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Decentraland (MANA) is a virtual reality platform based on the Ethereum blockchain that allows users to create, experience, and monetize content and applications. Decentraland aims to create a decentralized, blockchain-based virtual environment that enables users to leverage the benefits of blockchain technology and experience the Metaverse.

The virtual world of Decentraland has two native tokens: MANA and LAND. LAND is a non-fungible digital asset (NFT) that consumers may buy and own permanently. It is a limited and transferrable 3D virtual place. Each LAND plot is 52 feet by 52 feet (16 meters by 16 meters) and is an ERC-721 token. LAND can be acquired by burning MANA, an ERC-20 token. Users in Decentraland can also use MANA tokens to pay for things in the marketplace, such as avatars, names, wearables, and other items. Decentraland provides a complete marketplace where all on-chain assets may be traded and managed.

Here are Decentraland’s five critical use cases, as detailed in its whitepaper:

• Applications – Users may use Decentraland’s scripting language to build apps and 3D scenes, allowing deeper interactions.
• Advertising – Decentraland is one of the most popular virtual reality platforms in the crypto ecosystem. As a result of increased player traffic in neighborhoods, advertising companies have purchased space and erected billboards.
• Digital Collectibles – The Decentraland Marketplace has many collectibles, such as NFTs, wearables, etc., that users can buy and trade. Owning these NFTs gives users ownership rights over them.
• Social – Communities on social media platforms and offline groups can engage in more active social interactions.
• Content Curation – Decentraland hosts many communities and like-minded people who own and develop neighborhoods.

To access the virtual realm of Decentraland, each user must first design an avatar. Users may customize their avatars by changing their body type, shoes, accessories, etc.

Decentraland was created by using scenes placed one on top of the other. A scene is an experience in and of itself, with the players being able to walk from one scene to the next. As a result, there are a variety of activities available in the virtual world, including engaging with other players, visiting casino areas, listening to music, attending parties with other players, and just traveling.

From a technical perspective, Decentraland protocol is built on a three-layered architecture which consists:

• Consensus Layer – uses an Ethereum smart contract to monitor LAND ownership.
• Land Content Layer – downloads the assets using a decentralized distribution system.
• Real-Time Layer – establishes peer-to-peer connections between users, allowing them to engage in real-time.

Ariel Meilich and Esteban Ordano co-founded Decentraland. They have currently stepped down from prominent roles at the project but continue to advise Decentraland. They founded the Decentraland Foundation in 2015. This foundation later developed the Decentraland Software.

Decentraland, the virtual platform, was created in 2017 after a $26 million Initial Coin Offering (ICO). The first LAND tokens representing plots in the game’s first part, Genesis City, were auctioned off in December 2017. The Decentraland Marketplace was launched in March 2018, enabling users to purchase and sell LAND pieces in Genesis City and explore the region on a map.

Decentraland’s closed beta began in 2019 and was released to the general public in February 2020.

Decentraland is one of the most widely used and secure decentralized applications on the Ethereum blockchain. Given its built on the Ethereum blockchain, it leverages the network’s security. Ethereum is considered one of the safest blockchains in the ecosystem as it has a distributed network of validators responsible for ensuring the network’s security. Moreover, both Decentraland and Ethereum have been battle-tested through times of high user activity to disruptive market fluctuations.

Additionally, the Decentraland team prioritizes security and has taken the required safety measures to ensure the platform is safe for users.

Typically, it has been seen that online theft and fraud are done by hacking the users’ online/hot wallets and not through attacks on the blockchain network an application is built on. Malicious actors trick users into revealing their private keys or attack their system with malware. They do so to gain access to the users’ private keys, allowing them to control their wallets.

Hardware/cold wallets overcome this vulnerability by storing private keys on physical storage devices that are disconnected from the internet and hence out of reach of malicious actors.

Prominent cryptocurrencies like MANA are available on many centralized exchanges (CEXs) and decentralized exchanges (DEXs). CEXs users compromise complete ownership over their crypto assets, as they do not have access to the wallets’ private keys holding their funds. Most CEXs also require KYC information these days, which is not ideal for people seeking privacy over their online activity.

DEXs are ideal for investors who prefer privacy and ownership over their assets. However, there are still some loose ends on the security front when online wallets are used, as they may expose their private keys resulting in thefts and frauds. 

A Ledger hardware wallet saves your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. 

The Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the system extremely convenient. The provision to use a PayPal account or Debit/Credit Card to purchase MANA offered by Ledger is also beneficial for new users. Follow the simple steps below to purchase MANA on a Ledger wallet: 

1. Get a Ledger hardware wallet.
2. Download and install Ledger web or mobile application.
3. Connect the Ledger app with the Ledger hardware wallet.
4. Install the Ethereum application from the app catalog.
5. Start buying MANA using Ledger Live.

Users also can swap or trade MANA on Ledger Live for other cryptocurrencies for a dynamic and diversified portfolio that maximizes returns. The hundreds of swap pairs available on Ledger can be accessed as follows:

1. Get a Ledger hardware wallet. 
2. Download Ledger Live.
3. Install the ‘Exchange’ application on Ledger Live and the applications for the coins you wish to swap.
4. One must have MANA in the linked hardware wallet to facilitate the swap. 
5. Once there are sufficient assets in the wallet, swapping is possible.