What is Decentraland (MANA)?

 What is Decentraland (MANA)?

Decentraland (MANA)

What is Decentraland (MANA)?

Decentraland (MANA) defines itself as a virtual platform powered by the Ethereum  blockchain that allows users to create experience and monetize content and applications.

in this virtual world Users buy land that they can explore, expand, and earn later.

Decentraland was launched after a $24 million initial coin offering (  ICO  ) that went on in 2017. Virtual Reality launched a closed beta in 2019 and has been open to the public in February 2020. Since then, Users have created a wide variety of experiences across the land, including interactive games, expansive 3D scenarios. and a variety of other interactive experiences

Decentraland uses two tokens: MANA and LAND.  MANA is an ERC-20 token that must be burned to receive a non-transferable LAND ERC-721  token. MANA tokens can also be used to pay for avatars. Wearables, names and more in the Decentraland market.

who is the founder Decentraland?

Decentraland was founded by Ariel Meilich and Esteban Ordano, both of whom stepped down from key positions in the project. but continues to work with Decentraland as a consultant.

Ariel Meilich previously served as Project Leader at Decentraland from 2017 to 2020 and is an ongoing entrepreneur who has founded several other startups, including online translation agencies and CRM platforms  . He also works as an analyst. At Charles River Ventures, Silicon Valley's well-known venture capital fund.

Esteban Ordano, on the other hand, is Decentraland's former head of technology and has a long and diverse history in the area. cryptocurrency who works as a software engineer at BitPay, Inc., a consultant to Matic Network and runs its own smart contract development company known as smart contract solution

Esteban is also credited with co-founding Zeppelin Solutions, an established blockchain technology infrastructure company.

Although Ariel and Estaban are no longer leading the project, development of Decentraland continues. through an effort under the direction of the newly established Decentraland Foundation.

What makes Decentraland unique?

Decentraland is made for content creators, businesses and individuals looking for a new medium of art. business opportunity or entertainment source

In total, Decentraland's game world, known as the “Metaverse,” is divided into 90,601 plots of LAND, each represented by a non-replaceable ERC-721 token . Each plot of land measures 16 x 16 m (100 sq m) and can be found at specific coordinates in the Metaverse.

Although LAND holders are free to develop plots of their choice, most of the Metaverse is broadly divided into several fields, each with different sizes and formats. These districts are created by individual sales of MANA tokens and LAND parcels in these districts are non-exchangeable.

As of January 2021, the cyberpunk-themed Aetheria is the largest, comprising 8,008 units of LAND.

Decentraland is one of a growing number of projects that use a decentralized autonomous organization (  DAO  ) structure for governance decisions  . As a result, MANA token holders are in control of how the Decentraland world behaves. how by proposing and voting for policy improvements Information about the upcoming LAND auction and the type of content permitted by Metaverse.

In addition to being a creative channel, many Decentraland users monetize their land through rentals, advertising and paid experiences. in the same way Other users earn by creating and selling items on the Decentraland marketplace for MANA tokens.

How many Decentraland (MANA) coins are in circulation?

As of January 2021, north of 1.49 billion MANA tokens are in circulation. This is equivalent to approximately 68% of the total current supply of 2.19 billion mana.

Total supply was originally set at 2.8 billion MANA, but fell as more than 600 million MANA was burned as a result of land auctions.

There is also an additional burn mechanism to reduce MANA turnover, including 2.5% MANA burn in Decentraland market transactions.

MANA was originally designed to inflate at 8 percent in the first year, gradually decreasing over time to reduce inflation. But inflation is now closed.  According to the Decentraland Glossary, there are no plans to start inflation. "Until necessary"

In total, 40% of the MANA supply was sold during the initial coin offering (ICO) in 2017.  Additionally, 20% was reserved for community incentives, 20% went to the development team and contributors during the session. First and the remaining 20% ​​belong to Decentraland  , project lead tokens will no longer belong.

How secure is the Decentraland network?

MANA is an ERC-20 token  , meaning it is based on the Ethereum  blockchain.

Ethereum is secured by an enormous decentralized network of workers working with thousands of nodes to ensure the Ethereum blockchain-and hence mane-proof tokens against attacks.

As one of the most battle-tested blockchains in use today, Ethereum is currently the most popular network for cryptographic tokens that do not have their own native blockchain.

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