All you need to know about MANA; Decentraland’s token

04JAN

With the expansion of the meta-world, active projects in this world have also attracted a lot of attention, and without a doubt, Decentraland with its own digital currency, MANA, is one of the best active projects in this borderless world. What Mana is and how we can make money from the world of this project and whether it is good for investment at all are some of the topics covered in the rest of this article from coinmarketsig.com

Decentaland’s logo

What is Mana Digital Currency?

Mana cryptocurrency is one of the two tokens of Decentraland platform. Decentraland is a virtual gaming network where users can purchase virtual fields using the Mana token. Mana currency code is the main token of the Decentraland network, which is used for various purposes. To learn more about the Mana, we must first look at the Decentraland platform.

What is Decentraland?

Decentraland is an Ethereum blockchain-based gaming and virtual reality platform. This platform allows users to create, design and monetize their content and applications on this network. For the first time in 2017, Decentraland managed to raise $24 million and enter the digital currency market with the initial public offering of coins. In addition, the platform launched its beta version in 2019 and opened to the public in February 2020.

The Decentraland network uses two separate tokens for various transactions and activities. Mana tokens are used for trading and buying LAND tokens and Land tokens are used to buy virtual fields.

Mana Digital Currency is a token based on the ERC-20 standard that is essential for obtaining Land non-triple tokens. Mana tokens can also be used to pay for a variety of services and goods, including beverages, avatars, and more in the Decentraland market.

The Decentraland Network uses Ethereum Smart Contracts to build the following three different layers:

The consensus layer that tracks Land ownership and Land content through Ethereum Smart Contract. The second layer, called the content layer, uses a decentralized distribution system to distribute packets over the network, providing content such as audio, video, and other content.

Finally, all peer-to-peer communication, like social interactions in the Decentraland network, is done through the real-time layer.

Decentraland development team

Ari Meilich, project manager, and Esteban Ordano, technology leader, lead the Decentraland team. Ordano previously worked at Bitpay as a software engineer and founded Smart Solutions Contract Solutions. In addition, both have collaborated on the Bitcore and Stremium projects.

Decentraland’s development team

Decentraland `actually existed before its launch in 2017. The project team reached its first development milestone in June 2015. Decentraland was originally a simple pixel grid that assigned pixels to users through a proof-of-work algorithm. The team recently launched their project Terraform, in which they sold their land in cyberspace.

In addition, the team has collaborated with projects such as Aragon, imToken etc. In order to offer some of its services. Decentraland is unique in the blockchain world and there is no platform as great as it can compete with Decentraland. Of course, projects such as High Fidelity and Sansar both provide space for designing and selling virtual services and goods, but are not blockchain based.

Currently, the project that most closely resembles Decentraland is MARK.SPACE, but the platform lags far behind in both development and popularity.

What are the characteristics of Decentraland?

Decentraland is one of the top 100 digital currency projects, and its main token, Mana, is one of the most popular cryptocurrencies on the market. This platform has many unique features, including:

1. The main goal of Decentraland is to rebuild a free market economy in cyberspace using blockchain technology.
2. There are avatars on the platform that users can change as they wish or choose from hundreds of free clothes or accessories. Each avatar is given a password that allows them to explore the virtual world and interact with other users through sales and transactions.
3. In this virtual world, users are given the opportunity to create complete spaces and environments in Disentland.
4. Apart from the real estate blocks, the Decentraland market offers users a variety of clothing for avatars.
5. All items presented in Decentraland have an expiration date.
6. Decentralized autonomous organizations (DAOs) support decentralized as a type of decentralized market structure. The drug introduces a system to the market that enables the community to access the community’s budget, proposals and financial aid, and to vote.
7. Decentraland offers a completely virtual world that allows users` to create services and goods and earn money through their services.
8. Another unique feature of Decentraland is that it is a peer-to-peer, scalable platform that uses multiple servers, making it a great and fast project to use around the world.
9. The price of each piece of land in this game depends on the size and location of it in Decentraland.
10. The platform also has a web-based builder tool that includes various packages that users can use to build their own contextual items.

How does Decentraland work?

Decentraland is a virtual gaming platform and world where users can purchase and operate virtual fields via the Mana Token.

Universally owned by users

Users can create and sell scenes, environments, images, and digital assets such as avatars and costumes. This unique feature of this game gives the user the feeling that he has become a real character.

Avatars

Users can change their personal space as they wish

The main goal of the Decentraland network is to create a network that allows content creators to receive full revenue from their content and efforts. In addition to exchanging items and packages, players can fill their personal space with games, activities and artwork to interact with others and personalize their avatars with unique costumes.

All of these in-game collections are created using non-triple tokens traded in the Decentraland market. Any user can easily create, buy and sell these digital assets.

Economic activities

In Decentraland, users can exchange works of art for non-trivial tokens or charge a fee to enter a virtual exhibition or concert. They can also make good money through the virtual land trade, the price of which has grown significantly in recent years.

Like real estate in the real world, in this virtual game, the value of land is determined by location, such as proximity to the road, distance from the city center, proximity to other areas, and so on.

Disentland can be used for a variety of purposes, from advertising to content production. However, there are barriers to using this platform. For example, the cost of trading is almost expensive, or the price of land is tens of thousands of dollars or even more, which makes it impossible for some gamers to buy.

Avatars’ Accessories

What is a LAND Token?

In the Decentraland platform, the space and platforms that users interact with is called the land. Land tokens are basically irreplaceable tokens that you buy with Mana tokens to buy land on this platform. By buying a plot of land, you can use it to your liking and create games, programs or even 3D scenes in it.

It should be noted that this is not the only application of Token Land, and you can create Land-based services in the fields of education, development, tourism, etc.

What is Virtual Land in Decentraland?

In this virtual reality platform, there are 90,601 terrains on the system, each of which is based on a type of non-fungible token called a token. The number of land tokens is limited, and each piece of land on this virtual reality platform is 33 feet (10 meters) by 33 feet; of course, there is no limit to the height of this plot.

Home Land

After purchasing a piece of land, users can use it to create a virtual city. Recently, Decentraland has developed a feature called LAND Estates that allows multiple users to manage multiple lands together.

In Land State, lands devoted to a similar subject can be considered as an area. This feature allows users who share a common interest and purpose to form a community and vote for a decentralized polling app called Agora for easier decisions and changes, and to manage their area more easily.

Regions are basically communities that revolve around a common theme. For example, a region may be reserved for those interested in cryptocurrencies or digital currency programs and services. Users who manage multiple plots of land together can vote on regional issues using the Agora Decentralized app. Each user has the right to vote according to the amount of land they have in an area.

The main features of Mana cryptocurrency

Token’s original name: Decentraland

Blockchain: Ethereum

Token standard: ERC-20

Total token supply: 2194102327 Mana

Initial supply of coins: 40%

Decentraland Foundation: 20%

Decentraland Community and Partners: 20%

Team and early participants: 20%

The increase in mana supply for the first year of its release was 8%, and in subsequent years, until the remaining 60% of mana tokens are reached, the supply rate will decrease each year.

The current state of Mana digital currency in the market

Mana’s currency code is currently ranked 27th on the Coinmarketcap website. According to the website, at the date of writing (December 6), the mana is trading at $52.3 in the market and its price has grown by more than 380% in the last 12 months.

Apart from these, the market value of mana is more than $3.6 billion. Currently the top exchanges to buy Mana currency code are Binance, OKEx, Upbit, CoinTiger and FTX.

Mana and Decentraland price forecast for 2022 to 2025

Mana is one of the currencies that has gained a lot of popularity in a short period and has taken a good trend in the global market so far, and if this trend continues, the price of each mana will reach $10 by the end of 2022.

Although this currency code, like other cryptocurrencies will experience many fluctuations, many experts believe that the price of mana will reach about $25 by 2023. In addition, in the next four years, the price of mana is likely to rise to $50. However, it is not difficult to reach such a price by 2025, given the popular platform and network in Decentraland.

In conclusion

Decentraland is a virtual reality platform where you can buy virtual realms. Users who buy these lands can use their imagination to do whatever they like on their land. Although this project is unique in blockchain space, it has not been widely tested in the market. The popularity of these virtual life games is a good sign that more of these games will enter the blockchain, yet it is not clear what the future of these games will be in blockchain. However, if its fans accept Decentraland, we will probably see a new ecosystem of jobs and experiences flourishing.