Cryptocurrency

The Decentraland and its interesting revelations

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Decentraland is a virtual reality platform. Its native ERC-20 cryptocurrency token is called MANA. This platform is built of the ETH blockchain. Here on this platform, the users can travel across the virtual LANDS; they can purchase non-interchangeable plots. On these lands, they can earn through the decentralized token based games, applications and so on. One can by the LAND on this virtual platform by spending their MANA tokens.

The video game industry attracts a lot of investment as per the Entertainment Software Association. Looking at the records from 2017, a hefty amount of 36 Billion U.S. Dollars was spent exclusively on the video game industry, the association informs.  Further, the speculations only point at the further growth of this industry. According to the CCS Insights, 22 million mixed reality headsets were sold in the last year. As per the predictions, this number will only soar to 121 million by the year 2022.

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What can you do in the plots of LAND-

Decentraland allows a whole exciting range of things that a gamer can do. In the plots of the LAND, you can build anything literally. Taking Minecraft as an example, this freedom has let people build- ‘Ancient Metropolis’, ‘King’s Landing (Game of Thrones)’, ‘Space Shuttle’, ‘The Bedrock Dome’, ‘Minecraft City Building Project’, ‘Minas Tirith (The Lord of the Rings)’, ‘Minecraft Interstate’, ‘Nyan Cat Pixel Art’, and so much more! Another good example that shows cases the freedom the users gets is- the PlayStation ‘LittleBigPlanet.’ It boasts more than 6 million community built and designed levels. Beyond offering the VR LAND, Decentraland is also showcased on the ETH’s decentralized serves. It is a mix of blockchain and torrent P2P technology. It uses BitTorrent and Kademlia DHT networks.

The LAND concepts can be drawn parallel to the structure of real estate contracts. The way market adjusts to the real world housing market, so are the LAND’s rules. The cost of the initial Decentraland LAND plots is 1000 MANA tokens. The cost of the secondary Decentraland LAND becomes a little layered. It lies in the range of 10,000 to 100,000 Decentraland MANA tokens. In the VR game, the users can also merge plots to form a more expensive estate, just like the real world. In 2018, 2,000,000 MANA estate of LAND was sold. This created ‘the most expensive digital real estate’ record.

An auction for the Decentraland’s first LAND was held in 2017. There was another auction held in the last year for the second LAND. The company was also reported to partner with the crypto exchange giant- Binance in December last year. This partnership permitted the users to buy LAND with the Binance currency- BNB in the auction held in December last year.

It is neither an easy nor an inexpensive thing when it comes to hosting gamer servers. A hefty amount of about 6 Billion goes into the game server market. Big names such as Microsoft, Sony, Electronic Arts, Valve, Twitch, and Blizzard can vouch for this reality, and tell you how keeping the customers happy and satisfied in the virtual business keeps you on your toes almost all the time.

All about MANA Token-

MANA is an ERC-20 token. It recorded a total supply of 2,644,403,343 tokens on Dec 4th last year. 1,050,141,509 tokens were into the circulation in the market at that time. On Jan 8th, last year, the token recorded its all-time high of 0.259307 U.S Dollar.

The company offered its initial coin offering from 8th August to 26th August back in 2017. The ICO raised almost 24 million U.S. Dollars worth Ethereum ETH, Bitcoin BTC among the other altcoins. The initial supply sale had 40 percent going into the ICO crowd- sale. And rest 20 percent was distributed to- community and partners, founding team, and the Decentraland Foundation respectively.

The company plans to use the money that the ICO brought in funding any research and developmental programs, development of the community, marketing, business projects, and other legal operations.

The Decentraland token- MANA is a one-way street. Meaning- first of all you can’t mine it. And secondly, once you use it in the VR game, it is gone forever although the LAND you build stays on the ETH smart contracts since the Decentraland is built on the Ethereum main- net.

You can also use MANA beyond the game services too. You can buy goods and services from the ecosystem of Decentraland. You can also trade the token on the open crypto markets. Looking at the daily trade of the token, almost 8,500,000 U.S. Dollars worth MANA is traded every 24 hours. You can use the Decentraland token on Binance, LATOKEN, TOPBTC, Bittrex, and Huobi. The token is often paired with BTC, ETC, and USDT. Further, since the Decentraland token is compatible with ERC-20, therefore you can use the token with wallets that are compatible with ERC20. Examples of such wallets are like- MyEtherWallet and Ledger’s Nano hardware wallets.

The Genesis City-

Genesis City has been created keeping in mind the objective to support the centralized development within the Decentraland structure. The size of the Genesis City is almost equal to the size of Washington DC.

In Decentraland, through ETH Smart Contract layer, one can do the LAND transactions. The size of each LAND plot is initially  10m by 10m which is in feet- 33ft by 33ft. This can be expanded as the users build the LAND. The Decentraland allows the users to fuse two LAND plots when the same users own two or more than two plots. Although the MANA gets burned once it is invested, the changes you make to the LAND plots get saved on the SMART Contacts which are ETH verified.

The creators of Ari Meilich and Esteban Ordano- Streamium and Bitcore, launched the Decentraland. The platform makes use of two types of technology, i.e. blockchain technology and the torrent technology to render through a P2P network and to distribute hosting. In a way, one can say that the content gets distributed through the IPFS network on the blockchain with the help of data hashes.

Genesis City is packed with an interesting mix of features. On the one hand, it comes across as a virtual metropolis that enables a smooth exploration for users and the developers. On the other hand, you will find that the city looks like a real city that boasts real-life areas such as commercial, industrial, and residential areas.

Going into the further details of Genesis City, it has a ‘Genesis Content Program.’ It is like a chamber of commerce. This program is used as a means to pitch in 5 million U.S. Dollars to fund blockchain gaming projects. Other probable decentralized projects on Decentraland includes- Cryptobeasties, a decentralized trading card game, Etheremon, a decentralized Pokemon clone, farChainbreakers, a decentralized RPG, and Crypto card, a decentralized racing game. With such progress, the Decentraland seems to be becoming a good competitor to Virtual Reality marketplaces such as PSVR, Oculus, Windows MR, Steam VR and so on.

The potential of the virtual metropolis seems to be quite huge with the internal developments and external developments taking place.

Decentraland at a glance-
  • Decentraland is an ecosystem of virtual reality; it is a platform instead of being a single-minded It offers development of individual consumers as well as enterprise users through the digital economy. With the help of the tools provided on the Decentraland, even the users at the beginning stages of coding can enter the virtual premise and henceforth create utility with time. This openness of the Decentraland allows a mass embracing of the company.
  • It is built on ETH blockchain. The platform makes use of two types of technology, e. blockchain technology and the torrent technology to render through a P2P network and to distribute hosting.
  • Decentraland crypto token is called MANA which is ERC 20 token. You can use MANA and BNB to purchase LAND on Decentraland. The ETH smart contracts are like real The size of each LAND plot is initially 10m by 10m which is in feet- 33ft by 33ft. The cost of the initial Decentraland LAND plots is 1000 MANA tokens.
  • Genesis City has been created keeping in mind the objective to support the centralized development within theDecentraland
More from Decentraland-

On 13th Feb, Decentraland launched a $55K Creator Contest. All you need to do is to submit 20 unique scenes in 3D design. The contest will take place on 15th March. Any user despite expertise level can participate in the competition. Participants are allowed to choose a variation of scenes or a custom configuration of up to 32 parcels. As per the information obtained from ‘cryptobriefing.com,’ the top five finalists will be awarded premium LNAD real estate with the following rewards-

  • First Place: 200,000 MANA tokens
  • Second Place: 150,000 MANA tokens
  • Third Place: 100,000 MANA tokens
  • Fourth Place: 50,000 MANA tokens
  • Fifth Place: 25,000 MANA tokens

The scope of Decentraland seems to be loaded with a lot of potentials. It can be easily suited to work as a side chain to other blockchain networks. It is only a matter of time to watch the company to be a strong contender for the thriving Virtual Reality marketplaces. With impressive endeavors, the company is only ensuring a lot of success in the near future.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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