The price Decentraland today is 1.10 USD, and the trading volume in 24 hours - 153,143,823 USD. The crypto asset has grown by 0.86% over the day. Currently, the coin’s market capitalization is 2,039,652,545 USD, and has 1,852,425,997 coins in circulation with the max supply of 2,193,572,227 coins MANA.
What is Decentraland (MANA)?
Decentraland (MANA) defines itself as a virtual reality platform based on the Ethereum blockchain that allows users to create, use and monetize content and applications.
In this virtual world, users buy land on which they can later navigate, build and monetize.
Decentraland was launched following an initial $24 million coin offering (ICO) that was held in 2017. Virtual World launched its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of features on their LAND precincts, including interactive games, extensive 3D scenes, and a host of other interactive features.
Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that needs to be burned to obtain non-interchangeable ERC-721 LAND tokens. MANA tokens can also be used to pay for a number of avatars, wearable devices, names, etc. D. On the Decentraland trading floor.
Who are the founders of Decentraland?
The project was the brainchild of Ariel Meilich and Esteban Ordano, who retired from major positions but still work together as advisers to the crypto project.
Ariel Meilich previously served as project manager from 2017 to 2020 and is a serial entrepreneur who founded several other startups, including an online translation agency and platform CRM. He also worked as an analyst at Charles River Ventures, a prominent Silicon Valley venture fund.
Esteban Ordano is a former technical executive at Decentraland and has a long and varied history in the cryptocurrency field, working as a software engineer at BitPay, Inc., an advisor to Matic Network and ran his own smart contract development firm known as Smart Contract Solutions for a while.
Esteban is also the co-founder of Zeppelin Solutions, a blockchain technology infrastructure company.
Although Ariel and Estaban no longer lead the project, development is still ongoing and efforts are being channelled by the newly formed Decentraland Foundation.
What makes Decentraland unique?
Decentraland is created for content creators, businesses and individuals who are looking for a new artistic environment, business opportunities or a source of entertainment.
In total, the Decentraland game world, called the “Metaverse”, is divided into 90,601 individual LAND sections, each represented by a non-interchangeable ERC-721 token. Each LAND is 16 x 16 m (100 square meters) in size and can be found at a specific coordinate in the Metafverse.
Although LAND owners can develop their site as they want, much of the Metafverse as a whole is divided into several areas, each of which has a different size and theme. These areas were created by individual crowdsales for MANA tokens, and LAND sites in these areas cannot be sold.
As of February 2021, Etheria, a cyberpunk theme, is the largest area, comprising a total of 8008 sections of LAND.
Decentraland is also one of a growing number of projects using the Decentralized Autonomous Organization (DAO) structure to make management decisions. As a result, MANA toker holders control the behaviour of the Decentraland world by offering and voting on policy updates, features of upcoming LAND auctions, and the types of content allowed in Metapverse.
Many Decentraland users are currently not only engaged in creativity, but also monetize their LANDS through rental, advertising and paid services. Similarly, other users earn revenue by creating and selling items on the project's marketplace for MANA tokens.
How many MANA coins are in circulation?
As of February 2021, there were only about 1.53 billion MANA tokens in circulation. This is equivalent to about 68% of the current total supply of 2.19 billion tokens.
How is Decentraland's network protected?
MANA is an ERC-20 token. This means it is based on the Ethereum blockchain and protected by the PoW consensus.
Ethereum is protected by a massive decentralized network of miners that work together with thousands of nodes to ensure the protection of the Ethereum blockchain, and therefore, MANA tokens from attacks.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.