Decentraland: what is it, how does it work and what is the price of MANA

Origin of Decentraland, the social network created by Argentines

Decentraland was created in 2015 by Argentines Ariel Meilich and Esteban Ordano, being officially launched in 2017. It is one of the best known and most used metaverses, which continues to grow since its peak in 2020 , after Meta (the company formerly known as Facebook) announced its plans to create a metaverse of its own.

Ariel and Esteban started the development of Decentraland 7 years ago, officially launching it only a couple of years later. The metaverse worked in beta or test mode for 3 years, until the final version was released on the market in 2020, the year in which NFTs and the idea of ​​the metaverse began to spread throughout the world, even reaching be considered by large companies like Facebook. Currently, the Argentines are no longer in charge of the project but continue to be attached to it in different roles.

How does Decentraland work?

As we mentioned earlier, the economy of this metaverse runs on the Ethereum blockchain. Decentraland has a three-layer protocol to be able to control the properties. The first layer is the consensus layer, which operates through a smart contract to be able to control the properties of the users and the content of each of the parcels of land. The second layer is known as terrain content and is used to create the contents in this virtual world. The third and last layer is known as the real-time layer, which fulfills the function of allowing users to interact with each other.

An important feature of this metaverse is its native cryptocurrencies: MANA and LAND. MANA is the currency that allows to acquire a wide range of objects, goods, services, names, avatars and much more, although the main function of MANA is to allow the acquisition of LAND, which is an NFT that provides property rights over the different parcels of Decentraland land.

When buying LAND, MANA tokens are burned, making them more scarce and, as often happens in these cases, more valuable.

Future of the cryptocurrency MANA

The future of the metaverses seems to be promising, as is the case with NFTs. In addition to Meta, formerly Facebook, many other companies are beginning not only to participate in the different virtual worlds but also to try to create their own. That being said, crypto MANA may have a good future projection due to the growth of metaverses in general and Decentraland in particular.

Gaming continues to grow exponentially as it has been in recent years, which is also good news for Decentraland and MANA. The growth of this type of virtual environment could change the paradigm for video game developers, migrating towards models similar to those of metaverses, where users can earn money as they progress through them.

Decentraland Argentina - Frequently Asked Questions

Who is the owner of Decentraland?

Decentraland is controlled by a Decentralized Autonomous Organization or DAO. This means that no one owns the project, but rather it is the community itself that decides on it.

When was Decentraland released?

The development of this metaverse began in 2015. The beta version was released in 2017, but it was not until 2020 that the final version of the platform was released.

How many MANA Decentraland are there?

The maximum number of MANA was set at 2,800,000,000 tokens, although many have been burned in LAND auctions. The total supply will be approximately 2,190,000,000 coins, with around 1,840,000,000 in circulation.

What currency is used in Decentraland?

The main currency is MANA, which allows you to purchase a huge variety of goods and services. In addition, it allows you to acquire the other currency of the game, called LAND. This is an NFT that provides rights over a plot of land to be able to exploit it.