By Richard Davis
Decentraland presents an expansive digital universe where individuals interact, trade, and construct on virtual plots, all through the medium of its native digital currency, MANA. Operating as an ERC-20 token on the Ethereum network, MANA not only facilitates the acquisition of digital territories but also encompasses an array of virtual goods like wearables and game-specific assets.
Understanding Decentraland
Dive into Decentraland, a blockchain-based virtual domain where participants engage in the trade of digital assets, the construction of virtual events, and more. Its foundation on the Ethereum framework ensures that every digital transaction remains transparent, secure, and decentralized. Notably, Decentraland is steered by its community—empowering individuals with the autonomy to sculpt its evolution.
MANA Explained
At the heart of Decentraland’s economy lies MANA, its indigenous digital coin. Designed to facilitate the exchange of virtual terrains, in-game assets, and more, MANA operates seamlessly within the Ethereum ecosystem, ensuring compatibility with all Ethereum-centric wallets. With a fixed reservoir of 2.19 billion tokens, around 1.89 billion are presently active.
The Utility of MANA
MANA’s primary role is to mediate the purchase and sale of virtual plots in Decentraland. These plots, segmented into individual parcels, serve diverse functions — from establishing virtual edifices and curating events to showcasting digital art.
The value of these lands fluctuates based on their positioning and neighboring attractions. Moreover, MANA also extends its realm to the procurement of virtual attire and accessories, enriching user avatars and gameplay experiences.
Decentraland’s Community-Led Model
At its core, Decentraland champions a decentralized ethos, entrusting its vast digital universe to the collective hands of its users. This community-driven governance sees participants casting votes on potential modifications and enhancements using MANA tokens, ensuring that the platform’s trajectory is determined by its most invested stakeholders.
This method stands in stark contrast to conventional virtual environments, where decisions are often unilateral and dictated by centralized entities.
Ensuring Integrity and Clarity
Decentraland’s foundation on the Ethereum blockchain bestows upon it the virtues of security, transparency, and permanence. Every transaction made within its virtual borders is etched onto the blockchain, offering an unparalleled level of traceability and verification.
This ensures that users can engage confidently, safe in the knowledge that their digital assets are well-protected and their interactions transparent within the decentralized framework.
Understanding Decentraland and its Currency, MANA
Established in 2017 by visionaries Esteban Ordano and Ariel Meilich, Decentraland emerged alongside its official website, cementing its place in the digital realm. Anchored on the Ethereum network, Decentraland serves as an expansive virtual reality platform where individuals have the opportunity to purchase LAND—a distinct, non-fungible token symbolizing sections of the virtual landscape.
The core driving force of Decentraland is its community, motivated to curate a shared virtual reality. While LAND tokens provide users with virtual real estate rights, MANA, the ecosystem’s intrinsic cryptocurrency, facilitates the purchase of LAND within the marketplace.
Venturing into Decentraland, users are met with a myriad of experiences—from engaging with fellow participants, embarking on gaming adventures, to transacting through in-world payments.
Distinguishing itself with a user-centric governance approach, Decentraland pioneers a novel virtual space. Here, the reins of control are vested in its community and MANA proprietors, paving the way for a truly democratic digital domain.
Decentraland (MANA) Coin Circulation
Originally, Decentraland started with a total supply of 2.8 billion MANA tokens. However, following token burns during the LAND auctions, this number decreased to the current total of 2.19 billion MANA tokens. Initially, MANA’s design included a progressively diminishing inflation rate.
Presently, though, this inflationary mechanism is inactive, and the circulation of MANA is set to further decrease due to burning procedures tied to network activities, like transactions within the Decentraland marketplace.
From the available 2.19 billion MANA tokens, roughly 70% are in active circulation. To gauge Decentraland’s market stature, one can compute the market capitalization by multiplying the circulating volume of MANA tokens with their respective market price.
In Summary
Decentraland stands as the pioneering decentralized virtual reality realm, anchored by Ethereum, granting users the privilege to acquire and possess virtual assets. With the potential to evolve into a multifaceted metaverse, Decentraland opens avenues for businesses to showcase and monetize their digital creations.