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Update: Many users have reported that the network is currently experiencing problems and cannot be verified. This issue has not yet been officially resolved.
Rhythm BlockBeats news, on October 18th, Martin Köppelmann, the founder of the Ethereum-based prediction platform Gnosis, announced the official launch of CirclesUBI. He revealed that the project will be discussed and adjusted for 7 years until its official launch. He called this CirclesUBI “Universal Basic Income on Blockchain” or “Better Currency”. CirclesUBI is exploring a novel mechanism to generate a P2P trust currency network with a known inflation rate.
In simple terms, users need to invite 3 individuals to grant credit to create their own Circles. In this “circle”, users can mint a personal Circles token. What’s interesting is that the tokens between different users can “trust” each other, and their tokens will be interoperable. Behind this interconnection is the overlap of social networks and attempts to shape a new global currency system.
Circles are not scarce, and there is no total amount of minted tokens. Everyone in the “circle” system issues their own personal or common currency, and can mint 8 Circles per day, with an annual inflation of 7%. Everyone in the “circle” system issues their own personal or common currency. If a user trusts someone, it means that the user is willing to accept that their promise is true. Therefore, Circles encourages the community to use Circles tokens and communicate.
Martin Köppelmann stated that Circles is based on the xdai network, and the contract address is:
proxy factory: 0x8b4404DE0CaECE4b966a9959f134f0eFDa636156;
It sounds like the project is interesting, and is a bit similar to Uniswap’s free currency issuance model. CirclesUBI can launch its own Circle by shrinking the economy to 3 people. In this article, BlockBeats will briefly explain how to participate in CirclesUBI and launch its own “circle”.
1. Open the CirclesUBI official website to register (Sign Up): The official will briefly introduce what CirclesUBI is.
2. Then follow the prompts and give yourself a username, which allows your friends to search for you on the Circles app. Click “Continue” and you will be asked to enter your email address, just enter it normally.
3. Then the page will provide seed words, remember to keep them. Write the phrase in the mnemonic according to his request.
4. Next upload an avatar and your account will be established. You can share your username with friends, and they can find you through your avatar and username. It should be noted that the trust of 3 friends is required for the account to be activated and you can earn income.
Activate your account
Since CirclesUBI is implemented based on the xDAI network, 0.01xDAI is required in the account. If not, netizens also recommend that you can go to the faucet address to get 0.01 Dai. (Rhythm note: At present, there are too many recipients, and it is suspected that the faucet has been suspended. You can try it later.) Dai Faucet URL:
Note: The address to receive xDAI here is generated by CirclesUBI for you, not your own wallet address. CirclesUBI has a wallet function. The address generated for you can be found in the “share profile link”: at the last step of registration, click on the “share profile link” and a link will appear. The letters and numbers at the end of the link are your address. When receiving or recharging, be sure to fill in the correct address, otherwise you cannot proceed to the next step.
2. After confirming that the account has xDAI, return to the Circles page. After refreshing, you will find that the authentication is complete (Rhythm Note: This means that the authentication process requires two conditions: 3 verified trustees verification + 0.01xDAI). After the authentication is complete, click “create account”.
3. After completion, 50 Circles tokens will be issued to you. Next, mutual trust can be established.
According to project founder Martin Köppelmann, the project was finally launched after 7 years of discussions and adjustments. It is a new type of exploration and attempt on the national currency economy pair. At present, the project has been forwarded by V God, and has been commented by many big V inside and outside the circle. However, the concept of the project is slightly similar to a project previously reported by Rhythm.
At that time, Humanity DAO, as a sample application, deployed a smart contract with a basic income of 2,500 Dai (approximately US$2,500). Early applicants who have successfully entered the registration after voting can claim 1 Dai per month until the Dai supply reaches zero. Humanity DAO was also widely discussed at the time, but after the deployment of 2,500 Dai, the project did not form a broad economic consensus and eventually fell apart.
From the current point of view, CirclesUBI has attracted the attention of many users, but everyone is more concerned about the tokens distributed. The economic model has not been further understood, and the further development of future projects remains to be seen.