What is Decentraland (MANA)?

Decentraland (MANA) is a decentralized virtual reality platform built on the Ethereum blockchain, offering users the ability to create, explore, and monetize content and applications within a virtual world. Users purchase and own virtual plots of land as non-fungible tokens (NFTs) using the MANA ERC-20 token. The platform emerged from a $24 million ICO in 2017 and transitioned from closed beta to public access in early 2020.

The ecosystem utilizes two tokens: MANA and LAND. MANA serves as the official currency, enabling land acquisition, in-game transactions, and participation in the Decentraland DAO, which empowers the community to influence the platform's direction. LAND, an NFT, represents digital real estate ownership and grants voting rights.

Decentraland combines online gaming with blockchain, allowing players to shape the rules and policies of the virtual world through decentralized governance. Established by blockchain experts Ari Meilich and Esteban Ordano, Decentraland has evolved from a 2D experiment into a fully immersive 3D universe. In essence, Decentraland is a decentralized 3D virtual reality realm where users hold ownership of lands and contribute creatively, underpinned by a community-driven governance model and powered by the MANA token.

Who are the founders of Decentraland?

Decentraland was co-founded by Ariel Meilich and Esteban Ordano, who have since transitioned from their primary roles but remain involved as advisors to the project. Ariel Meilich, who served as the project lead from 2017 to 2020, has a history of entrepreneurship with ventures including an online translation agency and a CRM platform. He also worked as an analyst at Charles River Ventures, a renowned Silicon Valley venture fund.

Esteban Ordano, the former tech lead, has a diverse background in the cryptocurrency realm, including roles as a software engineer at BitPay, Inc., an advisory position at Matic Network, and co-founding Zeppelin Solutions, a prominent blockchain technology infrastructure company. While Ariel and Esteban are no longer at the forefront, Decentraland's ongoing development is now guided by the newly established Decentraland Foundation.

What makes Decentraland unique?

Decentraland is designed to cater to content creators, businesses, and individuals seeking fresh artistic avenues, business prospects, or entertainment options. The virtual landscape, referred to as the "Metaverse," comprises 90,601 distinct parcels of LAND, each represented by an ERC-721 non-fungible token. These parcels measure 16m x 16m (256 square meters) and are situated at specific coordinates within the Metaverse.

While LAND owners have the freedom to shape their plots as they see fit, the Metaverse features various districts, each with its own size and theme. These districts were established through MANA token crowd sales, and the parcels within them are not tradable. The Aetheria district, with a cyberpunk theme, is currently the largest, encompassing 8,008 LAND parcels as of January 2021.

Decentraland employs a decentralized autonomous organization (DAO) framework for governance decisions, making MANA token holders responsible for shaping the behavior of the Decentraland world. This involves proposing and voting on policy updates, determining details of upcoming LAND auctions, and specifying permissible content for the Metaverse.

Beyond its creative aspects, many Decentraland users generate income from their LAND by leasing, advertising, and offering paid experiences. Additionally, individuals profit by crafting and selling items on the Decentraland marketplace using MANA tokens.

Explain the network security of Decentraland.

MANA operates as an ERC-20 token, built upon the Ethereum blockchain. Ethereum is safeguarded by a vast decentralized network of miners collaborating with numerous nodes, collectively guaranteeing the security of the Ethereum blockchain and, consequently, the integrity of MANA tokens, shielding them from potential attacks.

Ethereum stands as one of the most extensively tried and tested blockchains currently in operation. It holds a prominent position as the favored network for cryptocurrencies lacking their individual native blockchains.

What are the recent developments of Decentraland? 

Decentraland's "Year of the Creator" has introduced significant releases to empower its creative community. Developments like Saved Outfits, Handwear, and the launch of SDK 7 have contributed to the ongoing enhancement of the virtual world. The platform also organized a notable three-week Game Jam in collaboration with Polygon, resulting in immersive experiences centered around the theme of "Lucid Dreams."

As the year progresses, there are more advancements on the horizon. Two notable additions are Smart Wearables and Portable Experiences. Smart Wearables, considered the next evolution of digital fashion, enable clothing and accessories worn by avatars to trigger specific experiences or abilities. These items offer a novel creative canvas, allowing designers to integrate utility and exclusive content into outfits and accessories. For gamers and users, Smart Wearables hold the potential to enhance gameplay by unlocking new features, while scene builders can add layers of content and interaction to their creations.

Portable Experiences, similar to Smart Wearables, introduce an augmented reality-like layer to the virtual world. Users with Portable Experiences enabled can interact with unique elements in specific scenes, visible to others, enhancing social gatherings and events. These experiences are free to activate in particular scenes, making them ideal for group participation.

Both Smart Wearables and Portable Experiences expand the creative possibilities within Decentraland. Creators can seamlessly integrate them into their projects using the Decentraland SDK and Editor. Comprehensive documentation guides creators through the process, with Smart Wearables requiring the use of the CLI for publishing and Portable Experiences being supported by SDK 7. These developments reflect Decentraland's commitment to providing innovative tools that enrich the user experience and contribute to the growth of its metaverse.

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