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Martin Köppelmann, the founder of the prediction platform Gnosis, tweeted and announced the new project CirclesUBI , which attracted the attention of Vitalik Buterin and other blockchain big players , and quickly understood how to participate.
Original title: “Circles UBI Comprehensive Analysis and Participation Method”
Written by: ChinaDeFi
“Play slowly and know why Vtalik retweeted this content. Although the interaction is terrible, it can’t hide the beautiful idea.”
“This is a project that was retweeted by V God, the founder of Uniswap, and a series of overseas kols and heatedly discussed within a few hours. The token mechanism is designed to taste 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 result in more equal wealth. When new users join, the contract will create a new personal cryptocurrency for them on the chain. Then regularly mint this currency and add it 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 use C coins to pay for C 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 here see the figure below Circles p2p network growth situation:
Circles is implemented based on the xdai network, and the relevant address of the contract is:
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 p2p form of making money, 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.
1) Everyone can generate an account and start mining their own Circles, and 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—it means they are willing to exchange each other’s Circles 1:1.
Reasonable explanation from the perspective of fair currency
1) 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 that 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. 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 attracted the attention of a series of big Vs in the blockchain.
V God’s repost:
Although the founder of Uniswap complained about it, he still expressed his liking for this idea:
Dan Finaly of Metamask:
Linda Xie of Coinbase:
In short, I haven’t seen this formation for a long time…
How to participate in getting Circles
1. Open the URL
2. Fill in the information and get the mnemonic phrase
3. Click “share profile link” to get the share link
Hey! Check out my Circles profile! https://circles.garden/profile/0xAD2c6f12573a8bE13bCdD8bA11f423534bfB75a9
1. Open the website Xdai-faucet.top
2. Fill in the address in the share link
3. Click the Receive button to get 0.01xDai
4. Back to the Circles page, refresh to find that the authentication is complete, click “create account”
Find the group with the most people, add friends
1. Scan the QR code and add personal WeChat/WeChat chinadefi. Help Circles join the community
2. Share your invitation link in the group
3. Find the link of three friends to authenticate each other
4. Click on your friend’s avatar + number
5. Trust him
6. Success page
How to play next
Keep exploring, everyone!