Decentraland (MANA) review: meet the revolutionary VR technology |4Crypto14.09.18 15:57
Do you find real world far from perfection? Have you thought that if you were a creator, you’d construct everything in a different and much better way? Well, now virtuality can offer such an opportunity to everybody.
No one could imagine that blockchain and cryptocurrency, conceived as an alternative for an obsolete financial system, will serve as a good reason for creating an incredible VR technology. However, today crypto enthusiasts excitedly buy virtual land to create their own worlds as soon as possible.
What is Decentraland?
It is a project within which the developers have created the three-dimensional virtual platform that uses Ethereum blockchain to store information. In the Decentraland reality, users can develop their own projects; it is also possible to get profit from provided virtual services, just like in the real world. On the roadmap, the stages of the platform development were marked by periods of the three-age system; the developers add one more, the last period, Silicon age.
How does it work?
Probably, when you learn about Decentraland, you have a déjà vu or know exactly that you have dealt with something like that in Minecraft or Second Life games.
In the virtual world, you have to buy land with digital currency, developed for Decentraland, MANA coin. The area of each plot of land is limited to 33x33feet, and the height is limitless; it costs approximately 1000 MANA (the price varies). Although the world is virtual, just like in reality, you cannot buy the plot that had already been sold, so before making a purchase, you are to check a marketplace. Similar areas can be united into districts, e.g., crypto enthusiasts can establish their own region, which will be a center of new projects, ICO presentations, crypto services, etc.
Landowners can buy as many available new plots as they want; the only condition is that new land has to adjoin the areas, which already belong to the holders.
Smart contracts store all official data about land, landowners, and deals. The “virtual documentation” monitors who are the owner of Decentraland patches; each owner can independently decide what his or her land will contain. On February 7, 2017, Land Manager service has been launched; it allows selling land on the secondary market, which means landholders can transfer the ownership to others.
Decentraland is led by people of innovations, who move the world of technological development forward.
Ari Meilich (project lead)
The Decentraland founder was learning human decision making in the National Institution of Health before starting his great career. Later, he has proven to be an excellent data analyst and venture capital expert. His professional life is prominent with such position as analytic in Charles River Venture (venture company, which orients toward early investments into technology and media companies) and founder of Benchrise (big data company that helps employers find software engineers).
Esteban Ordano (tech lead)
Esteban Ordano’s career has started with an internship in Google; his first significant position was tech lead in Monits company.
Soon, Esteban Ordano became interested in cryptocurrency that determined the developer’s future.
His career path is distinguished with the following positions:
– co-founder of Zeppelin Solution, which has been developing and operating smart contract system;
– leader of Streamium team that implemented payment channels in blockchain technology; due to this, participants of a certain operation can make an unlimited number of payments, but only the first and the last transactions are included to the blockchain. It helps to solve the problem of Bitcoin scalability problem;
– software engineer of BitPay, a service for Bitcoin and Bitcoin Cash payments;
– co-developer of Copay, a crypto wallet for Bitcoin;
– co-developer of Insight, a Bitcoin blockchain API, which provides a convenient and easy way to read data from the BTC network, and based on this, allows building separate services.
Desentraland (MANA) history
The project development started in 2015. This period is called Stone Age; at that time, the developers began to establish the technology and set up interaction with Ethereum blockchain; the virtual world was only a grid of pixels.
In 2017, the Bronze Age began. Three-dimensional space has appeared in the technology. In summer of the same year, the project presented its cryptocurrency; Decentraland ICO started in August, 15. It was a great success; $25 million was collected in 35 seconds. More than a half of potential investors went away empty-handed because of high demand.
Now, the project is on the Roadmap stage Terraform Event, which has started in the fourth quarter of 2017; the developers prepare the Beta launch of the Iron Age.
What to expect in the future?
Hereafter, the three-dimension virtual world will be built. The creators divided this process into two periods, Iron and Silicon age. From the very beginning, the interaction between users will be established, as well, Iron Age allows custom items and scripting on land plots. The last period will open a real 3D virtual world with VR support and gives the users the opportunity to create their own laws of physics on the land they own.
MANA coin, currency of Decentraland
It is assumed that Decentraland will have its economics, so it must have a currency to enable all economic processes. Such a coin of the platform is MANA.
So far, you can buy land for MANA, but in the future, the coin will be a means to make the commercial system function.
The developers do not provide Decentraland mining, which is fair enough because MANA is not just an ordinary cryptocurrency that can be profitable for miners; it is a component of Decentraland mechanism that cannot be taken separately.
The total supply of MANA coin is 8,990,971,363. It should be distributed as follows:
40% was sold to the investors during the ICO.
20% is held as the further reward for developers within the platform.
20% belongs to the developers and the first investors.
20% is kept in Decentraland foundation.
So far, you can buy MANA on exchanges. When the project enters Silicon age, you will definitely be able to acquire tokens though providing your services.
Where to buy Decentraland coin?
Today, almost fifty exchangers offer MANA coin trading. You cannot buy the token for fiat money; entry to Decentraland world is possible through exchange more popular cryptocurrencies for MANA. The most common are Bitcoin and Ethereum, although there are trading pairs with Tether.
So before buying MANA, you have to get Ethereum or Bitcoin, and after exchange it for Decentraland token. You can find the list with all the available exchanges on CoinMarketCap, but the most demanded and convenient trading platforms are Latoken, which sells MANA coin for Ethereum (there also is MANA/LA trading pair), Binance, and OKEx.
MANA coin is created in the standard Ethereum ERC20, which allows storing MANA in every wallet that supports the standard.
Since exchanges provide users with the wallets, you can keep your MANA on the sites where you have bought it; however, such an option is considered to be the least reliable, so it is not good for long time storage.
You also may use web wallet; it keeps digital money on similar principles that wallets of crypto exchanges. The major advantage is convenience, since the only condition to manage your digital funds is access to the Internet. One of the best choices for this is MyEtherWallet. The users have to store their keys, not to trust them to the third parties, and due to this, the wallet does not have the main drawback of web wallets.
You may use Coinomi to keep MANA on your mobile device; however, mobile wallets are also associated with certain risks. Besides, such a choice is reasonable for people who often use crypto money, and MANA can be applied only in Decentraland, which does not provide frequent purchases.
If you look for a desktop wallet, Exodus should be perfect for you. It is a multicurrency wallet, which allows exchange currencies without using a separate platform.
Still, the most reliable way to store any digital money is to use a hardware wallet, which is also available for MANA. You can choose between Ledger Nano S, Ledger Blue, and Trezor; all of them are reliable, safe and convenient enough. However, unlike mobile, desktop, and online wallets, you cannot get hardware devices for free.
The other side of the coin. Decentraland (MANA)cons
The Decentraland project is managed by talented technological professionals, who have much experience with cryptocurrency, but not with video games development. Of course, it shouldn’t be considered as a big drawback because people have to master different fields of technology and business. However, when it comes to such an advanced project with large investments like Decentraland, the developers cannot afford a mistake. Investors expect a lot from the project, and even a little mistake caused by a lack of experience can disappoint many people.
Probably, blockchain technology will be involved in different virtual fields besides cryptocurrency, but Decentraland is a pioneer in combining blockchain and VR, which may imply many imperfection and mistakes.
The founders did not create any protection from massive individual purchases; people who did not manage to take part in the ICO, claim that small investors did not have a chance to be involved and call the project “Centraland.”
Even though Decentraland project started in 2015, people had to wait two years to see clear results. In addition, the ICO was postponed, which undermined users’ confidence.
Decentraland is very dependent on customers; as soon as people lose interest, the price of land will go down, users will leave, and the virtual platform may become inactive. The dependence makes the project very vulnerable; maybe, the developers will have to constantly improve the platform and add new features to keep it active and popular.
The expectation for Decentraland may be greatly exaggerated, and it can turn out to be just another entertainment for several years.
Decentraland future prediction
Decentraland attracts much attention because of new revolutionary technology which has a great potential for development. Regular users can apply it, so its availability, magnitude, and significant difference with all the previous VR projects give every reason to expect a great future of Decentraland. The developers for the first time have united two up-to-date technologies, blockchain and VR.
It is the first decentralized virtual world. All the precursors belong to an entity. Decentraland, on the contrary, does not belong to the founders, but to people who own land, therefore, nobody claims on the virtual property and of the landowners, and the probable profit from it belongs only to the proprietors. As well, there is no fee for entrance and usage; all you have to pay for is land and services of other users if you are going to use them.
The project is not supposed to be another video game; it is a real step forward in technological development, an improved model of the real world in virtuality. First, it will develop in the entertainment sphere, but then its influence can spread to the business area.
MANA isn’t an independent project that cannot offer anything but profit on growth and decline of the rate. It is connected to advanced Decentraland technology, and MANA future strongly depends on this. Due to the support of the leading project, MANA coin price prediction is very promising. Its current decline is explained by the general impact of the crypto market and crypto holders’ aspiration to get a quick profit.
The potential of the project cannot be overestimated. It is an opportunity to develop creativity skills without significant resources and with no limits. Decentraland can become a perfect way to demonstrate your proficiency and talent to potential employers and clients. The virtual world offers a possibility to work, study, and enjoy the arts the same as in reality but with greater opportunities.
The era of virtual reality, A-frame, and artificial intelligence is coming, and you can enter in through Decentraland today.