Play slowly and you will know why Vtalik retweeted this content. Although the interaction is bad, it can't hide the beautiful idea.
This is a project that was retweeted and enthusiastically discussed by V God, the founder of Uniswap, and a series of overseas kols within a few hours of its release . Everyone needs to invite three individuals to grant credit to the mechanism and spread it wildly. In addition, the representative of Circles The coin mechanism is designed with the taste of the soul.
What is Circles UBI
Circles is a new token system, which is based on the social trust graph of personalised cryptocurrencies and tokens. The purpose of Circles is to distribute tokens over time, and this mechanism will lead to more equal wealth. When new users join, the contract will create a new personal cryptocurrency for them on the chain. This currency is then minted regularly and added to their account-forming the basis of Circle's UBI attribute.
Users can trust other users' personal tokens, which requires them to treat this personal token the same as any other Circles tokens they hold. As the social graph becomes more interconnected, these personal tokens will converge into a global overall token system.
The idea of Circles is to meet the needs of everyone who can issue their own currency, and everyone has a currency that is comparable to the price . People who know each other can agree to set the fixed exchange rate between their currencies to 1:1. They will mutually agree on each other's existence. For example, if the relationship between A and B and B and C are both 1:1, then A can pay C with C coins by converting A's currency into B's currency and B's currency into C's currency.
The result of Circles will be a globalized cryptocurrency, in which every participant has a good reason to use it (because they get free tokens), but it is a completely decentralized way to join this currency.
You can see the growth of Circles p2p network as shown below: https://dashboard.circles.garden/
Circles is implemented based on the xdai network, and the contract related address is:
hub:0x29b9a7fBb8995b2423a71cC17cf9810798F6C543 proxy factory:0x8b4404DE0CaECE4b966a9959f134f0eFDa636156 safe:0x2CB0ebc503dE87CFD8f0eCEED8197bF7850184ae
White paper: https://handbook.joincircles.net/about/whitepaper.htm
The founder's explanation of Circles
Martin Köppelmann, the founder of Circles UBI, is also the PM of the DeFi protocol gnosis. You can see gnosis data on DeFi Pulse.
Martin Köppelmann's introduction to Circles:
1) A voluntary basic income plan that does not require government intervention; 2) A completely decentralized currency that is fair in time and space; 3) A system of mutual trust that sets credit limits by default so that credit can be mutually Exchange; 4) A way of making money in the form of p2p, which ultimately makes the economy more human-centric; 5) Currency that is minted only through human life time; 6) Combining the Ripple concept with UBI.
Core rules
1) Everyone can generate an account and start mining their own Circles. The Circles mined by each account are different. 2) Starting today (October 17), mining will start at 8Circles/day, increasing by 7% every year. 3) People can trust each other-which means they are willing to exchange each other's Circles 1:1.
Reasonable explanation from the perspective of fair currency
1) It is very simple. BTC made people realize that currency can not be endorsed by the country, and the potential design space of currency is quite large. Soon after, people have the idea that "just like Bitcoin, but equally distributed to everyone of". 2) An annual growth rate of 7% is also important to ensure that newly minted currencies are compared with existing currencies in the future. (You can read the following: a reasonable figure of 7% is derived from the life expectancy of 80 years ) 3) There are two things in the third article: a) This is a completely decentralized solution to solve the sybil attack problem . Almost all other UBI blockchain solutions have returned to a central authority, which decides who can get UBI. b) It anchors the value (trust) of circles in interpersonal relationships. In my opinion, money is best defined as a "social contract" (such as Bernard Lietaer). Circles simulates this very clearly and vividly. The smallest viable "economy" of Circles is a group of 3-4 friends who decide to give each other UBI through Circles.
Circles UBI's industry attention
Circles was just released on October 17, and on the first day of its release, it received the attention of a series of big Vs in the blockchain.
V God's forwarding:
Although the founder of Uniswap complained about it, he still expressed his liking for this idea:
Metamask 的 Dan Finaly ：
Linda Xie of Coinbase:
In short, I haven't seen this formation for a long time...
How to participate in getting Circles
1. Registration
Open the URL https://circles.garden/welcome
Fill in the information and get the mnemonic phrase
Click "share profile link" to get the share link
Hey! Check out my Circles profile! https://circles.garden/profile/0xAD2c6f12573a8bE13bCdD8bA11f423534bfB75a9
2. Activate account
Open the website Xdai-faucet.top
Fill in the address in the sharing link and click the Receive button to get 0.01xDai
Back to the Circles page, refresh to find that the authentication is complete, click "create account"
3. Find the group with the most people and add friends
Explain that Circles enters the community
Share your invitation link in the group
Find the link of three friends to authenticate each other
Click your friend's avatar + number
trust him
Success page
How to play next, let’s keep exploring
Note: To participate in Circles, you only need to register, use and verify with a small amount of xDAI, and invite 3 friends to grant credit , without any form of investment !
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