a virtual economy created in 2003 that has its own virtual currency. "Residents" of Second Life create avatars and interact with other avatars in a user-defined and user-created environment. Within Second Life, users — called residents — can create virtual assets, such as buildings that they rent or sell to other residents, or operate virtual businesses, such as virtual clothing stores that sell virtual goods to other residents. Transactions taking place within Second Life use Linden Lab's virtual currency, Linden dollars. Second Life residents can sell their Linden dollars to other residents for U.S. dollars through the LindeX™ exchange, which uses third-party payment networks to process the payments and allows residents to cash out of the Second Life world.
The main idea behind Second Life is to create an opportunity for people to change all the things about their life that they dislike. This virtual world mirrors the real world, and its users . . . interact with each other and perform their daily tasks and activities just as they do in real life (e.g. meeting friends, playing, writing or organizing a party). They can also engage in a business project or buy a house, a car or a yacht. In this virtual world, users do not have to face any kind of restriction.