Decentraland is a virtual reality platform that provides an infrastructure to support a shared virtual world and is built on the reliable Ethereum blockchain. With this platform, users can create, experience and monetize content and applications. And, also makes it a first virtual platform that is decentralised, built on blockchain and owned by the users which makes it a unique.
The platform is also known as metaverse2 which consists of a decentralized ledger for land ownership and a peer-to-peer network for user interaction. The land is a non-fungible (good or commodity), transferable, scarce digital asset that is stored in Ethereum blockchain and can be acquired by spending MANA (a ERC20 token). Land is permanently owned by the Decentraland community giving users the full control over the contents. Contents in Decentraland can range from static 3D scenes to interactive games such as games.
Ownership is the biggest difference between Decentraland and existing VR platforms. Users in Decentraland own and control the content they create instead of a single corporation under the existing system and uses according to their wish. Which means Decentraland allows users to keep all their proceeds earned from the monetization of contents unlike in any centralized platform which takes a cut which is a big dampner for originl content creator.
Application: Decentraland allows development of applications, interactive content, dynamic 3D scenes using its digital infrastrucutue. Decentraland's scripting language is designed to handle wide range of capabilities including creating objects, loading textures, handling physics, encoding user interactions , external calls and among others.
Content Curation: Users in Decentraland can build unique neighbourhood around shared interests which will drive new users to nearby land parcels and allow quick content discovery will little expenses.
Advertising: With users sharing specific niche in neighbourhoods, brands and entrprenuers are engage with their audience in a mutually benificial way and showcase their products in a high -trafficed areas.
Digital Collectibles: Decentraland allows for full ownership of land or content. This allows memebers to publish, distribute and collect rare digital assets issued on blockchain by their creators which can be traded using the scripting system.
Social: The current generation spends considerable amount of time in online forums, chat groups or online gaming platforms who can port their communities into Decentraland which can be streamlined and improved by using virtual tools.
What is Land?
Decentraland has used Ethereum network to establish the ownership in the virtual world. It has divided the world's land space into 100m² parcels, with each plot as non-fugible digital asset. These assets recognize the designated owner of the land parcel and also describes its content. This digital assets is tokenized to be known as LAND.
Decentraland has also issued ERC20 token called MANA, which can be burned to claim LAND at a same exchange rate (1000 MANA = 1 LAND). Land parcels are distiguishable in the network at different trading price as each parcel host different neighbourhood with niche sharing interest with different traffic
Its ICO was highly successfull and was over in 35 seconds against the stipulated time of 8 days. Decentraland received $25 million or 86,260 ETH from around the globe.
Ari Meilich (Project Lead) and Esteban Ordano (Technical Lead) are the founders of Decentraland project and creators of Streamium and Bitcore.
The team started off as a proof of concept for allocating ownersip of digital real estate to users in blockchain. Then in late 2016, and the team started developing a 3D virtual world divided in to land parcels termed as the Bronje age. The next version of the Decentraland will be Iron age, which will focus on creation of social experience with an economy driven by existing system if land ownershio and content distribution.
Coin Summary: https://auction.decentraland.org/stats