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Founded by Esteban Ordano and Ariel Meilich in 2015, the Decentraland Foundation is the organization responsible for the development of Decentraland software. Running on Ethereum, this software seeks to incentivize a global network of users to operate a shared virtual world.
Decentraland is a virtual world where users can create scenes and designs. They can trade these digital assets, set up businesses, and even share their creations with the world. Users can buy and sell digital real estate, while exploring, interacting and playing games within this virtual world. There are also various ways to buy Decentralands, such as buying them from other users or by transferring them between different wallets. The platform has evolved significantly, offering its users with interactive apps, in-world payments, and peer-to-peer communication.
In 2017, the team held an Initial Coin Offering (ICO) raising 86,206 Ether to fund its future operations. Two one-of-a-kind varieties of tokens govern operations in Decentraland. These are:
LAND – A non-fungible token (NFT) used to outline the possession of land parcels representing virtual actual estate.
MANA – A cryptocurrency that allows purchases of LAND, in addition to digital items and offerings utilized in Decentraland. Changes to the Decentraland software program are enacted via a group of blockchain-primarily based totally clever contacts, which permit members who own MANA to vote on coverage updates, land auctions and subsidies for brand new developments.
When you are looking for a virtual world with no central authority, Decentraland might be the perfect fit. The virtual marketplace has all the features you could want, from drag-and-drop editing to a cryptocurrency. Hopefully after reading this article you have a better understanding of the technology behind Decentraland.
The launch of Decentraland is emblematic of a showdown between the centralized and decentralized VR industry. As mobile VR headsets and other VR technologies become more affordable and accessible, big tech companies are taking steps to take their unfair share of the industry. With a projected market value of $70 billion in just a few years, VR is an increasingly lucrative market. On the other hand, decentralization advocates say centralized VR platforms are too controlling.
The Decentraland software is constructed to song actual property parcels described via way of means of LAND tokens. The software program leverages the Ethereum blockchain to track possession of this virtual land, and it calls for customers to maintain its MANA token inside an Ethereum wallet to interact with its ecosystem. Further, developers are free to innovate inside Decentraland’s platform by altering the experiences on their virtual real estate by designing the animations and interactions.
Built using Ethereum smart contracts, Decentraland has many layered components – consensus layer, content layer, and the real-time layer.
The consensus layer maintains a ledger that tracks the possession of land parcels. Each parcel of LAND has a completely unique coordinate inside the virtual world, an owner and a reference with a description representing the content material within the parcel.
The content layer controls what occurs inside every parcel, and consists of numerous documents required to render them:
Content Files – referencing all static audio and visuals
Script Files – defining the position and behavior of the referenced content
Interaction Definition – peer-to-peer interactions along with gesturing, voice chat, and messaging.
Lastly, the real-time layer allows social interactions inside Decentraland through avatars, inclusive of voice chat and messaging.
Outside of the gaming environment, Developers of the virtual world game Decentraland have announced a new drag-and-drop editor. The drag-and-drop editor allows you to create immersive static scenes and play simple games without any coding experience. There are many items, trees, rocks, water features, and more, which you can use to personalize your creations. You can also name your scenes and publish them to the Scene Pool.
The Decentraland network offers an online community that allows users to create, trade, and own rare digital assets using LAND tokens, priced in MANA. This virtual world features an identity system, voting, and a decentralized identity system for each user. Users can also publish and trade content, including 3D designs and virtual real estate. While it has no formal requirements, it can provide users with a wide variety of financial opportunities similar to those available in the real world.
MANA plays an important role in Decentraland’s virtual world. Owning MANA allows users to interact with the platform by customizing their avatars, interacting with other users and exploring its metaverse. It also gives them the ability to vote on policy updates, LAND auctions and subsidies to improve the platform.
The videogame industry has always been a driver of immersive virtual experiences — from motion controls to haptic feedback to VR headsets — and now the line between some videogames and the metaverse has begun to blur as gaming platforms incorporate more and more non-gaming-related experiences.
Platforms like Roblox allow users to create and play games created by other users, while they retain their virtual identity when switching between games. The company also hosts virtual concerts or throw private parties, encouraging players to use the platform for virtual meetups. Video games are also creating new shopping channels within the metaverse. For example, clothing and shoe retailer Vans launched a virtual skatepark and store, allowing players to browse and purchase exclusive items.
The metaverse will provide tools and platforms to empower videogame companies to expand far beyond their core market.
Would you like to explore gaming opportunities in the metaverse? Verchool can help.
Verchool is a pioneering Virtual Extended Reality (VER) metaverse development company, spread across five continents and ten global cities, to create, develop, and launch metaverse tech communities, platforms, spaces, studios, and labs for its clients.
Verchool provides corporates, conglomerates, governments and global family offices with exponential growth and competitive advantages via a multitude of VER metaverse technology solutions. These can be integrated with employee or customer engagement digital strategies that will provide additional brand equity, new revenue streams and the creation of new bankable digital assets.