Not many people know the type of Decentraland (MANA) crypto. According to CoinMarketCap data, Decentraland (MANA) hit an all-time high of 4.16 US dollars on Saturday night, October 30, 2021.
This increase of up to 400% in MANA value occurred shortly after Facebook announced its name change to Meta.
MANA launched in 2017 is Decentraland’s native digital token, a metaverse platform that allows its users to buy and sell properties virtually. Then what is Decentraland (MANA)?. What are the types? Here’s the explanation.
What is Decentraland (MANA)?
Decentraland (MANA) is a software that runs on the Ethereum network, where users can buy and sell digital real estate while exploring, interacting, and playing games virtually.
Over time, the Decentraland platform continues to advance and make new developments by implementing interactive applications, payments, and peer-to-peer communication for users.
There are two types of tokens used to manage operations in Decentraland, including:
LAND is a non-fungible token (NFT) crypto asset that is used to represent ownership of a plot of land owned by players in the community. The details of token ownership are managed through the ledger contained in the smart contract.
MANA is an ERC-20 type crypto asset that facilitates the purchase of LAND. To obtain LAND, users must burn MANA tokens.
Not only that, apart from being a digital currency on the Decentraland platform, MANA is also used to provide voting power on the Decentraland DAO.
Decentraland Developer (MANA)
Decentraland software development was founded by Esteban Ordano and Ariel Meilich in 2015 under the Decentraland Foundation organization.
The Decentraland team held an Initial Coin Offering (ICO) in 2017 raising 86,206 ETH to fund its future operations.
As of this writing, MANA is ranked 42nd on CoinMarketCap with an immediate market cap of 4.92 billion US dollars.
How Decentraland (MANA) Works
The software leverages the Ethereum blockchain to track ownership of digital land. In addition, this software also requires users to have MANA tokens in their Ethereum wallets to be able to engage with the Decentraland ecosystem.
Furthermore, developers have the freedom to be able to innovate within the Decentraland platform by designing animations and interactions that are in their virtual real estate.
Decentraland has many layered components built using Ethereum smart contracts. The consensus layer maintains a ledger that can track ownership of a plot of land in the system.
Each LAND parcel has a unique coordinate in cyberspace, the owner and person providing recommendations represent the content in the parcel.
The content layer controls what happens in each parcel, and includes the files needed to render it. The following three files will be required, including:
- Content Files – reference all static audio and visuals
- Script File – determines the placement and behavior of referenced content
- Definition of Interaction – peer-to-peer interactions such as gestures, voice chat, and messaging
Meanwhile, the real-time layer also facilitates social interaction within Decentraland via user avatars, including a voice chat and messages.
Marketplace and Development
The Decentraland team has released a marketplace that can be accessed by users to build a scene.
This marketplace allows its participants to manage and exchange LAND tokens, at MANA prices.
In addition, users can also use the marketplace to make transactions and even transfer parcels and other in-game items such as clothes, accessories, and others. All transactions will be verified by the Ethereum network and entered into the blockchain.