The Decentraland platform is essentially a virtual reality platform backed by the Ethereum network which allows its users to create, as well as monetize content and apps.
In its virtual world, participants on the platform can purchase pieces of land that later develop to monetize its content.
The platform was launched officially in 2017 after an initial coin offering was held. Later in 2019, a closed beta version was launched, before becoming available to the public much later in February 2020. Ever since these discoveries, the platform users have created a series of experiences on their land such as interactive gaming systems and sprawling 3D scenes, among several others.
The platform is controlled and operated with two tokens, which are MANA and LAND. The MANA coin is an ERC-20 token in that it must be burned in order to acquire other ERC-721 non-fungible land tokens.
Who are the Founders of Decentraland (MANA)?
The Decentraland platform was founded by Esteban Ordano and Ariel Meilich. Although both individuals have stepped down from major positions in the system, however, they are still in the service of the network acting as advisors.
Between 2017 and 2020, Ariel Meilich held the lead position on the Decentraland network. Prior to this, Meilich was involved in the creation of a series of startups one of which includes a virtual translation agency and a CRM system. In addition to this, he also worked in the Charles River Venture as an analyst.
Esteban Ordano on the other hand served in the network as its former tech lead and is also well-grounded in the cryptocurrency space with several years of experience. Including these is his service at Bitpay as a software engineer. He also served as an advisor on Magic Network before briefly starting a development firm which was called Smart Contracts Solutions.
Ordano is also tied to the establishment of other systems, among which is Zeppelin Solutions, a blockchain infrastructure platform.
Even though both Esteban Ordano and Ariel Meilich are no longer serving the network in leading capacities, the system is still fully operational with major efforts being controlled by the Decentraland Foundation.
What is Decentraland (MANA) used for?
The network can serve a series of purposes, however, one of its most prominent functions is its virtual reality experience system. This allows the users of the platform to experience freedom as in the real world letting them build systems that can be used to earn real money. The monetization comes in when the system created by the participants is patronized by other community members.
The platform is also controlled with two native tokens which are MANA and LAND. As much as both cryptocurrencies hold value within the game, they also hold value outside the game. As such, they can be traded with other cryptocurrency pairs to earn a profit for MANA and LAND holders.
What Is the Unique Point of Decentraland (MANA)?
Generally, the Decentraland platform was purpose-built for content creators, as well as individuals and businesses which are in search of a new medium for art, entertainment, or business opportunities.
Currently, the network has been named Metaverse and has been divided into a total of 90,601 specific portions of LAND. Each parcel is represented by an ERC-721 non-fungible token and has the same size of 256 square meters with specific coordinate locations.
Even though holders of LAND have the freedom to develop their parcels into whatever they please, the Metaverse is widely separated into several districts with each of them having different themes and sizes. The distributions were reached via crowd sales for both MANA. The pieces of LAND in these locations are not tradable.
The cyberpunk-themed Aetheria, as of January 2021 was the largest district in existence comprising a total of 8,008 LAND.
The Decentraland platform is also one of many platforms recently adopting a new governance process known as the decentralized autonomous organization (DAO). Because of this, holders of the MANA tokens are the decision-makers on the management of the platform and the execution of proposals such as updates.
Apart from serving as a creative outlet, holders of LAND mostly make money from it by advertising, leasing, and carrying out paid experiences for interested individuals.
How many Decentraland (MANA) coins are in circulation?
According to the Decentraland network, as of January 2021, over 1.49 billion MANA tokens were already in circulation. This equates to around 68% of the total available supply of the coin which is capped at 2.19 billion MANA.
Originally, the total supply was set at 2.8 billion. However, the amount has been drastically reduced as over 600 million MANA tokens have been burned via LAND auctions.
Currently, the system still has a series of other burn mechanisms which will take effect in the future to reduce the circulating supply of the token. This reduction also includes a total of 2.5% of the MANA tokens being burned on transactions within the network.
The supply was originally to be controlled by an inflation rate of 8% in the first year, with the amount reduced over time to decrease the rate of inflation. However, this feature is currently turned off on the network. According to the platform, there are currently no plans in place for the initiation of this inflation until when it is necessary.
Is the Decentraland (MANA) Network secured?
The MANA token has its build base on the ERC-20 standard which implies its dependence on the Ethereum network.
The network is extensively secured by a connection of different miners who are working with thousands of other nodes on the network to ensure its absolute impregnability, hence protecting the MANA token from any type of attack.
The Ethereum network is generally considered one of the most tested platforms over the years due to its growing popularity for its use by cryptocurrency tokens that do not have their blockchain.
How do I buy Decentraland (MANA)?
The Decentraland offers a series of advantages to its participants which are not common in the world of cryptocurrency, among which is their ability to own LAND and do whatever they want with it through the MANA token. As such, its adoption rate has increased and made it steadily available across several platforms. To buy MANA tokens, the steps below provide the right direction to purchasing its tokens.
- Open an account with the crypto trading platform.
- Transfer the specific amount of your fiat currency to your account.
- Wait for your deposit to be confirmed and Buy MANA through your trading account.
Which Cryptocurrency Wallet Supports Decentraland (MANA)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as Decentraland. Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their Decentraland wallet because offers a simple and interactive interface making it easy for people to navigate its system.