Blockchain Technology is regarded as one of the most powerful and effective innovations of the 21st century and it has the potential to completely change our world. Decentraland is a Virtual reality platform that uses the Ethereum Blockchain. In this comprehensive guide, we will share everything you need to know about Decentraland.
What is Decentraland (Mana)?
Decentraland is the world’s first virtual platform where users have all the power. Decentraland is basically a virtual world where users can buy land and build buildings and other infrastructure. The platform guarantees that owners have the complete ownership rights and permanent records maintained on Ethereum blockchain.
Decentraland is a versatile platform and you will need to learn the following basics to get a full understanding of the platform.
- Decentraland is more than just a gaming platform, it is a 3D interactive world that you can experience either with a VR device or with a browser. On the platform, you can create content and application which can also be monetized.
- Decentraland also has its own currency known as MANA which can be used to purchase the land. You can also use MANA to pay for services and buying goods on the platform.
- Decentraland is a virtual world where you can buy land similar to the real world. The land has an area of 33 x 33 feet and you can build anything in the land you own without any problem. There is also no limitation to the height of the infrastructure you build on the LAND. Once you own the LAND, it will be recorded on Ethereum ledger and no one can tamper with it. The base price of the LAND was 1000 MANA but there is now a secondary market where the price of LAND varies. You can find LAND which is worth millions of MANA and cheap LAND that cost below 1000 MANA.
- Districts are basically group lands. There are different districts in Decentraland. For example, there could be a district for just crypto enthusiasts where you can find crypto-related goods and services. Similarly, there could be a district for education where you can find education-related services and so on.
Technical Side of Decentraland
Decentraland operates on the Ethereum platform which is regarded as Blockchain 2.0. The basic properties of the Ethereum platform are safe, no one can tamper with the records listed on Ethereum blockchain. The major difference of Ethereum Blockchain from Bitcoin Blockchain is that it allows building applications on Ethereum, Decentraland is built on it. All the records of Decentraland are available publicly on the Ethereum blockchain and anyone can access the records from anywhere in the world. Users who own the LAND also have full control over the content associated with the LAND.
Decentraland Protocol have the three layers that keep the system up and running
- The consensus layer tracks the ownership and content related to the LAND with the help of the Ethereum Smart Contract. The Smart Contract is a digital code that only executes when certain requirements are met otherwise it will not execute.
- Land content layer uses the Decentralized distribution system to render all content in the virtual world.
- The real-time layer is responsible for providing peer-to-peer connections for users to interact with one another.
If we take a look at the graphs, we see that there wasn’t any significant rise in the value of MANA till December 2017. But we have seen a significant rise since January 2018 and its value has grown significantly. See the current price of MANA on CoinMarketCap
The current use of MANA is only limited to buying LAND and other related services so its value only depends on the demand for LAND.
Where to Buy MANA
MANA is very easy to buy as it is listed on most of the Exchanges but you can only buy the MANA with either Bitcoin or Ethereum. You can buy Bitcoin and Ethereum from online Exchanges with USD and other fiat currencies.
Where to Store MANA
As Decentraland is built on the Ethereum platform and MANA is an ERC20 Token so there are various choices available in which you can opt to store your MANA. If you are looking to store your MANA on a desktop Wallet then you can pick Exodus and Mist which are two of the best Desktops wallets. If you want a versatile wallet then you can pick Jaxx which offers Desktop wallet as well as Smartphone wallet. Jaxx also has extensions available for Chrome and Firefox.
However, if you want the best possible protection without any compromise then we will recommend you to pick Hardware wallets. Ledger Nano S and Trezor are two of the best Hardware wallets available, they come with state of the art security features and protocols to protect your coins.
Decentraland is a versatile platform that has the potential to become a big thing in the future. But as of now, the platform is still in its development phase and developers have to think about other applications of MANA and how to make the platform more useful. If we take the current scenario, Decentraland is booming and if you invest in the platform it will definitely help the developers. The real question is; will it be successful and survive in the ever-growing virtual world or not. There are already users that have made money with Decentraland, But don’t think you can sit back in your chair and do the same. It requires great knowledge and is definitely not an idea for everyone. Let us know what you think about the future of Decentraland in the comment section below.