The virtual world of Decentraland is now officially governed by a decentralized autonomous organization, which allows users to vote on all kinds of propositions. However, only landowners and people with MANA tokens in their wallet are able to vote for the future of the virtual world. Users will need to connect their wallet to obtain voting power.
Landowners will need to register to be able to vote. One piece of land has the same voting power as 2000 MANA. This gives landowners less voting power compared with the economical value of their virtual property. MANA owners will need to wrap their MANA before they are able to vote. Users can only use WMANA to acquire Community Power.
The Decentraland community can use their Community Power to vote on proposals. For example, a certain smart contract can be executed when enough votes have been obtained. Players can highlight new points-of-interest on the Decentraland world map, add a street name, or they can upgrade the smart contracts of LAND and estates.
To make sure not everybody keeps sending in votes, there’s a filter. First a vote needs to be approved by the community before it ends up in everybody’s inbox. The second security mechanics is a delay application that prevents a flood of votes popping up at the same time.
What is Decentraland?
Decentraland is a virtual world build on the Ethereum blockchain. Consumers can buy land within this world, and build anything. Currently ownership over virtual land is highly speculative, and the value of these lands increased significantly over the past year. Decentraland launched in February, and players can now visit by using a web browser on a desktop or laptop.
Within Decentraland people can build all kinds of businesses, including shops for in-game items, art galleries and games. Currently Matic Network is funding the development of additional games. Decentral Games and Metazone are some of the companies that create games within Decentraland. For example, Metazone is selling complete game installations. Landowners can earn money from those creations, while game creators earn a share of the revenue.