What is Decentraland (MANA)?
Decentraland (MANA) is a virtual reality gaming platform built on the Ethereum blockchain network, enabling users to build and receive income through the creation of content and applications. Players on the MANA platform can enjoy functions focused around virtual 3D land and property, as well as applications and games, which are all managed and recorded under Decentraland’s decentralized network. Whereas transactions are validated on the Etheruem network.
Decentraland (MANA) is a gaming network developed by Ariel Meilich and Esteban Ordano. Ariel was Decentraland’s project lead during 2017 to 2020, while also establishing other start-up companies.
Whereas Esteban Ordano is an experienced individual in the cryptocurrency industry, while also managing Smart Contract Solutions Ltd., a firm specializing in developing smart contracts.
However, both Ariel and Estaban are not currently managing the project. Rather, Decentraland functions sustainably on its own through the Decentraland Foundation.
Decentraland, being developed on the Ethereum blockchain, is able to facilitate data and transaction storage securely, allowing Decentraland to function at its highest capacity. This means that Decentraland is able to utilize smart contracts to process transactions and datasets in 3 separate functioning layers.
Decentraland’s first layer being the main platform responsible for tracking NFT (Non-fungible Tokens) ownerships through smart contracts, while the second layer records LAND data, and the third handling Peer-to-Peer transactions.
An interesting piece of technology on Decentraland is the MANA token, an ERC-20 standard token that indicates that every time an NFT is bought, the equivalent amount of MANA to its value would be burned.
Additionally, MANA can be used to buy LAND, virtual land in the form of NFTs that can be built on and utilized for profit-gaining. LAND owners can monetize their NFT properties by integrating various infrastructures which can be used by other players through paying fees in the form of MANA.
Lastly, Decentraland is able to fully function without a central authority through its usage of a Decentralized Autonomous Organization (DAO), a decentralized set of codings that functions like a mediating figure in traditional finance, but allows fast functioning transaction processing, as well as efficient ongoings on the Decentraland platform. The platform’s DAO allows MANA holders to govern Decentraland by proposing systematic or policy changes, wherein other MANA holders can vote for or against the proposal, further allowing the network to function in a truly decentralized and sustainable manner.