Decentraland Post-ICO Update – August 2018 - Crush Crypto

Decentraland Post-ICO Update – August 2018

Overview

  • Project name: Decentraland
  • Ticker symbol: MANA
  • ICO date: August 2017
  • Market cap*: $72 million
  • Circulating supply*: 1,050,141,509 MANA
  • Total supply: 2,644,403,343 MANA

* As of August 24, 2018. Source: Coinmarketcap

Decentraland is an open-source, 3D virtual reality platform built on the Ethereum blockchain. It was founded by Ari Meilich and Esteban Ordano of Bitpay.

The project began in June 2015 as a proof of concept to allocate ownership of digital real estate on a blockchain using a 2D grid. In 2016, Decentraland was upgraded to a 3D virtual world divided into parcels of land.

Decentraland’s ICO raised over $24 million in August 2017. Now, Decentraland is being transformed into a virtual reality experience where users can create content and interact with each other and their parcels of land using MANA as a means of exchange.

Users of Decentraland can purchase and develop their own plot of unique, non-fungible land using ERC-20 tokens called MANA. LAND refers to parcels of finite and unique digital assets displayed on a two-dimensional grid within the game.

The content of Decentraland is stored on the Inter-Planetary File System (IPFS). The secondary marketplace is facilitated by District0x and imToken allowing users to trade LAND and MANA for other liquid ERC-20 tokens.

MANA can also be used to purchase other in-game goods and services beyond LAND. When a user buys LAND, MANA is burned in exchange. LAND can then be modified and resold in a secondary market known as ‘the Marketplace’ for a variable price that depends on popularity.

If necessary, an inflation feature will be initiated with MANA causing an annual inflation rate of 224,470,911 MANA, but it is currently disabled.

Decentraland’s protocol is composed of three layers: 

  • The first layer is the consensus layer which tracks ownership of LAND and its content using a smart contract on the Ethereum blockchain. 
  • The second layer is the land content layer which uses a decentralized distribution system to create content in the virtual world. 
  • The third layer is the real-time layer which allows for users to interact with each other. 

Key Milestones/News

The project is open-source and their development progress can be tracked here: https://github.com/decentraland

The Decentralized team provides key performance indicator and technical updates on their blog. Below are the key news/milestones achieved by the project.

  • June 2015: Decentraland is implemented as pixels on a 2D grid (Stone Age)
  • 2016: Development of the 3D virtual world began
  • March 2017: Land is modeled in a 3D space (Bronze Age)
  • August 2017: Mana Contribution Period (ICO) raised $24 million 
  • Q4 2017: First opportunity to claim land and beta launch of Iron Age
  • January 2018: First public editor tool Decentraland CLI allowed users to create and upload content 
  • March 2018: Decentraland Marketplace released to allow users to manage their land
  • April 2018: Decentraland SDK Alpha Release
  • May 2018: MANA is listed on KuCoin 
  • June 2018: Marketplace API released so anyone can pull data and images from the Marketplace
  • July 2018: Decentraland Agora voting dApp released

The Decentraland Marketplace dApp allows users to auction and trade LAND. Below is the usage of the dApp according to State of the Dapps. Decentraland Marketplace is the 56th dApp on the Ethereum network in terms of daily active users.

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Conclusion

The marketplace dapp is live on the Ethereum mainnet but it is only for trading LAND, which is just allowing users to speculate on different parcels of LAND.

The platform is in Alpha testing and there is no definite date has been given for when users can log in, explore and socialise. The team started publishing video tutorials of building programs on LAND from July 2018. The team has stated that the metaverse is expected to be open to the public by the end of 2018.

The below vision is straight from the project’s front page: “Your imagination is the limit: go to a casino, watch live music, attend a workshop, shop with friends, start a business, test drive a car, visit an underwater resort, and much, much more—all within a 360-degree, virtual world.” We believe the progress made so far is very far from the project’s vision as outlined above.


Additional Resources

Decentraland Official Resources

Crush Crypto Resources

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