The live price of Decentraland today is $0.59 USD. Decentraland is up 2.27% in the last 24 hours compared to $USD. Decentraland has a live market cap of $1,295,954,037.17 USD, and a circulating supply of 2,193,186,727 MANA.
What Is Decentraland (MANA)?
Decentraland is a virtual reality platform that is powered by the Ethereum blockchain. This allows users to create, experience, and monetize content and applications.
People are buying land in a virtual world to use for themselves. They can build on it and make money from it.
Decentraland is a virtual world that you can explore. People use it to create games, scenes and other things. The first people to explore it were from 2017. It opened to the public in February 2020.
Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that can be used to buy different things on the Decentraland marketplace. LAND is a non-fungible ERC-721 token that can only be acquired by burning MANA.
Who founded Decentraland?
Ariel Meilich and Esteban Ordano are the co-founders of Decentraland. They have both stepped down from their major positions, but they still work with Decentraland as advisors.
Ariel Meilich is a serial entrepreneur who has founded several other startups, including an online translation agency and a CRM platform. He also worked as an analyst at Charles River Ventures, a prominent Silicon Valley venture fund. Ariel previously held the role of project lead at Decentraland between 2017 and 2020.
On the other hand, Esteban Ordano is Decentraland’s former tech lead. He has a lot of experience with cryptocurrency and has worked as a software engineer at BitPay, Inc. He is also an advisor to Matic Network and briefly operated his own smart contract development firm known as Smart Contract Solutions.
Esteban also helped found Zeppelin Solutions, a company that creates technology for blockchain applications.
The development of Decentraland is still going on, even though Ariel and Estaban are no longer leading it. The recently established Decentraland Foundation is now in charge.
What Makes Decentraland so Unique?
Decentraland is a place for people who want to create new things. You can use it to make art, start a business, or just have some fun.
In total, the Decentraland gameworld is made up of 90,601 different parcels of LAND. Each parcel is represented by a unique non-fungible token (ERC-721). Parcels of LAND are exactly 16m x 16m (256 square meters) and can be found at a specific coordinate
People who own LAND can develop it into anything they want, but each district in the Metaverse has different rules. The districts were created through sales of MANA tokens, and you cannot trade parcels of LAND in these districts.
As of January 2021, the cyberpunk-themed Aetheria district is the largest district in the game, comprising 8,008 LAND.
Decentraland is using a decentralized autonomous organization (DAO) to make decisions. This means that the people who own MANA are in charge of how the Decentraland world works. They can propose and vote on policy updates, the specifics of upcoming LAND auctions, and what kind of content is allowed in the Metaverse.
Some Decentraland users use their LAND to create things for fun. But others use it to make money. They can do this by leasing their land, putting ads on it, or creating paid experiences for other people. Plus, people can also make money by selling things they create on the Decentraland marketplace.
How many Decentraland coins are there in total?
As of January 2021, there were just north of 1.49 billion MANA tokens in circulation. This is around 68% of the total number of MANA tokens that will be available.
The original total supply of MANA was set at 2.8 billion, but it has been reduced because more than 600 million MANA were burned as a result of LAND auctions.
There are several ways that MANA is reduced in circulation. For example, 2.5% of all MANA used in transactions on the Decentraland marketplace is burned.
MANA was originally designed to inflate at 8 percent in the first year, decreasing gradually over time. But inflation is currently disabled. As per the Decentraland glossary, there are no plans to initiate this inflation “until necessary”.
Forty percent of the MANA supply was sold during the 2017 initial coin offering (ICO). Twenty percent was reserved to incentivize the community, twenty percent went to the development team and other early contributors, and the remaining twenty percent was held by Decentraland. Project lead tokens are no longer vested.
How is the Decentraland network secured?
MANA is a type of cryptocurrency that is based on the Ethereum blockchain.
Ethereum is secured by a large, decentralized network of miners who work together with thousands of nodes to ensure the Ethereum blockchain—and hence the MANA tokens—is protected against attacks.
Ethereum is a popular blockchain for crypto tokens that don’t have their own native blockchain.
Where Can You Buy Decentraland (MANA)?
MANA tokens are currently very liquid and can be traded on around 100 different exchanges. Some of the most popular exchanges include Binance, OKEx, and Coinbase Pro.
MANA can currently be traded against Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). MANA can be purchased with a range of fiat currencies, including KRW and USD.
