Decentraland is a virtual reality platform powered by the Ethereum blockchain. The platform allows users to create and monetize content and applications, and it's native cryptocurrency is called MANA. The history of Decentraland and its cryptocurrency, MANA, can be traced back to its conception in 2015 and its initial coin offering (ICO) in 2017.
Decentraland was created by Esteban Ordano and Ari Meilich, two software engineers who saw the potential for a virtual reality platform that could be built on blockchain technology. In 2015, they began developing the concept and soon after, they formed a team to bring the project to life.
In 2017, Decentraland conducted its ICO, during which it raised $24 million in funding. The ICO was notable for its use of the Ethereum blockchain, which allowed for the creation of the ERC-20 standard token, MANA. The initial supply of MANA was set at 2 billion, with 1 billion tokens distributed during the ICO and the remaining 1 billion reserved for future developments and partnerships.
After the ICO, Decentraland continued to develop its platform and in 2018, it launched its first version of the virtual world. This version, known as Genesis City, allowed users to explore and interact with the virtual world, and it also introduced the concept of LAND, a non-fungible token (NFT) that represents ownership of a piece of land within the virtual world.
The launch of Genesis City was met with positive reception from the community, and it helped to establish Decentraland as a leading virtual reality platform on the blockchain. Following this, the team continued to develop the platform, introducing new features and partnerships, and expanding the virtual world.
In 2020, Decentraland's virtual world and its economy had grown to the point where it was able to launch its own marketplace which allowed users to buy and sell virtual assets, including LAND and other NFTs, using MANA. This marked a significant milestone for the platform as it demonstrated its capability of having a functional economy that enables digital scarcity and ownership.
Today, Decentraland is considered one of the most promising virtual reality platforms on the blockchain, and its cryptocurrency, MANA, is widely used within the virtual world's economy. The platform continues to evolve and grow, with new features and developments being introduced on a regular basis.
In conclusion, Decentraland and its cryptocurrency, MANA, have a rich history that spans from its conception in 2015 to its current status as a leading virtual reality platform on the blockchain. The platform's ability to support a functional economy that utilizes digital scarcity and ownership is one of its most significant achievements, and it has the potential to revolutionize the way we think about virtual worlds and digital ownership.
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