Exploring Decentraland: A Review of the Virtual World Built on Ethereum | Reviews Bitcoin News

Exploring Decentraland: A Review of the Virtual World Built on Ethereum | Reviews Bitcoin News

Exploring Decentraland: A Review of the Virtual World Built on Ethereum

During the last two weeks, I’ve been roaming around the virtual world Decentraland in order to get some perspective on the platform supported by the Ethereum Blockchain. The following is a review of my experience in Decentraland and observing all that has been built since it was invoked over four years ago.

Four years ago, the platform Decentraland stemmed from a proof-of-concept that assigned ownership of digital real estate in an infinite 2D grid. When the creators did this, it was originally dubbed the “Stone Age of the Decentralized.” The team behind Decentraland then finished crafting a 3D virtual world divided into plots called the “Bronze Age” at the end of 2016. Fast forward to 2020, and Decentraland, the metaverse built on Ethereum is massive.

Essentially, the world is a blockchain fueled virtual reality platform and users can explore, create, play games, collect wearables, monetize creation, leverage land plots, and 3D building techniques. After the “Bronze Age,” Decentraland moved into the “Iron Age” which involves the ability to interact with the virtual world in various ways and leverage the native cryptocurrency MANA to process payments.

I’ve known about Decentraland for a while now, and just recently decided to explore the metaverse during the last two weeks. I decided to write a review on the platform in order to give news.Bitcoin.com readers some perspective on this fascinating land and the best way to experience the platform. In order to leverage Decentraland, you need a wallet that interacts with ETH-based decentralized applications (dapps). I leveraged the Metamask wallet with the Chrome browser and fired up a new ETH account.

In addition to writing the review and exploring Decentraland, I also involved my two sons Joshua and Franklin. I wanted to get opinions from people who are much younger than me in order to see how they liked the platform. After creating a new Metamask-based ETH address, I simply went over to the website Decentraland.org.

The first thing my sons and I did was head over to the Avatar section and we created my Avatar or how I look when I am traveling the virtual world. Choosing the look is similar to a number of Avatar creators people are used to like Nintendo’s Miis and other programs.

After customizing your look, the program asks you if you want to grab your “Passport” to manage your digital identity. Meaning, anyone can pay 100 MANA (Decentraland’s ERC20 token) in order to obtain a custom name. Now after you customize your Avatar, you do not need to pay 100 MANA or register right away or at all.

You can also simply explore Decentraland as a guest. My sons decided that I should choose a name and I chose “Jamiecrypto” for my Decentraland Passport name. You can grab MANA by simply swapping ETH for Decentraland’s native currency using the Metamask wallet’s swapping feature.

The name “Jamiecrypto” was available, and I opened up a contract in order to obtain the name. However, because gas is so expensive right now I waited two solid days to finally get fed up, and pay $4.50 in gas to push the contract settlement. Ethereum’s fees are problematic right now and the issue will make Decentraland less fluid if the chain does not scale. Understanding this issue, I didn’t care too much and moved on, but this will definitely deter users from exploring Decentraland to its fullest extent.

After pressing “start exploring” at the Decentraland.org website it connected with my Metamask account and I entered the “Genesis Plaza” This area is like a introductory zone that has a number of cool buildings and a robot that gives you an explanation of Decentraland and what you can do.

After listening to the welcome robot, my sons told me to start roaming around and I did but I was leveraging a Macbook Pro with the built-in trackpad. Using a trackpad is slow and not the best accessory to use while you explore Decentraland.

My son Joshua who is used to playing virtual world games like Roblox, told me we should hook up a mouse in order to move around. After hooking up a mouse, it was much easier to move around Decentraland and users can also press “/help” in order to learn the control mechanisms.

We all decided that I should roam around the “Genesis Plaza” and my sons wanted to explore the big brown building that resembles a shoe. This building is like a history museum of Decentraland and artifacts explain how it was built, how the governance system (DAO) works, and some of the hosted activities that take place in the virtual world.

The three of us stopped for a minute to observe a poster of a John Perry Barlow’s “Declaration of the Independence of Cyberspace” and my oldest son Joshua read the paragraph which says:

Governments of the Industrial World, you weary giants of flesh and steel, I come from Cyberspace, the new home of Mind. On behalf of the future, I ask you of the past to leave us alone. You are not welcome among us. You have no sovereignty where we gather.

Decentraland has all kinds of artwork, buildings, and unique things, and the “Genesis Plaza” is one small aspect of this world. While exploring the plaza, we saw mountainous terrain that looked like a volcano and the “NFT Hallway,” which displays a number of non-fungible tokens (collectibles, artwork, wearables.)

Lots of the NFT shops are all over Decentraland and some NFTs are for show, while others can be purchased by using MANA. For instance, the shop from the crew at Digitible offers a number of NFTs and Ross Ulbricht collectibles as well. The funds spent on Digitable-crafted Ross wearables go directly to the Ulbricht family.

Of course, my kids wanted to buy everything in the virtual world of Decentraland. But during the entire exploration period, the only thing I spent MANA on was my custom name and the fee to settle the contract. Users can purchase wearables at the Decentraland Marketplace as well which sells hats, hoodies, shoes, shirts, and land parcels as well.

I found that everything in the entire marketplace was extremely expensive and I just couldn’t fathom paying hundreds of dollars worth of MANA on a virtual hoodie. This is another criticism my kids and I had with Decentraland, and we all thought the game would be far more enjoyable if NFT goods were cheaper.

Decentraland is massive, and in order to warp to other places in the virtual world simply press “M” on the keyboard. This loads the map and my son’s and I visited places like the Scifi Plaza, the Asian Plaza, Metazone Tower, Battle Racers, Crypto Valley, and the Crypto Valley Art Museum, the Museum District, Pixelchain, Bartertown, Decentraland University, and many more areas.

Over the course of two weeks, my sons and I still have not explored every crevice and plot in Decentraland. Joshua and Franklin enjoyed all the things that you could ride like the Ferris Wheel, race tracks, and the many obstacles throughout the metaverse.

My favorite place was the Crypto Valley Art Museum and the donut shop with two police cruisers sitting in front of the shop. My oldest son Joshua explores Decentraland on his own now too, as he downloaded Metamask on his own laptop and fires up the virtual world to explore.

Yesterday, he added me as a friend by simply searching my name “Jamiecrypto” and we both explored Decentraland together on separate computers. During the last few months, Decentraland explorers hold small community events and gatherings. A few days ago, comic book illustrator Jose Delbo answered questions about his digital artwork in Decentraland during an exhibition.

Joshua is ten so he enjoyed the program a lot more than his seven-year-old brother Franklin. Overall, we all thought the experience is enjoyable and it’s very cool to see a virtual world built on top of the Ethereum network. My two sons also enjoyed the fact that they used a Metamask wallet for interaction and how the ETH chain powers the entire world.

The only issue I had with the entire Decentraland experience was the high ETH gas fees, which are a problem for every defi application right now and the expensive gear. I think that people marketing virtual wearables should come down on their prices, but I can see that happening if Decentraland gathers more users.

What do you think about the Decentraland experience? Let us know in the comments below.

3D virtual world, collect wearables, crypto, Cryptocurrency, dApps, Decentraland, Digital Assets, Digitible, ETH, Ethereum, Exploring, leverage land plots, MANA, metamask, Metazone, monetize creation, nft, NFT Assets, Non-fungible artwork, Non-fungible tokens, Review, Wallet

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Source: www.americancryptoassociation.com

Ethereum miners’ rising fees could be a security concern

Ethereum miners’ rising fees could be a security concern

Ethereum gas usage and fees both have been climbing higher with each passing day. Though the gas fees are not at an all-time high (seen in 2018), it has increased strikingly since mid-may. The gas fee is used to calculate fees needed to be paid to the network to perform a certain transaction and with an increase, users have been paying higher transaction fees.

According to Wilson Withiam, a researcher at Messari, Ethereum was “on pace to shatter its previous annual record for total gas spent in native units.”Image

Source: Twitter

This rising cost of gas was a double-edged sword for Ethereum; On one hand, it did signify growth, but on the other hand, it was adding to the network’s security budget, noted the researcher. Gas recorded its ATH in 2018; gas payments are currently only 2,000 ETH lower and may set a new record.

Miner revenue has also been skyrocketing in the past two months and has reached an all-time high. According to data provided by Glassnode, miner revenue from fees was surging to a new high.

Source: Twitter

Hourly chart suggested that more than a third of the ETH miner revenue came from fees rather than block subsidy. The +25% mark has been a good leap from less than 5% in April. Though miner revenue from fees has increased, its Fee Ratio Multiple [FRM] has been impacted negatively.

FRM relates to the security of the blockchain. Standing at a lower value between 0 and 10, FRM suggested that Ethereum could maintain its security budget [miner revenue] and did not need to depend on an inflationary subsidy. Currently, FRM reached 21.51.

Source: Glassnode

In the near future, Ethereum will require heavy inflation via block rewards subsidies in order to maintain its existing security budget.

Ethereum has been stuck in a loop of problems: high gas price that has been also pushing transaction fees. DeFi and Tether have brought growth to Ethereum, they have contributed to user traffic on the network, as utilization of gas on a daily basis has also reached an all-time high. However, the high fee has also been driving away potential users which is not a good sign for adoption.Did

News source

Source: elevenews.com

Author: Published 13 hours ago



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Ethereum Hits $320 as Price Goes Parabolic: What Analysts Think Comes Next

Ethereum Hits $320 as Price Goes Parabolic: What Analysts Think Comes Next

Ethereum is ripping higher after having broken past the pivotal $250 resistance earlier this week. As of this article’s writing, the asset trades for a few dozen basis points shy of $320 — a price almost 30% higher than that of five days ago.

ETH’s latest leg higher has brought it to a new year-to-date high. Earlier this year, in February, the asset topped at around $290 before proceeding to plunge to $88. This latest move, then, has been a breath of fresh air for bulls.

Chart of ETH's price action over the past few days from TradingView.com

Many investors have been caught off guard by this move. Just days ago, the asset was stuck under $250 as it failed to benefit from the then-ongoing small-cap altcoin surge.

Though analysts are trying to determine what comes next for Ethereum, which remains down almost 80% from its all-time high.

Ethereum is printing potential reversal signals after surging 30% in five days, analysts have said.

One trader shared the chart below, noting that Ethereum looks similar to how it did at the February top from the perspective of a trend indicator:

“Watch for a local top on $ETH based on 10 day trend persistence.. highest in Feb was 12.30, March dump highest was 12.25, we are currently at 12.21.”


Chart of ETH’s price action since the start of the year with Persistence indicator from trader Joseph (@Josephcrypto on Twitter). Chart from TradingView.com

Other signs have also indicated that the asset is extremely overextended.

One trader shared that per the Bollinger Bands, a prominent technical indicator that tries to define ranges/volatility for an asset, ETH is overextended:

“You may very well have a strong FOMO that you don’t own enough ETH right now but look at the Bollinger Bands, daily completely outside of it. High chance it goes back inside the channel over the next week.”

That same individual added a few moments later that Ethereum’s current price action looks structurally similar to 2019’s highs. “We slightly overran yearly pivot R last year and we just did so now… Pretty confident I’ll be able to buy back a bit lower.”

Although most agree that Ethereum may see a short-term drop, a large convergence of analysts remain certain that it is long term in an uptrend.

One top trader commented that he is not “fading this,” referencing how Ethereum decisively set a macro higher high for the first time in around three years.

Others have noted that because Ethereum breached a macro resistance at $290-300, it is primed to surge towards the $500s and beyond.

Source: www.cryptobitnews.co.uk

Ethereum as Lifestyle Brand: What Unicorns and Rainbows Are Really About - CoinDesk

Ethereum as Lifestyle Brand: What Unicorns and Rainbows Are Really About – CoinDesk

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Source: www.americancryptoassociation.com

Exploring Decentraland: A Review of the Virtual World Built on Ethereum | Reviews Bitcoin News

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