What is Decentraland (MANA)?
Decentraland —— A Virtual Reality Platform Powered By Ethereum
- Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications. One of the main features of the platform is the ability to purchase land in its virtual reality & to build on it.
- Land in Decentraland is permanently owned by the community, giving them full control over their creations. Users claim ownership of virtual land on a blockchain-based ledger of parcels.
- Landowners control what content is published to their portion of land, which is identified by a set of cartesian coordinates (x,y). Contents can range from static 3D scenes to interactive systems such as games.
- The MANA token can be used to purchase virtual land as well as other goods and services.
Decentraland Key Metrics
About Decentraland (MANA)
Decentraland is a decentralized virtual reality platform based on the Ethereum blockchain. In the Decentraland platform, users will be able to create, experience, and monetize their content and applications. The limited and passable 3D virtual space on Decentraland is called LAND, which is a non-fungible digital asset maintained by an Ethereum smart contract. LAND consists of land parcels and is identified by Cartesian coordinates (x, y). These plots are permanently owned by community members and can be purchased using MANA. This enables users to fully control the content environment and applications they create, ranging from any static 3D scene to applications or games with more interactive features. The plots can be further organized to form themed communities. The community can create a shared space with common interests and purposes.
MANA is the digital asset token used to pay for goods and services in Decentraland. It is built on Ethereum in accordance with the ERC20 standard for tokens. MANA can be bought and sold for fiat currency or other digital currencies.
Decentraland Project Team
Created in 2015 by Ariel Meilich and Esteban Ordano, Decentraland started as a simple, pixelated grid that allocated pixels to users through a proof-of-work algorithm.
Ariel Meilich: The project leader, has extensive experience in venture capital and data analysis. He is an analyst at Charles River Ventures, a Silicon Valley venture capital fund. At the same time, Ariel is also the founder of the big data company Benchrise.
Esteban Ordano: Technical Director, is an experienced blockchain engineer who co-founded Zeppelin Solutions and led the team to create a payment application Streamium, a key technology used to expand blockchain payments. As a former software engineer of bitpay, he co-founded one of the main Bitcoin databases called Bitcore. He also participated in the development of Copay (Bitcoin Wallet) and Insight (Bitcoin Blockchain API).
Manuel Araoz: The board member of the project, he is also the co-founder and chief technology officer of Zeppelin Solutions, the creator of Proof of Existence (the first non-financial application of blockchain), and the technical director of Copay and Insight.
Yemel Jardi: Board member of the project, senior blockchain developer, bitpay software engineer and change payment system developer of ChangeTip website.
The advisor team also includes INBlockchain founder Li Xiaolai, CoinFund founder Jake Brukhman, Aragon project leader Luis Cuende, and Ning's former CTO Diego Doval.
Decentraland Project Features
- Three-layer agreement
Decentraland contains a total of 3 layers of protocols: consensus layer, content layer, and real-time layer.
Consensus layer: Track land ownership and land content through Ethereum smart contracts; Content layer: Use a decentralized distributed system to download assets; Real-time layer: Provide users with point-to-point connections to interact with each other.
The ownership of the territory is established on the consensus layer. At this layer, the content of the territory will be referenced by the hash value of the file content. According to the reference, the user can download the content from the bitstream or IPFS. The downloaded file contains the object, texture, sound and other descriptions of the elements needed to present the scene.
- Identity authentication system
Decentraland’s territorial ownership is an identity authentication system. In this system, the authentication information is the coordinates of the territory.
Decentraland uses a decentralized identity system to create an ownership layer on items in the virtual world. This type of system facilitates the use of colored text to verify the consent of the founder by connecting the public key and signature with a human-readable name.
- Payment channels
This is an important part of Decentraland, which is mainly to realize the purchase behavior in the virtual world, and at the same time, it can incentivize the content server and P2P server to improve the quality of service.
At present, various external payment channels for games have various risks. The development of internal payment channels for games can better protect the personal information of the payer, so there is no need to worry about leakage.