Since the introduction of bitcoin, the market of cryptocurrencies and blockchain networks has developed rapidly. Decentraland is among great innovation in the world of cryptocurrency, which represents the global community of users sharing the virtual world.
Decentraland is a user-owned 3D digital game based on the blockchain of Ethereum. The main in-game currency of this game is the MANA token. This amazing game allows the players to experience the digital world in which they can buy or sell digital real estate or exchange collectability.
What is MANA?
MANA is a crypto token made for the Decentraland game; it was founded by Esteban Ordino and Ariel Heimlich in 2017 when the official website for Decentraland was also introduced. MANA acts as a native currency that can be used to buy land at the marketplace.
Decentraland is unique virtual reality software that allows users to make payments, play games and enjoy virtual content with communicating with other users. you can buy the accessories according to the Decentraland value.
The Role of MANA is Decentraland
MANA has powered the Decentraland, which is described as the virtual reality platform. MANA is the ERC-20 type token that can buy land in the Decentraland game. Land ownership represents the ownership of a virtual piece of land that does not exist in real life.
Working of Decentraland
As we have discussed above, Decentraland is a user-based game, so it has no central authority, and the users manage the virtual reality ecosystem. To mimic reality in the digital virtual world, users can develop a Decentraland metaverse, communicate, control, and monetize. This platform uses two different tokens for operations and governance of the digital metaverse: LAND and MANA.
MANA is used to develop the virtual assets developed by the users of Decentraland. On the other hand, LAND represents the piece of land purchased in the virtual world. However, users need an Ethereum-based wallet to store the MANA tokens. This three-dimensional game has a multi-architecture to support operations where a person can create houses and interactive content.
Circulation of MANA Token
The total supply of MANA tokens was 2.8 billion at the time of launch. But later, due to the burns during LAND auctions, the total supply was reduced to 2.19 billion. The main motive of this token was to decrease the inflation rate, but due to the burn mechanism applied in the operations such as transactions for buying LAND has reduced the Decentraland price and circulation.
You may be surprised to know that more than 70 per cent are already in circulation. However, many people wonder to know the market capitalization of MANA coin. You will get market capitalization if you multiply the number of MANA coins currently in circulation by the price.
How Is It Secure?
Decentraland world is based on the Ethereum blockchain, which makes it 100% secure and safe for making transactions. Blockchain networks are peer-to-peer, which are almost impossible to hack and keep your data anonymous. The system tracks and records land purchases, which makes your LAND secure.
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