (MANA)?
Decentraland, powered by the Ethereum blockchain, is a virtual reality platform that allows users to create a new token-based economy. By owning land in this virtual world, you can build and create anything you imagine.
You can visit casinos, attend conferences, watch water shows, shop with friends, explore resorts, drive your dream car, start a business, and much more. All you need is a VR headset or a web browser to experience this immersive 360-degree virtual world.
Decentraland’s operating mechanism
Decentraland operates on a blockchain platform, which means its native cryptocurrency, MANA, is governed by its users. The platform functions through several key mechanisms:
- Firstly, a Decentraland Ledger grants ownership of virtual land to users. This ownership is secure and transparent, thanks to blockchain technology.
- Secondly, users have complete control over their land and assets within Decentraland. They can freely manage, develop, and monetize their property.
Finally, Decentraland players are entitled to the profits generated from their investments, whether it be through buying and selling land or other activities within the virtual world. This ensures a fair and decentralized system where users reap the benefits of their contributions.
Decentraland’s formation and development process
Decentraland’s journey to its current prominent position has been a challenging one, marked by four distinct phases:
The Stone Age
Launched in early 2015, Decentraland’s virtual reality platform offered users the potential to earn significant income. In June of that year, Mana took its first steps by developing an algorithm to accept Bitcoin (BTC).
The Bronze Age
In March 2017, Decentraland’s virtual reality platform saw a significant advancement with the introduction of 3D space mapping, facilitated by blockchain technology.
The Iron Age
During the fourth quarter of 2017, Mana tokens, utilizing ERC20 technology, enabled users to receive LAND parcels and interact with other areas. This made it incredibly easy for users to market their land as they wished.
The Silicon Age
In 2018, Decentraland achieved a major milestone in its development. The 3D virtual world, combined with VR headsets, physics-based laws, and blockchain integration, allowed for seamless communication and interaction.
Decentraland operating mechanism
MANA operates on a blockchain platform, making it completely user-driven. Users have full control over the land and assets they own, and they retain all the profits generated from the value they create for others. Users can benefit from selling their land or investing in businesses within the platform.
Decentraland also supports a variety of exciting and useful applications. Some of these include:
- Content Security: All content, including transaction information, is securely protected.
- Advertising: Similar to real-world advertising, businesses can place ads in strategic locations within the platform.
- Social Networking: The platform facilitates easy communication between users.
Decentraland project information
Decentraland, a utility token on the Ethereum blockchain, uses the ticker symbol MANA. Its contract address is 0x0f5d2fb29fb7d3cfee444a200298f468908cc942 and it adheres to the ERC-20 standard. The token has a total supply of 2,194,102,327 MANA, with 1,327,372,145 MANA currently in circulation.
The Decentraland development team is crucial to the project’s success. They are highly experienced in virtual reality and blockchain technology.
Some notable members of the MANA development team include:
- Ari Meilich: Founder of Decentraland (MANA), a graduate of the University of Buenos Aires.
- Esteban Ordano: Head of Engineering, co-founder of Streamium and Bitcore alongside Ari Meilich.
Furthermore, it’s important to acknowledge the impressive advisory team, comprised of prominent figures who have established themselves in this field.
This team includes Xiaolai Li (founder of INBlockchain), Jake Brukhman (founder of CoinFund), Luis Cuende (Project Manager of Aragon), Diego Doval, Giotto De Filipi, and others.
MANA collaborates with other projects, many of which have excellent community engagement, such as DNT and Aragon.
What is MANA token?
MANA is the native token of the Decentraland project. It’s an ERC20 token that allows you to purchase virtual land, known as LAND, within the Decentraland game. Initially, the Decentraland team sold LAND for 1,000 MANA each. However, the price of LAND has fluctuated since then based on user demand.
MANA tokens are used for buying and selling LAND, goods, and services within the Decentraland virtual world. When you purchase LAND, the MANA used for the transaction is automatically burned, reducing the overall supply of MANA.
You can acquire MANA tokens by buying and selling them on the Decentraland marketplace or by purchasing them on cryptocurrency exchanges.
Decentraland similar projects
- My Neighbor Alice (ALICE): This project, built on Blockchain, allows users to own land, build houses, and socialize with friends.
- Axie Infinity (AXIE): This game is developed on the Loom Network (NFT Gaming).
- DeFi Land (DFL): This game gamifies DeFi by simulating a farm. It simplifies DeFi tasks, making them feel like playing a fun “farm game.”
Decentraland Trading Information
To acquire MANA Coin, you can visit any exchange that supports its trading. Currently, Decentraland’s MANA Coin is available on 38 different exchanges worldwide. Some of the most reputable and popular exchanges include Binance, Bitfinex, Huobi, Gate.IO, OKEx, and more.
To store your MANA Tokens, you can use wallets that support ERC-20 tokens, such as MyEtherWallet, Metamask, Trezor, Ledger Wallet, and others.You can easily choose the right exchange platform by reading reviews at the best crypto exchanges 2024.
Summary
This comprehensive information provides a detailed overview of the Metaverse game Decentraland. We hope this has helped you understand its key features and how it operates. If you have any questions, please leave a comment or contact us through our contact page. Thank you for reading.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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