Decentraland is a virtual reality platform that runs on the Ethereum blockchain. Decentraland users can create, test and monetize in-game content and applications. The platform is completely user-managed as everything is decentralized. All applications built on the Decentraland network belong solely to their creators. So the Decentraland team has no rights to it. Decentraland is a development that is becoming increasingly important, which is why we explain here exactly what Decentraland is and how it works!
- 1 What is Decentraland?
- 2 The Decentraland team and partners
- 3 How does Decentraland work?
- 4 ICO of the project
- 5 Advantages of Decentraland
- 6 Cons of Decentraland
- 7 MANA can be played with Virtual Reality. But what is it?
- 8 Decentralized Virtual Reality
- 9 Decentraland (MANA) Price and forecast
- 10 How do I buy MANA?
What is Decentraland?
Decentraland is an open-source interactive virtual reality platform where users can buy, use and build things on a virtual piece of land. The system guarantees its users full ownership rights and permanent registration of ownership on the Ethereum blockchain . So everything they make is their own property, not owned by the creators of the game
Like Minecraft or Second Life, there is no real purpose in Decentraland. Instead, users go through a virtual world and buy virtual land, which we call LAND. You can therefore create content and applications, but also experiment with structures. It is an interactive 3D world, which can be accessed using a virtual reality headset or simply the classic view of a web browser.
There is a limited number of LANDs you can buy. The world is divided into pieces of land of 100 m² (10m by 10m), which are therefore called LANDs. Each piece has a single owner who has complete control over it. Thanks to the integrated scripting system, you can import any 3D object and enjoy your property the way you want. For example, you can build a house there, leave it empty, build a castle there, dig a hole in it and so on. The owner can also rent out his piece of land, control who has access to it, and of course transfer ownership to someone else.
The scripting system also allows users to program interactions with the environment; for example, casinos, all kinds of games, musical atmospheres, etc. can be created.
From there you can start imagining what might happen. For example, you could buy 10,000 m² of land and build a huge maze. Or you buy just one piece of land and show a life-size reproduction of the Eiffel Tower. So a lot is possible. There is therefore no limit to the height of what you can build on a piece of land. You can literally build anything on your piece of LAND. And we already know what’s happening, because of similar games that are very popular in the past (and still are). Minecraft servers, for example, contain exact replicas of fictional or real worlds, working computers, and much more. The possibilities for the Decentraland project are very large and diverse, which makes it very attractive to gamers.
The Decentraland team and partners
Esteban Ordano – CEO and CTO.
A seasoned engineer, he co-founded Zeppelin Solutions and led the team that developed Streamium, which was the first application to implement payment channels. It is an important technology for scaling chain payments. A former software engineer at BitPay, he co-founded one of the leading Bitcoin infrastructure libraries known as Bitcore. He was also part of the teams behind Copay (a Bitcoin wallet) and Insight (a Bitcoin blockchain API).
Ariel Meilich – Project Manager.
With experience in venture capital and data analytics, Ariel worked as an analyst at Charles River Ventures, a leading Silicon Valley venture capital fund. Before entering the world of technology, he spent two years as a Fellow of the National Institute of Health conducting neuroscience research on human decision-making while leading a BPO agency that supplied clients like Amazon and General Electric.
Manuel Araoz – Board Member.
Manuel has an established reputation in the cryptocurrency space and is the co-founder and CTO of Zeppelin Solutions, the leader in smart contract security. Through their controlled smart contracts , organizations like Brave, Golem and Blockchain Capital have raised more than $250 million. Manuel is known as the creator of Proof Of Existence (the first non-financial application based on Blockchain). He has also worked as a technical manager at Bitpay, Copay and Insight.
Yemel Jardi – Board Member.
Yemel is a seasoned developer in the blockchain industry, and he worked on ChangeTip. Here he was building a micro-payment infrastructure for the web, before it was acquired by Airbnb in 2016. Before that, he was a software engineer at BitPay (the leading Bitcoin payment processor), where he used some of the most widely used open source tools. that are used by Bitcoin developers worldwide, such as the Bitcore library. Yemel is also a professor of cryptography at the Buenos Aires Institute of Technology and president of the South American Business Forum.
The team also consists of many developers such as: Matias Bargas, Federico Miras, Hugo Arregui, Agustin Mendez, Mario Sossich and Ariel Barmat.
Decentraland’s partners are not numerous, but nevertheless of a remarkable quality:
- HTC : On February 26, 2019, the Decentraland team will announce a partnership with HTC on its blog. It will be possible to buy, sell and manage LANDs acquired through the Exodus 1, the next HTC phone to implement blockchain technology. This partnership also opens the doors to a possible future collaboration for porting the game to the company’s virtual reality peripherals.
- Binance : As described above, the ability to buy LANDs with Binance Coin is a major asset. It increases the number of potential buyers and provides better visibility to the project.
How does Decentraland work?
MANA is the default asset of the project. It is an ERC-20 token that you can buy and resell like most other cryptocurrencies on exchange sites.
The MANA cannot be mined, and once it is used to buy land from Decentraland, the asset is burned. Since Decentraland is built on Ethereum’s main network, the LAND is stored in Ethereum smart contracts.
The lots initially sold by Decentraland cost 1000 MANA, but the secondary market has become quite refined over time, and the LAND now costs between 10,000 and 100,000 MANA. In addition to purchasing LANDs, MANA is also used for purchasing goods and services within the Decentraland ecosystem.
Virtual ground is often merged into LANDs that cost much more. In March 2018, Decentraland set a record for digital real estate sales with total sales of nearly 2,000,000 LANDs.
You can find the list of LANDs for sale on the official marketplace.
Decentraland also partnered with Binance in December 2018 to enable the purchase of LANDs with the Binance Coin ( BNB ).
ICO of the project
Decentraland ‘s ICO took place from August 8 to August 26, 2017 and raised approximately $24 million in BTC and ETH. These MANA coins will be distributed in that month as follows:
- 20% for the first investors, developers and advisors
- 20% for the Foundation
- 40% at ICO
- 20% to reward users deemed “constructive”.
However, we should point out that the last 20% will actually be used to encourage the community to develop and come up with ideas. For example, the team has indicated on their own website that users who submit projects or ideas for Decentraland will receive MANA for free. So there are different ways to get MANA and earn money. At the same time, you are also helping to build the future of the platform.
Advantages of Decentraland
- The project is going well and the team is as active as ever. The possibility of buying LAND with Binance Coin is not negligible as it is an option that will make more people interested in the platform. There is therefore a positive future perspective.
- The team supporting the project is quite qualified. Most are former engineers who have worked on major cryptosystem projects. This is a force that Decentraland affords and is heavily involved in the development of the idea and its realization.
- According to the Entertainment Software Association, consumers spent $36 billion in the video game industry in 2017. In addition, CCS Insight predicts that 121 million virtual reality headsets will be sold by 2022, compared to 22 million in 2018. The industry is growing rapidly and this could bring many new players to Decentraland.
Cons of Decentraland
- There are many potential competitors for Decentraland. For example, we can mention Neoland, but in particular High Fidelity, a virtual world that works with the EOS blockchain, is a major competitor of Decentraland. The fact that the virtual reality sector is growing can also be a disadvantage for the Decentraland team.
- Minecraft-inspired games are constantly being posted online that attempt to mimic its gameplay. It will be difficult for Decentraland to settle among the many Minecraft-esque games. Even though the system is based on blockchain and owns a virtual land, the biggest challenge is attracting players and convincing them to invest in LAND.
MANA can be played with Virtual Reality. But what is it?
Virtual reality mainly consists of a kind of helmet that completely immerses the user in a movie, a game or even another world. Some say it’s the technology of tomorrow (with the blockchain, of course), as evidenced by this study from IDC that expects the virtual reality market to grow from 5.2 billion in 2016 to 200 billion in 2022. Mark Zuckerberg also said all that ‘virtual reality is the next platform’. So very promising.
Virtual Reality (VR) is a fully simulated environment with computers. You can look around the computer-generated environment through a VR headset. Because the virtual environment is completely computer generated, you are no longer tied to the physical logic of the real world. In the virtual world, for example, you can spend hours exploring the depths of the ocean or go back in time to relive the first moon landing. The limits of virtual reality lie with the imagination and skills of the developer.
Virtual reality is becoming increasingly difficult to distinguish from real reality. The image resolution of the helmets is getting sharper, and developers are offering more and more VR games and applications that are indistinguishable from the real thing. There are even manipulations you can add to a VR headset to make the experience even more realistic, such as a scent mask that mimics the scent of flowers as you walk through a field of flowers in VR, or a haptic vest that provides feedback where you are. being touched in the virtual world.
It is normally very difficult to make something yourself in virtual reality. This generally requires programmers. If you want to make something yourself in a virtual world, you will soon run into a problem that can often only be solved in an expensive way.
Decentralized Virtual Reality
But what if we could build our own world, in a decentralized way, without fear of invasion of privacy, without an entity controlling all our movements in this virtual world? That’s exactly the idea behind the Decentraland project: to create a decentralized, open-source virtual world that everyone can access, but no one has complete control over.
Decentraland (MANA) Price and forecast
How do I buy MANA?
To buy MANA, you can go to Binance. It is also possible to buy MANA on Bitmex, ByBit or Bittrex. There are also plenty of other crypto exchanges where you can buy MANA, as it is a very popular token.
You can then store MANA in a wallet that supports ERC-20 tokens. Fortunately, all wallets can do this, since this token from Ethereum is the most used token in the world. Do you have a lot of MANA in your possession? Then it is recommended to store it in a cold wallet. That is a lot safer than in a hot wallet, which is always connected to the internet.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com