The market of cryptocurrencies and blockchain-based products has experienced rapid development throughout the last decade and since the inception of Bitcoin. Decentraland is one of the crypto projects with a unique utility as software built on top of Ethereum that represents a global community of users that share a virtual world.
WHAT IS MANA (DECENTRALAND)?
Decentraland (MANA) was founded in 2017 by Esteban Ordano and Ariel Meilich when the official website for Decentraland was also launched. Decentraland is hosted on the Ethereum network and represents a virtual reality ecosystem where people can buy LAND, which is a non-fungible token that represents a piece of the virtual map.
With its decentralized governance structure in which the power lies in the hands of users and MANA holders, Decentraland is the first virtual platform of its kind where users are in complete control over the ecosystem.
HISTORY OF DECENTRALAND
Decentraland (MANA) was created by Esteban Ordano and Ariel Meilich and the project launched in its current form in 2017. Decentraland is conceptualized much like human evolution in the sense of social development and advancement, so the first version of Decentraland’s metaverse was dubbed Stone Age. The first stage was released in 2015 and it consisted of pixels that signified ownership over the digital world in an infinite 2D grid.
The next stage was developed at the end of 2016 and was named the Bronze Age. The team added a 3D world with divided plots of Decentraland. Also to develop a fast-paced environment where users can create apps, and interactive content and communicate with other users, the team created a P2P network and named the next stage Iron age. The final stage is supported by Ethereum which acts as a supercomputer to support the metaverse ecosystem we know as DECENTRALAND.
ADVANTAGES OF DECENTRALAND
- Decentraland’s community governance is backed by the Security Advisory Board (SAB)
- There is an option for auctioning of NFTs and selling of LAND for MANA
- There are several use cases for Decentraland tokens.
- There are constant upgrades to ensure that new features are being introduced to the protocol.
DISADVANTAGES OF DECENTRALAND
- Users do not come across others and when they do, there is no interaction
- Risk of exploitation as a result of the risk of cyberattacks
- Lack of variation in the terrain in Decentraland
- There is a great lack of engaging content
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