How Decentraland Virtual Property Buying and Selling Platform Works

Lovata Andrean

How Decentraland Virtual Property Buying and Selling Platform Works
How Decentraland Virtual Property Buying and Selling Platform Works

Rancakmedia.com – Only a few people know about the cryptocurrency Decentraland (MANA). Virtual property buying and selling platform Decentraland hit an all-time high of 4,16 US dollars on Saturday evening, October 30, 2021, according to CoinMarketCap data.

MANA's value increased by 400 percent immediately after Facebook announced its name change to Meta.

MANA, created in 2017, is Decentraland's native digital token. Decentraland is a metaverse platform that allows users to buy and sell virtual properties. What is Decentraland (MANA)? What are the types? Here's why.

What is Decentraland (MANA)

What is Decentraland (MANA)

Decentraland (MANA) is an Ethereum-based software platform that allows users to buy and sell digital real estate while exploring, communicating, and playing virtual games.

The Decentraland platform has evolved over time, including interactive applications, payments, and peer-to-peer communications for users.

There are two types of tokens used in Decentraland to handle operations:

COUNTRY

LAND is a type of crypto asset non-fungible token (NFT) which is used to represent ownership of a plot of land owned by players in the community. Details of token ownership are managed through the ledger contained in smart contracts.

MANA

MANA is an ERC-20 type crypto asset that facilitates the purchase of LAND. To acquire LAND, users must burn MANA tokens.

Not only that, MANA is used to offer voting rights in the Decentraland DAO in addition to being digital money on the Decentraland platform.

Developers for Decentraland (MANA)

Esteban Ordano and Ariel Meilich created the Decentraland software development in 2015 under the auspices of the Decentraland Foundation.

The Decentraland team raised 86.206 ETH through an Initial Coin Offering (ICO) in 2017 to support its future operations.

MANA is currently ranked 42nd on CoinMarketCap, with a market value of 4,92 billion US dollars.

How Decentraland (MANA) Works

To monitor digital land ownership, the software uses the Ethereum blockchain. Additionally, to interact with the Decentraland ecosystem, the software requires users to store MANA tokens in their Ethereum wallet.

Additionally, developers have the ability to innovate within the Decentraland platform by creating animations and interactions for their virtual real estate.

Architecture

Decentraland consists of several layered components built using Ethereum smart contracts. The consensus layer maintains a ledger that can be used to track who owns what in the system.

Each LAND package has unique cyber coordinates, and the owner and person providing advice reflects the contents of the package.

The content layer is responsible for the behavior of each package and provides the files necessary to display it. Three files will be required, including the following:

  • Content Files – all audio and static graphics are referenced.
  • Script Files – define the location and behavior of referenced material Interaction Definitions – peer-to-peer interactions such as gestures, voice chat, and messages

Meanwhile, the real-time layer enables social interaction within Decentraland via user avatars, which have voice chat and messaging capabilities.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks