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BackThe First-Ever User Owned Virtual World
On week 3 of 15 Weeks of Summer Campaign, we invite you to get your share of one of Web3’s most sought-after environments! Decentraland is a virtual reality platform in the Metaverse powered by the Ethereum blockchain and founded by Ari Meilich and Esteban Ordano in 2017, raising more than 24 million USD during its ICO. Users can create content and applications and buy pieces of land of which they are in full control. Land pieces are non-fungible tokens (NFTs), transferable assets stored in smart contracts. Landowners decide what content is published on their land, from static scenes to interactive 3D objects and games.
Land can be acquired with Decentraland’s native utility token MANA, which can also be used for in-world purchases of goods and services.
Decentraland started as a proof of concept for allocating ownership of 2D digital real estate on a blockchain, which evolved into a 3D virtual world divided into parcels/pieces of land.
New Trading Pairs: MANA/USD and MANA/EUR
An Evolving World with Ever-Flowing Economics
Application developers in the Decentraland space can capitalize on interactions between users and their applications. Currency, goods and services can be traded just like in the real world.
A variety of different applications can be built, ranging from games to 3D scenes. Users can roam around and find neighborhoods of interest, where landowners can organize various types of events like musical concerts.
Brands can furthermore advertise by using billboards to promote their products or services. The creation of unique digital assets gives birth to the digital collectibles market, where users can buy and trade their creations made in Decentraland.
Decentraland Architecture
The Decentraland protocol consists of three layers:
- Consensus layer: tracks land ownership and its content.
- Land content layer: download assets using a decentralized distribution system.
- Real-time layer: enable users’ world viewers to connect to each other.
An Ethereum smart contract is used to maintain a ledger of ownership for a piece of land in Decentraland (LAND). LAND can be bought by burning MANA, which serves as a proxy for the cost of claiming a parcel. New parcels of LAND need to be adjacent to a non-empty parcel.
In order to build the world in Decentraland a decentralized storage system is being used, which allows Decentraland to work without any centralized server infrastructure.
Peer-to-peer (P2P) connections facilitate the communication between users, with the help of servers hosted by landowners or third parties.
Limitless Imagination & Earning Opportunities
In Decentraland you can create scenes, artworks, challenges and more, using the simple Builder tool, then take part in events to win prizes. For more experienced creators, the SDK provides the tools to fill the world with social games and applications.
Furthermore you can buy and sell LAND, Estates, Avatar wearables and names in the Decentraland Marketplace: stocking the very best digital goods and paraphernalia backed by the ethereum blockchain.
The Virtual Destination for Digital Assets
The first fully decentralized world, Decentraland is controlled via the DAO, which owns the most important smart contracts and assets of Decentraland. Via the DAO, you decide and vote on how the world works.
The Decentraland DAO owns the most important smart contracts and assets that make up Decentraland – the LAND Contract, the Estates Contract, Wearables, Content Servers and the Marketplace. It also owns a substantial purse of MANA which allows it to be truly autonomous as well as subsidize various operations and initiatives throughout Decentraland.
It was always part of the original vision to hand over control to the people who create and play in this virtual space. In short – you, the users. Will you be claiming your virtual world any time soon?
To find out more about MANA and other recently listed assets, join the ever-growing Coinmetro community on Discord and Telegram. To include MANA in your portfolio today, take action now and sign up to our platform in just a few steps.