How to Guarantee Your Spot in Decentraland’s First LAND Sale

blog.decentraland.org5y ago

How to Guarantee Your Spot in Decentraland’s First LAND Sale Explaining MANA’s Terraform Queue Functionality

We’re excited to introduce a new functionality for the MANA token, which will help us achieve a fair distribution for LAND. We call it Terraform Queue.

With Terraform Queue, you can stake MANA tokens, adding yourself to a queue for buying LAND. (The Terraform Event is the initial LAND sale that will take place in Q4 2017). The staked MANA can be used to buy LAND at the regular price of 1,000 MANA per LAND, or at a premium that increases your priority in the queue.

The Terraform Queue will start on Monday, September 18th, and will last two weeks (48 hours per queue).

Ensuring Equal Access for Participants

Terraform Queue features a progressive process for claiming LAND, leveling the playing field for both small and large MANA holders. It makes it hard to claim large chunks of LAND near the center (coordinates 0,0) and eliminates the need to rush to purchase LAND.

As we explain below, the combination of a progressive queue system with the ability to pay a premium to get priority will help us achieve a more egalitarian distribution for the LAND, as measured by a lower Gini coefficient of the square meters.

How Terraform Queue Works

There are seven different queues to buy LAND, each having a registration period of 48 hours. During each registration period, users can stake their MANA to get into the queue. Each queue begins after the previous one has concluded and features a higher contribution cap than the previous one:

Start and end times for all dates are 1 pm GMT. Dates are for the the Terraform Queue, not the actual LAND sale.

During the registration period of Queue 1, users will be able to stake up to 12,000 MANA. Everyone who participates in this queue will be among the first to claim LAND that is closer to the (0,0) coordinates. Since this queue has a low contribution cap, most people will have an even shot at claiming the most valuable land.

Next, during Queue 2, users will be able to stake up to 24,120 MANA, and so forth. This method guarantees a fragmented distribution for the initial LAND parcels and achieves a wide distribution near the (0,0) coordinates.

At the Terraform Event, in Q4, those who participated in the Terraform Queue will have priority. After all participants in each queue finish claiming their LAND, LAND claims revert to a simple “first-in, first-out” system.

Balancing LAND Ownership

As stated above, users can pay a premium to get priority in each queue. Some users will prefer to claim more land parcels, whereas others will prioritize the location of their parcels at the expense of claiming less square meters. If two or more users bid the same amount for the same parcel, a collision prevention mechanism automatically resolves the bid.

Note: A single queue would have had a few issues. If users had to wait until all other users came online and claimed their LAND, the process might take months. With the Terraform Queue, everyone submits their claims at the same time, and conflicts between claims are resolved by evaluating how much users have spent per parcel. An alternative system, using the time when you entered the queue, would have led to a rush hour. Our system avoids that, ensuring equal access for different timezones while avoiding clogging the network.

The Terraform Queue reduces the gap between small and large MANA holders for how much LAND they’re able to purchase. Those who resort to premium bidding will end up paying more per square meter, while the progressive buying process deleverages larger holders.

Next Steps

At the Terraform Event, users will be able to select the LAND parcels they would like to claim, using a bidding system similar to the Ethereum Name System’s. In a future post we will elaborate on how our bidding system works.

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