What is Decentraland?
Decentraland is software running on Ethereum. It lets you be in a shared virtual world, and it is available worldwide. Decentraland users can buy and sell digital real estate. It enables you to explore, interact and play games in the virtual world. Since its release, the platform has evolved; they made it possible to participate in interactive apps, in-world payments, and peer-to-peer communication for users.
There are 2 tokens you can use in Decentraland:
LAND - A non-fungible token (NFT) used to define the ownership of land parcels representing digital real estate.
MANA - A cryptocurrency that facilitates purchases of LAND, virtual goods and services used in DEcentraland.
When there are changes to the Decentraland software, they are enacted through a collection of blockchain-based smart contracts. This allows participants who own MANA to vote on policy updates, land auctions and subsidies for new developments.
Who Created Decentraland?
The Decenteraland Foundation is the organization behind the development of the Decentraland software. It was founded by Esteban Ordano and Ariel Meilich in 2015. The Initial Coin Offering (ICO) for Decentraland was in 2017 rasing 86,206 ether to fund its future development. Before they launched the platform, Decentraland launched a decentralized autonomous organization (DAO) to turn the management of the project over to its users.