Tag: Is Mana a proof-of-stake?

Opened to the public in January 2020, Decentraland is an Ethereum-based virtual world, or metaverse, that is owned by its users and governed through a decentralized autonomous organization (DAO).

Decentraland makes money by issuing and holding its MANA tokens . The platform was able to raise an initial $26 million during its ICO by selling MANA to interested investors. Founded in 2015, Decentraland has become one of the world’s leading metaverse platforms. It has raised over $50 million in funding to date.

Decentraland Mining Decentraland was built on Ethereum which is currently a Proof-of-Work blockchain , though it is in the process of transitioning to Proof-of-Stake.

MANA, unlike other Proof-of-Work (PoW) cryptocurrencies (I.e, Bitcoin, Ethereum, etc), is based on the Proof-of-Stake (PoS) consensus process, making traditional mining impossible. There are, however, alternative methods to profit from Decentraland MANA, and the platform’s other assets.