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What is Decentraland (MANA) and how does it work?

by Financial Economy

Decentraland (MANA) is the world’s first decentralized virtual reality platform built on the Ethereum blockchain. Users can produce virtual reality content on the platform, experience the virtual world and earn income from the content they produce. Detailed information about Decentraland MANA is what it is and how does it work, Decentraland reviews, how to buy, etc. in the continuation of the article. You can browse here for information about Waves coin.

What is Decentraland (MANA) and how does it work?

The 3D, navigable and limited area of ​​the Decentraland virtual world is called LAND. LAND is a unique digital asset (NFT) generated as a smart contract on the Ethereum blockchain in ERC721 format. Just like in the real world, the world of Decentraland is also parceled out. These parcels can be purchased with Decentraland’s digital asset MANA. Users can develop applications in the areas they have purchased.

MANA is the ERC20-based digital asset of the Decentraland platform. MANA can be used to buy or spend LAND parcels. You can pay with MANA to customize your virtual character you created in the Decentraland virtual world or to buy accessories and items for your character. If you are a software developer, you can produce your own products and accessories and sell them to Decentraland users. ERC20-based Decentraland (MANA) can be stored in Ethereum wallets that support ERC20 assets.

Visual, audio and 3D content used in the Decentraland virtual reality world are stored on web servers. Anyone who wishes can add a web server to the Decentraland network. However, these servers are accepted by the community by voting. This process is controlled by the decentralized autonomous organization (DAO).

Decentraland (MANA) can be purchased on reliable and well-known crypto currency exchanges. As of today (20.06.2021), 1 MANA is around 0.59 dollars.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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