Decentraland is best thought of as a parallel universe albeit a virtual one. A world with a fixed amount of land which people can buy and on top of which any property, business, service can be build. The rules are very similar to the real world, the difference being that this world exists on a blockchain.
The concept is that since we spend so much time online in augmented reality and virtual reality, a world could be created which serves as a entry point to all such things. In this virtual world you can buy land which can be used to build your home or office or a business. These will be created in a 360° world. This calls for endless possibilities limited only by imagination! All businesses that rely on virtual reality can make their services available on this platform.
Decentraland can be used for both work and leisure, all virtual concepts that you can think of can exist on Decentraland. Examples of using such a concept would be-
You are shopping from home using a site that allows you to choose clothes using virtual reality. Now this shop could exist on the decentraland platform and you can go shopping along with your friends to this virtual destination.
You are working from home for your company. Now this company could setup a virtual office in decentraland and you along with your co workers could be present at the office on it’s virtual location.
Like an amusement park your favorite video game could exist on this virtual world at a location and you could visit it to play the game.
You can take MOOC’s (Massive Open Online Courses) in an immersive manner along with fellow students by virtually attending the virtual college.
Read this article to know why this is important for virtual reality.
Decentraland is based on Ethereum Blockchain
Land is a non-fungible, transferrable and a scarce digital asset stored in an Ethereum smart contract. It is acquired by spending an ERC20 token called MANA. MANA can also be utilized to make in-world purchases of digital goods and services.
The virtual reality platform is built using A-frame. You can read more about this here.
Decentraland’s protocol has three layers:
- Consensus layer: Tracks land ownership and land content through an Ethereum smart contract.
- Land content layer: Uses a decentralized distribution system to download and render the content in the virtual world.
- Real-time layer: Provides peer-to-peer connections for users to communicate with one another.
Development of the virtual world in Decentraland is taking place in various phases named as ages. The platform has already evolved from the Stone age to the Iron age.
You can get more technical details through the whitepaper here.
The team has been working since 2015, led by Ari Meilich (Project Lead) and Esteban Ordano (Tech Lead). The team has many high profile developers. Ordano worked at Bitpay as a software engineer previously. Both founders have also worked together in creating Bitcore and Stremium.
Mana has been on the rise since December and has recently performed even more remarkably during the past fortnight showing a 50% rise. Market Cap is at 188 M$.
Chart source: Crypocompare (click here)
Decentraland is a unique concept and seems like a promising investment, depending on future developments this is an investment that looks very beneficial.
Perhaps Decentraland is nothing more than a natural evolution in the development of mankind. The concept of Decentraland is interesting and futuristic, with the advent of increased reliance on virtual reality this may very well be what the virtual world relies on. The decentraland platform is decentralised and open source making it trustworthy. If Centraland gains traction we may see many innovative and unique businesses coming up. However whether it gains massive support remains yet to be seen.
We at CXIHUB bring to you the latest updates in crypto. CXIHUB Exchange features INR to Crypto and crypto to crypto exchanges. Avail our services now to experience the most convenient and secure crypto exchange.