What is MANA coin? Introduction to the issue price, total amount and white paper of MANA coins

MANA coin, the native cryptocurrency of the virtual reality platform Decentraland, has a total supply of 2.19 billion and was initially issued at an ICO price of $0.024 per MANA in 2017.

Oct 06, 2024 at 07:42 pm

What is MANA Coin? Exploring Its Issuance Price, Total Supply, and Whitepaper

1. Overview of MANA Coin
MANA coin is the native cryptocurrency of Decentraland, a virtual reality platform where users can purchase, develop, and monetize their own virtual land parcels. It serves as the medium of exchange for transactions within the Decentraland ecosystem.

2. Issuance Price
MANA coins were initially issued during the Decentraland Initial Coin Offering (ICO) held in 2017. The ICO price was $0.024 per MANA.

3. Total Supply
The total supply of MANA coins is capped at 2.19 billion, with 1.49 billion MANA currently in circulation.

4. Whitepaper
Decentraland's whitepaper was released on February 20, 2017. It outlines the platform's vision, architecture, and the role of MANA coin within the ecosystem. The whitepaper can be accessed on the Decentraland website.

Details of the Issuance and Distribution

5. Token Distribution
The MANA token distribution was divided as follows:

• Private sale: 40%
• ICO: 40%
• Team and advisors: 14%
• Reserve: 6%

6. Token Sale Dates

• Private sale: January 18, 2017 - February 10, 2017
• ICO: February 27, 2017 - March 1, 2017

7. Token Burn Mechanisms
Decentraland has implemented several token burn mechanisms to reduce the circulating supply of MANA and increase its value. These mechanisms include:

• Land auction fees: 5% of all land auction fees are burned.
• Estates marketplaces: All fees from the Estates marketplace are burned.
• Games and apps: A portion of revenues generated from games and apps built on Decentraland is used to burn MANA.

Conclusion
MANA coin is an essential component of the Decentraland ecosystem, facilitating transactions for virtual land ownership, asset purchases, and other services. Its initial issuance price, total supply, and whitepaper provide insights into its origin and distribution within the platform. The ongoing token burn mechanisms help stabilize and appreciate the value of MANA, encouraging its use and adoption within Decentraland.