About Decentraland (MANA)

Decentraland Frequently Asked Questions (FAQ)

What is the primary purpose of Decentraland (MANA)?


The primary purpose of Decentraland (MANA) is to serve as a blockchain-based virtual reality platform where users can create, experience, and monetize content and applications. MANA is the native cryptocurrency used for transactions and interactions within this digital environment.




How can users monetize their experiences in Decentraland?


Users can monetize their experiences in Decentraland by creating and selling digital goods and services, hosting events, and charging entry fees. They can also lease or sell virtual land, display advertisements, and create interactive experiences that users pay to access. Additionally, developers can monetize games or applications they build within the platform.




When was Decentraland's initial coin offering (ICO) and how much did it raise?


Decentraland's initial coin offering (ICO) took place on August 17, 2017, and it raised approximately $24 million.




What year did Decentraland open to the public?


Decentraland opened to the public in 2020.




What are the two types of tokens used in Decentraland?


The two types of tokens used in Decentraland are MANA, a cryptocurrency that is used to purchase LAND and other goods and services, and LAND, a non-fungible token (NFT) that represents ownership of virtual real estate.




How is the ownership of LAND in Decentraland tracked?


The ownership of LAND in Decentraland is tracked using the Ethereum blockchain. Each LAND parcel is a non-fungible token (NFT) that can be bought, sold, and traded, with ownership records securely and transparently maintained on the blockchain.




Can MANA tokens be used for voting in Decentraland's governance?


Yes, MANA tokens can be used to vote on various proposals and decisions within Decentraland's governance system.




What is the role of the Decentraland DAO in the platform?


The Decentraland DAO is a fully autonomous organization that grants the community the power to directly influence the policies and operations of the Decentraland platform. It allows users to propose and vote on policy updates, land auctions, subsidies for new developments, changes to the marketplace, and modifications to the platform's smart contracts, effectively decentralizing governance and empowering users to shape the evolution of Decentraland.




Where can users buy and trade MANA tokens?


Users can buy and trade MANA tokens on various cryptocurrency exchanges such as Binance, Coinbase, Huobi, Kraken, and OKEx. Before trading, users should ensure they are using a reputable platform and follow all necessary steps for a secure transaction.




How do LAND tokens confer voting rights in Decentraland?


In Decentraland, LAND tokens represent parcel ownership in the virtual world. LAND owners are granted voting rights in the Decentraland DAO, allowing them to participate in governance decisions regarding the development, content, and rules of the platform. These voting rights are proportional to the amount of LAND tokens one holds, thus giving stakeholders a say in the platform's direction.




What can players do with their LAND in Decentraland?


Players can build, develop, and monetize various experiences and applications on their LAND in Decentraland. They can construct interactive scenes, games, or even dynamic services, and host events. Owners also get to vote on policy updates, land auctions, and subsidies for new developments, providing a level of governance over the virtual world's functioning.




How are transactions within Decentraland facilitated and secured?


Transactions within Decentraland are facilitated and secured through the Ethereum blockchain. All purchases of LAND, wearables, and other in-game items are conducted using Decentraland's cryptocurrency, MANA, which allows for transparent, permanent, and secure recording of ownership on the blockchain.




Who are the founders of Decentraland and what is their current involvement?


The founders of Decentraland are Ariel Meilich and Esteban Ordano. As of the latest available information, their direct day-to-day involvement has diminished since they stepped back from active roles within the project. However, they remain as advisors and contributors to the Decentraland community and ecosystem.




What makes Decentraland unique compared to other virtual platforms?


Decentraland is unique as it is a fully decentralized virtual platform powered by the Ethereum blockchain, allowing users to truly own and govern their digital assets. Its DAO structure enables community-led governance, and it focuses on providing an immersive virtual reality experience where users can interact, play games, and participate in a virtual economy.




How are district parcels of LAND in Decentraland different from regular parcels?


District parcels of LAND in Decentraland are community-owned areas that serve specific themes and purposes, whereas regular parcels are individually owned and can be developed independently for any purpose that adheres to Decentraland's guidelines.




How does Decentraland's governance via a DAO structure operate?


Decentraland's governance operates through a decentralized autonomous organization (DAO), where users of the platform can propose and vote on policy updates, land auctions, and the types of content that are allowed in the virtual world. LAND owners and MANA token holders can cast votes proportional to their stake in the ecosystem. The DAO allows for a community-driven governance system where decisions are made collectively and transparently.




What are the mechanisms for burning MANA tokens in Decentraland?


In Decentraland, MANA tokens are burned as a part of various in-world transactions, including the purchase of LAND or exclusive NFTs, and when participating in certain events or services where the tokens are permanently removed from circulation to ensure virtual real estate's scarcity and to promote a deflationary economy within the platform.




What was the original total supply of MANA and how has it changed?


The original total supply of MANA was set at 2.8 billion tokens at its launch. Over time, MANA is burned or removed from the supply as users spend the currency to acquire LAND or engage in other activities within Decentraland, thus reducing the total supply over time.




How is the Decentraland network secured against attacks?


The Decentraland network is secured using blockchain technology, specifically Ethereum, which ensures transparency and immutability. A consensus mechanism, Proof of Work or Proof of Stake depending on the Ethereum upgrade status, helps guard against attacks by requiring the computational power or staked assets for network validation. Smart contracts manage land ownership and other transactions, with their code being public and verifiable. Additionally, the Decentralized Autonomous Organization (DAO) allows users to participate in governance, further decentralizing and securing the platform against unilateral changes or attacks.