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About Decentraland
The Decentraland project is a virtual platform designed on Ethereum network, In this virtual world, you can use tokens to purchase a specific piece of land, build on it, rent it out, and generate regular income from it.
There are no limits to what people can build or share in this virtual world. It is the first digital platform that is completely owned by users and its working philosophy is very similar to the famous game Second Life.
How will the project work?
The platform operates similarly to popular games like Skyrim and Fallout, with the Decentraland project being an immersive virtual world. However, instead of playing the game on a 2D screen, you’re participating in a 3D world.
Every piece of land purchased through the Decentraland platform is represented by a fixed, non-fungible digital asset Ethereum smart contractEach land asset can be divided into parcels that respond to specific coordinates and specific owners. The footprint can also be up to 33 feet long and 33 feet wide, but there is no height limit, providing users with ample space to work in the virtual world. On this platform, users will be able to create 3D spaces and applications as they see fit.
Features of the Decentraland Platform
- Decentraland users receive all revenue from the value received from other users and do not pay any hidden fees or commissions to third parties.
- Recently, Decentraland created LAND Estates, a feature that allows you to easily manage your land by linking it to neighboring lands.
- The platform uses the MANA token as its main currency, a token based on the Ethereum network, which in addition to being used for payment operations for goods and services worldwide, you can also use it to purchase land from the platform market.
- The Decentraland protocol consists of three layers:
1- Consensus layer: Involves tracking land ownership and its contents through smart contracts on the Ethereum network.
2-Earth content layer: Use a decentralized distribution system to display the content contained in the earth in the virtual world created by the platform.
3-Real-time layer: Provides point-to-point transactions to facilitate users to easily trade with each other.
The Decentraland project and its simulation of Second Life
The game Second Life, or “Second Life” as it is also known, is a 3D virtual world game launched on the Internet in 2003 as a parallel Second Life to our human lives on Earth. The world today has millions of people living together, buying and selling from all over the world.
In fact, the game remains so popular that the virtual world’s annual GDP is as high as $500 million, more than the income of some small countries! Not only that, but in-game users spent a huge amount of money on in-game work in 2015, estimated at $60 million.
The Decentraland project aims to emulate the Second Life game and raised over $25 million at one stage first private placement With the Decentraland project, the company intends to borrow some of the technology from the Second Life game and combine it with the production technology of Minecraft, one of the most popular games in the world, not to mention encoding all content on the platform with encryption code.
The Decentraland platform is still under development, and Decentraland recently announced partnerships with major companies such as WAX and OPskins, companies that specialize in online asset sales in video games.
