Decentraland

What is Decentraland?

Decentraland is a virtual land that is built on top of Ethereum blockchain. It’s a fully decentralized 3D virtual world where users can create their own avatar and develop their own world in the way they want. It allows users to create a token-based economy for owning the land in that virtual world.

 

Users can explore the virtual world, can go to casinos, attend massive events, visit resorts, shop with friends, start a business and much more. Users can also roam around the entire virtual world and are able to interact with other users who are exploring at the sametime.

 

Origin and Evolution of Decentraland

Decentraland was founded in early 2015 by the authors Ari Meilich and Esteban Ordano of Decentraland Foundation. In addition, Fundamental Labs, Genesis One Capital and Animoca Brands are the primary investors. 

 

Decentraland evolved into four major stages which is termed as follows

 

1. Stone Age –  Released in early 2015 that allows users to earn beyond imagination and an algorithm to accept Bitcoin (BTC) was developed in this stage.
2. Bronze Age – Released in March 2017, allows users to sketch their 3D space under the support of blockchain technology.
3. Iron Age – Released late in 2017, Mana cryptocurrency was introduced at this age. It allows users to receive parcels of land and also interact with other lands.
4.  Silicon Age – Released in 2018, combination of 3D virtual world and VR glasses added to blockchain that allows all interactions on the system to be simpler.

 

All About Decentraland

 

In Decentraland users can create, explore and trade in the virtual world. Using a simple Builder tool, users can develop art works, challenges and scenes. Users can buy or sell land, avatar wearables, estates and collectibles in Decentraland marketplace.

 

Avatars

Decentraland users can create their own customizable avatars from thousands of different combinations given.

 

Marketplace

Decentraland marketplace is a virtual world’s one-stop-shop for buying digital assets. Users can buy land, collectibles or any digital assets in the marketplace.

 

The Marketplace allows you to:

• Sell parcels and Estates of LAND, wearables, and unique names. Set your own price in MANA and an expiration date for the offer.
• Buy parcels and Estates, wearables, and unique names that are for sale.
• Transfer your Decentraland assets to another user.
• Explore the world through a map to see who owns what, existing wearables or claimed avatar names.

 

Fig1.0 Customizable Avatar of Decentraland

 

Decentraland Mana Crypto & Other Tokens 

Two different types of tokens govern the entire operations of Decentraland

 

1. LAND – a non-fungible token (NFT) is used to define the ownership of the land parcels that represent the digital assets.

 

1. MANA – Mana is an ERC20 token – a fungible token created using Ethereum smart contracts. It powers the entire Decentraland. It is used to pay for virtual plots of land in Decentraland as well as in world goods and services.

 

Mana cryptocurrency holds a huge $6.15 Billion market cap. One Mana crypto is equivalent to $3.36 USD as per today. 

 

  

 

 

 

  

Fig2.0 Decentraland Events

 

Decentraland events are the major attraction of this metaverse. Mega events, product launch, music concerts and much more can be conducted in the virtual world of Decentraland. This attracts huge audiences towards it. This will be a great platform for the companies to advertise their products in a totally different way. With 8 Lakh registered profiles, 3 Lakh monthly users and 18000 daily users decentraland gains huge popularity and creates a major hype among the audiences and investors. 

 

DAO Support

The Decentraland DAO is the decision-making tool for MANA, NAMES and LAND holders in Decentraland’s virtual world. Through votes in the DAO, the community can issue grants and make changes to the lists of banned names, POIs, and catalyst nodes. The DAO also controls the LAND and Estate smart contracts.

 

Issuing grants and making changes to the records and contracts owned by the DAO can only be done by using predefined proposals accessible in governance.decentraland.org.