Decentraland, The metaverse of cryptos?

Blockchain technology has been gaining strength in the virtual world for years. The function of these technologies is to keep a secure, decentralized, synchronized and distributed record of digital operations. Many platforms have been born to meet this goal, among them Decentraland stands out, which we will talk about in this article.

There are many video games that are powered by blockchain technology , Decentraland is very similar to traditional open world 3D games. The platform runs on the Ethereum blockchain, a system that includes the second most popular cryptocurrency in the world, and aims to enable its users to interact in the same way as they would in real life.

Socializing, exploring and trading are some of the things that can be done on the platform that has its own cryptocurrency called MANA. What makes Decentraland attractive to users is that they can fully control the content of their land and can keep the income earned from the value generated by other users.

This is how Decentraland works

Esteban Ordano and Ariel Meilich, creators of the project, have detailed a series of rules for the best functioning of Decentraland. The structure is divided into three “layers”, the first of which is the consensus layer. This layer is responsible for tracking all property operations of the game, that is, if a player has registered and purchased a lot of virtual land, this layer will create the corresponding blockchain record of such actions.

The second is the content layer, where the information that will be used for rendering the content in the virtual world is stored. Its objective is that each user has in their possession a part of the data to be rendered.

Finally, there is the real-time interaction layer, which is responsible for real-time user interaction within the platform.

How do tokens work on the platform?

The platform has two operating tokens, the first of which is MANA. This is the governance token and is used to buy and sell virtual land. This token was created under the ERC-20 standard of Ethereum, so it allows a quick exchange of it, if the user so wishes.

The existence of the MANA token is limited to a total of 2,194,460,527 tokens, of which 1,816,935,591 tokens circulate. This is intended to make the token even more valuable as the use of the platform increases.

The second token is called LAND, a non-fungible token used to uniquely identify the properties of a parcel of land owned by a Decentraland user. Each parcel of land has its unique characteristics, therefore, each LAND token represents all those properties. To acquire these tokens, the user will have to exchange their MANA tokens to LAND tokens.

LAND tokens are also found in a limited way, their creation responds to smart contracts that participate in the internal exchange of MANA for LAND.

The relationship between Decentraland and the Metaverse

The announcement of the Metaverse by Mark Zuckerberg caused the blockchain world to gain strength. All Decentraland-style projects can be taken as predecessors of this new virtual universe. According to CoinMarketCap, this announcement increased the popularity of Decentraland.

The Metaverse Group bought exactly one plot in this digital universe with specific measurements: 116 small plots of 4.88 digital square meters, a total of 565.78 square meters in total.

This commitment to the future by Meta reduces criticism from people who claim that these practices are speculation. The moves of large companies towards blockchain technology makes the faith in investors grow.

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