What is Decentraland (MANA & LAND)

Decentraland is an Ethereum-based virtual reality platform and open metaverse where users can explore a 3D digital world, purchase and develop virtual real estate, participate in games and social events, and trade digital assets all governed by a decentralised autonomous organisation (DAO) rather than any central company.

DECENTRALAND'S TOKEN ECONOMY

Decentraland operates with three distinct asset types: MANA (the ERC-20 utility and governance token used to purchase LAND, goods, and services; MANA holders vote on DAO proposals), LAND (ERC-721 NFTs representing ownership of 16m x 16m virtual parcels; exactly 90,601 LAND exist fixed supply), and Estate (merged adjacent LAND parcels combined into a single larger NFT for easier management).

THE WORLD OF DECENTRALAND

The Decentraland world is divided into districts themed communities with shared purposes.

Notable districts include: Vegas City (virtual casinos, entertainment, nightclubs), Metajuku (fashion and luxury retail brands), Dragon City (East Asian-themed community), and Genesis Plaza (the main public hub and starting point).

BRANDS AND INSTITUTIONAL PRESENCE

During the 2021-2022 metaverse boom, major organisations entered Decentraland: JP Morgan opened a virtual lounge in Metajuku and published a report on the metaverse economy. Samsung built a virtual version of its flagship New York store. Fashion brands held virtual runway shows. Music festivals attracted thousands of virtual attendees.

HOW TO ACCESS DECENTRALAND

Decentraland is browser-based no download required. Connect a Web3 wallet (MetaMask, Coinbase Wallet) and explore as a guest or verified user. The Builder tool enables anyone to create interactive experiences on their LAND without coding. Developers can use the full SDK for complex applications.

DAO GOVERNANCE

Decentraland was transferred to community governance in 2020. The Foundation's Security Advisory Board and DAO committees manage smart contract upgrades, content policies, and ecosystem grants with MANA and LAND holders voting on major decisions.

Terms in addition to the Decentraland (MANA & LAND)

Blockchain

A blockchain is a subset of a distributed database. The Bitcoin inventors originally prototyped the system in 2008. This modern database is made up of separate blocks that are connected together in a chronological chain. Blockchains may be used to store a wide range of data types. It has mostly been utilized as a public ledger for bitcoin transactions to date. A peer-to-peer network comprised of independent nodes uses a consensus process to ensure the blockchain's security and legitimacy. Each node in the network keeps a public and immutable copy of the data.

2 Factor Authentication (2FA)

2 Factor Authentication is a security measure with two layers. It is used by the majority of cryptocurrency exchanges. To log in, you must provide not only a password, but also a code obtained, for example, from the Google authenticator.

Airdrop

An airdrop is a method of distributing coins. End users can typically obtain coins for free or in exchange for doing a small task, such as subscribing to a newsletter, sending a tweet, or inviting others via a personal affiliate link. Cryptocurrency airdrops — the act of depositing cryptocurrency into public crypto wallets — are utilized as a marketing, liquidity creation, and network bootstrapping technique for many different types of blockchain initiatives.

Altcoin

Altcoin - "alternative coin" - is any kind of digital currency other than Bitcoin. Since the launch of Bitcoin, the world's first digital currency, many altcoins (as well as supporting blockchains) have been created. Altcoin digital currencies share many similarities to Bitcoin, but consistently and have significant differences. There are about 20,000 altcoins, and this number is expected to grow significantly in the coming years. Altcoins often develop Bitcoin features. Ethereum, currently the most widely used blockchain, supports digital contracts and separate applications where Bitcoin does not. Altcoins are also often created to cater to the needs of different users. The Litecoin blockchain, for example, can process payments quarterly for the duration of Bitcoin.

Cold Storage

Cold storage is the way to store cryptocurrency offline. The word refers to the use of offline wallets that are not connected to the internet. Cold storage is the most secure way to keep cryptocurrencies since an offline currency becomes less likely to be hacked and stolen. Paper wallets, printed renditions of private keys, and offline hardware and software wallets are all examples of cold storage.