Discover the Decentraland Project ($MANA)

– Article in partnership with LiteBit. This article is by no means investment advice, but just a presentation of a technical project about blockchain –

Hey friends, today I am going to introduce you to Decentraland, a crypto project that revolves around the metaverse. It is one of the main competitors of Sandbox, which I already mentioned, and to a lesser extent Enjin Coin. Let’s go over this new addition to my long series of articles on blockchains (Harmony, Solana, Ape Coin…).

Project submission

Historically, Decentraland is one of the oldest crypto projects with metaverse themes, and it launched in a public release in early 2020, but has been in development since 2015. Which makes it one of the “legacy projects” in the game. The idea is to allow players to buy a plot of land that they can use later. There were 90,601 on the original map to be exact.

To have an idea, during the beta (2017) the plot was worth $20, and today it’s sold in the millions. Still talking about a cryptocurrency that has been in the top 50 for a long time, it’s part of the scene.

It is based on the Ethereum blockchain (in 2015/2016 it was more or less the only valid option) and runs via a web browser. I read that they were considering moving to Polygon, a blockchain layer 2 based on Ethereum with lower transaction fees, but I admit I don’t know where it is. The project is constantly evolving and has already added new possibilities to become a fully decentralized 3D virtual world, for example, it has long incorporated NFT technology (see below). Metavers, NFT, GameFi… You have all the buzzwords for now, but the project was there before it was 😉

A little privacy for Decentraland, the team announced that it copied the private keys of the smart contract, so the project is in the users’ hands (via the project’s DAO).

MAN symbol

If Decentraland initially had only one token, $MANA, it has since added a second to its offering, $LAND.

The mana dollars It is a utility token that basically allows you to carry out all your transactions on the platform: buying / selling your land or objects (the market), speculation, etc. It also allows you to have the right to vote in the management of the project, and thus give your opinion on future developments. The classic symbol in a nutshell.

The $ landFor its part, it is a token in the form of an NFT that proves that you are indeed the owner of the parcel. Proof of land ownership on your blockchain address in a nutshell. When a plot of land is auctioned off, the MANA$ needed to purchase it is burned, making it a deflationary token.

It is up to you to figure out what you do next, either keep your tokens on the platform or online marketplaces, store them on Metamask or, better yet, on a hardware wallet (Ledger, Trezor, etc). As usual, I recommend these if you’re looking for the long haul.

Why is Decentraland such an interesting project?

Decentraland players can perform various actions such as buying or selling plots of land, exploring new territories, communicating with other players, customizing their avatar, participating in games, making payments, interacting with applications, trading NFT, etc. In short, solutions are a multiplier.

And not only for individuals like you and me, but also (and above all?) companies and personalities who want to talk about or offer different experiences to their customers/fans. Many well-known names have already established themselves there, for example Samsung, Atari, Dolce & Gabbana and Adidas. Or Sotheby’s, which is now holding virtual auctions there, and Barbados (the country) that opened the world’s first virtual embassy there. You can’t stop advancing, my good lady.

Developers will also be able to find what they are looking for because it is possible to offer virtual experiences (visual, audio, etc.), animation, etc., and this is for free. But don’t panic for non-developers, things can still be done thanks to the editing tool offered by the company.

Among the novelties, they will soon introduce a desktop client and revenue streams for content creators.

On the other hand, you have to like the graphic style, like Minecraft (it gets better with time). Compared to Sandbox, we still rank lower I think, and also in terms of activity and number of players. I tested the game a few months ago and it was a bit barren.

What is the price of mana?

Where do you buy mana?

It’s easy: just about everywhere. This is the advantage with legacy projects, and it can be found on almost all existing buying platforms, from Coinbase to Binance and via Upbit or LiteBit. You know they are my partners and I have already explained to you the reasons for my decision. Security, reliability, expertise – expertise… what more could you ask for?

And the selection starts to be really good with 78 cryptocurrencies now available since the recent additions of USDC stablecoin (a big shortage so far), Audius Crypto or even Ziliqa. The staking post also gained weight with the potential to earn interest on Cardano, BNB, or even MATIC.

Deepening Toolkit: Blog – Documentation – White Paper (PDF link)

See you soon for another coding project!

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