- 1 What is a Decentraland Coin?
- 1.1 The Decentraland world and Decentraland Coin
- 1.2 The project behind Decentraland Coin
- 1.3 What is MANA and Decentraland Coin?
- 1.4 Forecasts about the Decentraland Coin
- 1.5 Available apps on the platform for the Decentraland Coin
- 1.6 Trading in the secondary market of the Decentraland Coin
- 1.7 Financial incentives of the Decentraland Coin
- 1.8 Conclusion on the Decentraland Coin
What is a Decentraland Coin?
Decentraland Coin is a project that will allow users to purchase land in a virtual reality world using MANA cryptocurrency. Blockchain technology is used to create the VR world, which, as a result, has no central owner.
The Decentraland world and Decentraland Coin
Most existing platforms belong to a single owner, so their further development is very limited. They provide the necessary contribution of financial transactions in the economic market, and additionally, impose strict requirements for the community members. Decentraland Coin overrides these restrictions and opens up the opportunity for everyone to participate in virtual life.
The idea of the platform is the division of responsibility between the owners of the content presented on their virtual pages. The basic concept is to open up new game possibilities and to fill news feeds with interesting events.
All actions of the developers aim to win more and more new participants. In the long run, however, the responsibility for content fulfillment will shift to the owners of the virtual world.
The project behind Decentraland Coin
The project was released in August of 2017 and is currently in the developmental phase, but is already open for testing. The developers have presented the idea of the project and are looking for sponsors for further development.
In this test version, it’s important to remember that the graphics will be underdeveloped, so roughness in the work of the creators, be it an inaccurate drawing of graphic elements or an inappropriate color rendering, is to be expected.
What is MANA and Decentraland Coin?
All financial transactions within the project are carried out using the cryptocurrency MANA (Decentraland Coin). The official cost of a MANA is currently $0.188. The currency is steadily gaining momentum and seeing an increase in user adoption.
The cryptocurrency is needed to acquire a virtual world site, with a price of 1000 MANA. The land purchased is wholly owned by the buyer and may be used at their sole discretion. It can be used to open gambling sites, organize a community of interests or operate an online cinema. There are some limitations, but the creators are still in the developmental stages.
Forecasts about the Decentraland Coin
According to the forecasts of analysts, a strong increase in the price of MANA is to be expected in the coming years. According to the wildest estimates, the virtual world market could reach as much as $160 billion.
Whether this is likely is still unknown, but in recent months, the cryptocurrency has increased its price by more than half. The greater the popularity of the decentralized universe, the more MANA costs.
The virtual reality platform Decentraland, where users create, analyze and monetize content and applications, has been built on the Ethereum platform.
The head of the Decentraland project, Ariel Meilich, said: “As the virtual reality market continues to grow strongly, we look forward to launching the new virtual economy at Decentraland, where content authors are encouraged and rewarded for their contributions.
” The project manager added that Decentraland will provide affordable pricing and direct payments between content creators and users with its own MANA token.
Available apps on the platform for the Decentraland Coin
Decentraland has prototypes for public testing. The platform provides unlimited opportunities for creators of virtual content, including games and applications related to the arts, education and health.
Third-party developers can also create and publish applications on the platform. The MANA token is used to purchase LAND (virtual land) and other goods and services on the platform. The value of LAND is based on its proximity to high-speed concentrators and its ability to host applications on demand.
In Decentraland, you can buy and “build” on land, where you can develop anything. Landowners can invite other users to their domain and determine how they interact with the virtual world. Despite the fact that this virtual world provides games and other interactive applications, the protocol allows users to develop new options for using the capabilities of Decentraland.
Trading in the secondary market of the Decentraland Coin
Decentraland has partnered with the Distributed Community team at District0x to give users the opportunity to trade in the secondary market. During the period in which an unclaimed piece of land can be purchased at a rate of 1000 MANA = 1 COUNTRY, plots on the secondary market are traded at different prices due to different conditions and positions.
According to Meilich, Decentraland uses the Ethereum blockchain system to store information about the property and its contents, and to ensure that it remains unchanged. All interactions are recorded on the node network so that users have complete control over the virtual site.
Financial incentives of the Decentraland Coin
Decentraland has introduced a system of financial incentives to preserve the value of the network. Competitions for creating games and other applications encourage content authors to promote the right to receive MANA.
New users will also receive rewards in MANA from Decentraland. For example, communities hosted in offline and online forums, such as chat groups and centralized multiplayer games, can move to Decentraland and integrate business opportunities into their communities.
Conclusion on the Decentraland Coin
The games market has shown intense interest in a decentralized virtual reality community. The company is confident that with a brilliant team of players, secure smart contracts and talented blockchain technology experts, Decentraland will create the first fully decentralized virtual economy to be revolutionized in the gaming industry.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.