Decentraland offers users a virtual reality platform that is powered by the reliable Ethereum blockchain. With the platform, users are able to create content and applications, as well as experience and monetize them. This is the very first virtual platform that is decentralized, built on the blockchain and owned by its users, making it stand out from the crowd.
In this guide we will take a look at how Decentraland works and how you can get involved.
Who Is Behind Decentraland?
- 1 Who Is Behind Decentraland?
- 2 There Are No Limits with Decentraland
- 3 What Sets Decentraland Apart from Other VR Platforms?
- 4 How Do Users Buy LAND, and What Restrictions Are There on Its Use?
- 5 How Do You Participate in the Terraform Event?
- 6 What Can You Use MANA for?
- 7 What Are the Plans for the Future?
- 8 Conclusion
- 9 Useful Links
The team behind Decentraland already has experience creating both Bitcore and Streamium. The project lead is Ari Meilich, while the technical lead is Esteban Ordano. The Advisory Board includes INBlockchain founder Xiaolai Li, CoinFund founder Jake Brukhman, Aragon project lead Luis Cuende, and ex-CTO of Ning, Diego Doval. Decentraland partners with district0x, Aragon, and imToken.
There Are No Limits with Decentraland
With Decentraland, you will find no limits to what you can create and explore, except your imagination. Users can purchase land using the Ethereum blockchain, which proves their ownership in a way that no one can argue with. From there, you are free to build whatever you want. Just some of the options suggested by the Decentraland team include live music performances, casinos, attending workshops, shopping, starting businesses, visiting underwater resorts, and test-driving a car. Everything takes place in a virtual world with a 360-degree view that can immerse users via their web browser or VR headset.
What Sets Decentraland Apart from Other VR Platforms?
The biggest difference between Decentraland and existing VR platforms is ownership; instead of a single corporation, users own Decentraland. The team behind the platform believes that public virtual worlds need to be ruled with open standards, so no central organization imposes their agenda.
In addition to being owned by the users, Decentraland allows these users to completely control their land content. They also get to keep all of their proceeds earned from the value generated by other users. This is unlike other systems where the central organization that runs the platform takes a cut. Without a central organization, there is no group to take that portion of your earnings. All of this is possible via Decentraland’s use of the blockchain technology, which proves ownership and cannot be forged.
How Do Users Buy LAND, and What Restrictions Are There on Its Use?
Buying LAND is as simple as using MANA, the token for Decentraland. Tiles of LAND measure 10 square meters, which is 33 square feet. There are no limits on how much you can build upward on the piece of LAND; the only limitations are on the ground and the base of buildings.
It is important to note that the LAND in Decentraland is scarce. This is designed to not only increase demand somewhat but also enhance the overall user experience and the ability to discover content. Without scarcity, the majority of LAND would be abandoned, hurting these things.
How Do You Participate in the Terraform Event?
Registration for the Terraform Event is open until Dec. 15 at 8 p.m. GMT. To participate, you must have MANA, which you can buy on one of several online exchanges. To participate, you also need a small quantity of ETH for fueling the transaction and a browser that is compatible with dApps.
You can then stake MANA to participate in the auction for Genesis City or contribute to one of the community districts. The Genesis City auction will take place early this month, and you can commit MANA for it. The MANA committed is locked into an Ethereum smart contract until the Terraform event takes place. Any MANA you don’t use during the auction will be returned when it is over.
Those who prefer to contribute LAND to the community districts can buy parcels of the LAND for just 1,000 MANA each. The community districts will be spread throughout Decentraland and are organized independently.
What Can You Use MANA for?
At the moment, MANA is used for purchasing LAND for community parcels or via the Genesis City auction. In the future, MANA will be used to buy LAND, either directly from Decentraland or other users (as it is transferable), as well as making in-world purchases of digital services and goods. The usefulness of MANA will grow as the LAND within Decentraland is developed, creating an entire virtual world.
What Are the Plans for the Future?
Decentraland began in June 2015 at what they call the “Stone Age,” when the land was modeled in the form of a simple grid and pixels were allocated to users via a proof-of-work algorithm similar to Bitcoin. By March 2017, the project entered the “Bronze Age,” with land modeled in 3-D space, a torrent and Blockchain full node, and features like the Unity Browser and World Editor. The Mana Contribution Period took place between Aug. 17 and 26, 2017. Those who bought MANA, the ERC20 token, were able to claim pieces of LAND, then interact with other MANA owners. Now, in Q4 of 2017, the Terraform Event is ongoing, which is the first chance for users to claim land, as is the Beta launch for the “Iron Age.”
In the future, the Iron Age will add multiplayer support, along with live chat and avatars. It will allow for scripting and custom items on owned land. Finally, the “Silicon Age” will be the full-fledged 3-D world with complete VR support and the ability to customize the laws of physics. At this point, Decentraland will live within the blockchain.
With virtual reality growing in popularity, and gaming on the blockchain proving popular, Decentraland could be the way of the future. Its ability to combine VR with cryptography allows for a decentralized virtual reality, without any limits put in place by a controlling organization. This should allow a much greater amount of freedom for developers and users alike who want to try out new ideas. It could easily experience significant growth in the future as a platform for providing entertainment to users around the world, while allowing the LAND owners to make a profit without a middleman taking a cut. As such, it will likely benefit both the LAND owners and those who simply choose to visit other people’s LAND.