Decentraland is an immersive, browser-based platform built on Ethereum blockchain It allows users to experience a shared virtual world in 3D. Developed by Ari Meilich and Esteban Ordano, the project was monetized in 2017. metaverse.
according to that white paper, Decentraland started as a proof-of-concept “to assign ownership of digital real estate to users on a blockchain.” According to public ledger technology, users who purchase land parcels own them permanently in the form of: Non-fungible token, or NFTs. Landowners create and monetize their own environments, markets, and applications.
What is Decentraland?
Decentraland is a 3D user-owned virtual world built on the Ethereum blockchain where users can buy digital properties and meet in the Metaverse.
Fraser Matthews, president of the Canadian cryptocurrency exchange, said: net coin.
In reality, Decentraland acts as a marketplace and virtual community center. Users are buying and selling digital properties while simultaneously exploring the same world under construction. They socialize, play games, trade collectibles, Catch Deadmau5 in concert.
“Users can build anything they want, from virtual stores and art galleries to gaming arenas,” said Matthews. “They can also make money from activities such as renting properties, providing services, and creating virtual goods.”
What is Decentraland built on?
Decentraland is built on the Ethereum blockchain. Using Ethereum as the foundation layer of the project, Decentraland’s native coin, MANA, is set to the ERC-20 token standard, the benchmark for all Ethereum-based fungible tokens. As one of the most widely used protocols, this allows easy exchange with other tokens. decentralized financeor DeFi, the project.
“By relying on the Ethereum network, Decentraland removes many of the hurdles faced by traditional virtual worlds while allowing them to remain secure and tamper-proof. Capital of Tadrus, a quantitative investment management company. “Additionally, users will be able to purchase and trade digital goods on Decentraland using the Ether cryptocurrency, creating a whole new digital economy.”
How does Decentraland work?
Decentraland’s ever-evolving ecosystem relies on several factors to provide a decentralized digital world. Here, we’ll focus on the protocol that keeps the underlying code running behind the scenes and the project’s user interface management system (token economy and governance).
protocol
Decentraland uses a 3-layer protocol. The consensus layer tracks parcel ownership in the following ways: smart contractThe content layer renders the files needed from parcel to parcel. Finally, the real-time layer enables peer-to-peer communication between users’ avatars.
all content Anything featured within Decentraland is hosted and served through a global network of community or user-owned content servers. node.
token economy
Inworld in Decentraland Cryptocurrency Native token is known as MANA. This ERC-20 token will be used to purchase everything in Decentraland, from wearables for your avatar to land parcels (LANDs).
Unlike MANA, LAND tokens are not exchangeable. These are proprietary NFTs that can provide proof of ownership of virtual real estate. If the user collects multiple land parcels adjacent to each other, they can be combined to create his third token called Estates.
Every time a user purchases and registers LAND, MANA tokens are “burned”. This process permanently removes the coin from circulation and reduces supply to increase market value.
At the time of Decentraland’s debut, LAND sold for around $20 and MANA tokens for $0.02. today, lowest price A parcel of land is estimated at $2,200.mana token Price is $0.7 At the time of writing, according to CoinMarketCap.
governance
Unlike other platforms, Decentraland is wholly owned by its users. decentralized autonomous organizationThe Decentraland DAO is a decision-making body composed of Decentraland token holders. through voting, group can Issue grants and change lists of banned names, points of interest (or locations), personal servers called Catalyst nodes, and smart contracts for LANDs and estates.Voting rights are assigned per user crypto wallet size.
To vote on the proposed protocol changes, users must hold wrapped MANA (MANA tokens locked within DAO, losing spending or ability transfer), LAND or Estate tokens. Wrapped MANA is worth her 1 vote. LAND and Estate tokens grant 2000 votes per parcel.
Decentraland vs. Metaverse
Simply put, Decentraland is one planet floating in the Metaverse, and the Metaverse itself extends beyond one platform.
“The metaverse is a more general term for the concept of a virtual world accessible to everyone, but Decentraland is a concrete implementation of this concept.” WINN.AIa tech startup developing artificial intelligence sales assistants, and members Forbes Technology Council.
“While Metaverse is often used to refer to virtual worlds that are fully immersive and accessible through virtual reality, Decentraland is focused on creating a distributed virtual reality platform.”
Other worlds include Sandbox, Roblox, and MetaHero.
“Metaverse is often used to refer to virtual worlds that are fully immersive and accessible through virtual reality, while Decentraland focuses on creating a decentralized virtual reality platform,” said Postan-Koren. increase.
