In this article, we will explain in detail the features of Decentraland (MANA) and future prospects.
If you are thinking of investing in MANA, please read it to the end.Summary of this article
- MANA is a virtual currency used in the VR space called Decentraland
- Decentraland is a VR space platform that runs on the Ethereum blockchain
- It is possible to create applications within Decentraland to monetize and buy and sell virtual land “LAND”
- Not available on Japanese cryptocurrency exchanges
Decentraland is a VR space platform created by the fusion of “virtual reality” and “blockchain technology”.
Decentraland offers an original development tool that allows you to sell your land and allow other users to join this space to buy and sell digital currencies, which is expected in the future.
table of contents
- Overview of Decentraland (MANA)
- What is MANA?
- What are the features of Decentraland (MANA)?
- You can buy and sell the generated items
- LAND and items generated by LAND have clear ownership
- Decentraland protocol structure
- Real-time Layer
- Land Content Layer
- Consensus Layer
- MANA price trends
- Decentraland (MANA) Challenges
- High fees
- Technology is too niche
- Let’s invest in altcoin with Coincheck
- Summary of Decentraland (MANA)
Overview of Decentraland (MANA)
Decentraland is a virtual reality platform based on the “Ethereum” blockchain , founded by Estenban Ordano and Ari Meilich in 2015 .
You can play games, create items and contents, and buy and sell in the virtual space inside Decentraland.
You can also purchase a land parcel “LAND” to build your own market or application, all of these digital assets are managed by “Ethereum” and the ownership of the virtual land “LAND” is clarified. I am doing it.
LAND owners can also use LAND to create items and content and monetize them.
What is MANA ?
What kind of virtual currency is MANA?
I would like to explain the outline.
MANA is a digital asset (ERC token) used to pay for items and content in Decentraland.
On Decentraland, you can buy and sell LAND and items, and MANA is used at that time.
To purchase LAND, you can either participate in an auction held by Decentraland and burn MANA to earn it, or purchase MANA as a medium in a dedicated marketplace like the one pictured above.
As mentioned earlier, as you can see in the image above, Decentraland sells a large number of items, and MANA is also used to buy and sell those items.
In addition, MANA owners can not only use their currency but also exchange it for another digital wallet.
What are the features of Decentraland (MANA)?
From here, we will summarize the features and benefits of the shared virtual world Decentraland.
I will explain it briefly, so let’s hold it down firmly.
You can buy and sell the generated items
As mentioned above, Decentraland is a shared virtual world for users to carry out “economic activities”.
It is possible to create applications, monetize them, and buy and sell virtual land “LAND”.
LAND is well-owned on the “Ethereum” blockchain and can be managed by yourself.
Furthermore, in LAND, you can create items and contents in “Parcel” by freely customizing the section in LAND called “Parcel”.
The parcel “Parcel” is the land in the Decentraland, whose coordinates are set in xy and defined by 16m x 16m.
You can customize your own parcel to your liking using videos, images, audio, 3D models and more.
You can sell your original parcel to other users on the Decentraland marketplace.
By the way, the number of parcels is fixed, which contributes to the stabilization of the value of parcels.
If we can make an infinite number of parcels, a large number of parcels will be on the market as a result, and the value of parcels may collapse.
In order to prevent such a situation, the parcel is limited to the same amount as the maximum number of MANA issuance, and it plays a role of stabilizing the value of the parcel.
LAND and items generated by LAND have clear ownership
The feature of Decentraland is that it is built on the blockchain “Ethereum” instead of its own blockchain.
The Ethereum blockchain is ERC721 compliant, and ERC is a smart contract convention that can handle Non-Fungible-Tokens (commonly known as NFTs).
NFTs are non-substitutable, non-substitutable tokens, each of which is unique.
Currently, it refers to tokens that are mainly used in blockchain games.
” The NFT? Since there is also article that describes more information about”, please try by all means check anxious.
Conversely, something that can be replaced, such as Bitcoin, is called a Fungible Token (commonly known as FT), that is, a token with substitutability.
Therefore, items created in LAND can be owned by the user by smart contract.
All information about items and LAND is approved and recorded on the blockchain using smart contracts.
Therefore, the owner of the item or parcel is managed as each user, and the management side intervenes and it is used so that it cannot be deleted or changed without permission.
Decentraland protocol structure
The Decentraland protocol consists of three layers.
From the top, the real-time layer, land content layer, and consensus building layer.
Land ownership is the consensus layer, land management is the content layer, and real-time layer is the display of content to users playing Decentraland.
Let’s look at them in order.
Real-time Layer (Real-time Layer)
In the real-time layer, Decentraland’s clients request content and P2P servers for specific coordinates (x, y) in the land content layer layer.
In addition, when the land content layer gets a file with content from the underlying consensus layer, it eventually queries the real-time layer’s P2P server for nearby clients.
In the real-time layer, when you get the file that describes the content in the land content layer, it queries the F2F server for nearby clients and establishes a connection.
Land content layer (Land Content Layer)
In the land content layer, it receives the content and P2P server request from the real-time layer, gives instructions to the consensus formation layer, and this time acquires the file that describes the content that came up from the consensus formation layer, and P2P of the real-time layer. Contact the server.
First, Decentraland uses a distributed storage system to acquire content for rendering (creating display content).
This will retrieve from the smart contract a file containing a description of the LAND’s content for the LAND that needs to be rendered.
With this decentralized distribution system, Decentraland can function without the need for a management system such as a control tower, which also refuses censorship by the management side and allows the management side to delete or change the rules without permission. I’m trying not to.
Consensus layer (Consensus Layer)
As mentioned earlier, in Decentraland, LAND is clearly owned by the “Ethereum” blockchain and will be managed by you.
These irreplaceable digital assets, LAND, have unique x, y coordinates that allow owners and landowners to reference content description files that encode what they want to offer in LAND.
By connecting to the Ethereum network, Decentraland clients will be able to stay up to date on LAND smart contracts.
Land can be purchased through MANA, a digital asset (ERC token).
Also, the new parcel you purchased must be adjacent to a parcel that already has an owner.
MANA price trends
The price as of November 8, 2021 is about 2.73 USD, and the market capitalization ranking is 41th.
There was no big change until December 2020, but the price soared from the beginning of the year.
The price, which was about 8.1 yen on December 30, 2020, has soared to about 104 yen on March 24, 2021, which is about 13 times higher.
It is said that this sharp rise was caused by the rise in all NFT-related stocks such as Coincheck and Engine Coin (ENJ) listed on GMO Coin.
In addition, the announcement that the long-established US game company ATARI will build a casino within Decentraland is also believed to have been a major factor.
Decentraland (MANA) Challenges
Decentraland received a lot of attention when it was first developed, and the developer, emerging VR startup Decentraland, raised US $ 24 million in ICO funding in just 35 seconds, breaking the ICO funding record.
On the other hand, Decentraland is not without its challenges.
Here, I would like to explain the issues of Decentraland.
One of the problems that Decentraland has is the high fees of the blockchain “Ethereum”.
This is more of an Ethereum issue than the issue of Decentraland itself.
In addition to this, there is also the problem that fees may be unstable and volatile due to the influence of other services such as the DeFi boom in September 2020.
In addition, users seemed to be worried about the prices of items sold in the virtual world, and there were some opinions that “it was too expensive” and “it would be easier to use if it was cheaper”.
Looking at the Decentraland marketplace, the market price of LAND is as high as tens of thousands to hundreds of thousands of yen, so it can not be said that anyone can easily buy LAND and make items and contents and play with it. Hmm.
Technology is too niche
It is true that VR is growing at a rapid pace, but it cannot be said that many gamers have fully adopted the new technology of “virtual world”, and it is hard to say that Decentraland is widespread. there is.
Sales themselves are steadily expanding, but the limited user base seems to be a challenge for companies that want to fully spread the online world with VR.
Summary of Decentraland (MANA)
In this article, we have explained Decentraland, which aims to build virtual reality using blockchain, and MANA, which is used within Decentraland.
With the new concept of “owning all in-game land that can be experienced in VR,” Decentraland (MANA) has attracted the attention of users around the world.
If you are thinking of investing in MANA from now on, please refer to the information in this article and make an investment .The point of this article
- MANA is a virtual currency used to buy and sell LAND and items on Decentraland
- If listed on a domestic cryptocurrency exchange, further price increases can be expected
- It could become even more popular as the use of virtual worlds becomes more widespread
To purchase MANA, you first need an account on a Japanese cryptocurrency exchange.
If you don’t have one yet, we recommend Binance , so please open an account.