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What kind of currency is MANA coin? Introduction to the official website, circulation and trading platform of MANA coins
MANA, the cryptocurrency used within Decentraland, serves as the medium of exchange for virtual land purchases, allowing users to acquire virtual properties in the blockchain-based platform.
Oct 03, 2024 at 03:23 am
What is MANA Coin?
Decentraland LAND is a virtual reality platform powered by the Ethereum blockchain. MANA is the cryptocurrency used within Decentraland, and it serves as the medium of exchange for purchasing virtual land, goods, and services within the platform.
Introduction to MANA Coin
MANA was created in 2017 by Decentraland, a company founded by Esteban Ordano and Ari Meilich. The coin's main purpose is to facilitate transactions within the Decentraland platform, allowing users to purchase LAND, pay for virtual experiences, and interact with the platform's ecosystem.
Circulation of MANA Coins
The total supply of MANA coins is limited to 2.19 billion. As of September 2023, approximately 1.9 billion MANA coins are in circulation. The distribution of MANA coins is as follows:
- 40% sold during the initial coin offering (ICO) in 2017
- 20% allocated to the team and advisors
- 20% reserved for future development and partnerships
- 20% distributed to LAND owners
Trading Platforms for MANA Coins
MANA coins can be traded on various cryptocurrency exchanges, including:
- Binance
- Coinbase
- Huobi Global
- FTX
- Kraken
Use Cases of MANA Coin
Within the Decentraland platform, MANA coins are primarily used for:
- Purchasing LAND: MANA is the sole currency accepted for purchasing virtual LAND in Decentraland.
- Buying Goods and Services: Users can use MANA to buy clothing, accessories, and other virtual items within the platform.
- Paying for Experiences: MANA can be used to purchase tickets for virtual events and experiences held within Decentraland.
- Governance: MANA holders can participate in Decentraland's decentralized autonomous organization (DAO) by voting on platform decisions and proposals.
Conclusion
MANA coin is the official cryptocurrency of the Decentraland virtual reality platform. It enables users to interact with the platform's ecosystem by facilitating transactions for purchasing LAND, goods, and services. With its limited supply and wide availability on cryptocurrency exchanges, MANA plays a vital role in the growth and development of Decentraland.
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