Circles

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 Basics

* Announced on:
* Mainnet release: 18-10-2020
*"Circles UBI is a blockchain-based Universal Basic Income created to promote local economy within communities. It was recently launched on Ethereum’s POA network.*

*The idea is to create a parallel economy by forming trust lines within Circles. Anyone who joins Circles receives a basic income regularly, without conditions. And the more connected your community is, the more valuable your Circles become. Also it is fully decentralized."*

## Token

### Token allocation

* From their whitepaper (11-11-2020):

"*In order to disincentivize hoarding and to encourage economic activity, the system will introduce an annual inflation schedule. This is demurrage by other means, where all personal currencies will issue progressively larger amounts of tokens per year, paid out per second. New users will always start issuing at a rate that is consistent with all other personal currencies."*

### Token Details

* From their whitepaper (11-11-2020):

"*Circles is a money system that is made up of individual currencies. These currencies work together to form a unified “monetary fabric” that behaves like a Universal Basic Income. When a new blockchain account joins Circles, the system creates and assigns them a unique currency via a smart contract. This is called a Personal Currency, and all personal currencies operate according to a shared set of rules."*

## Technology

* Whitepaper can be found here (18-10-2020).
* Code can be viewed [insert here].
* Built on: POA Ethereum sidechain and xDai.

### How it works

* There is no such thing as a CIRCLE coin (10-11-2020).
* From their whitepaper (11-11-2020):

"*When new users join Circles, a new personal cryptocurrency is created for them on a smart contract-enabled blockchain. This currency is then regularly minted and added to their account, forming the basis of Circles' UBI properties. Users have the ability to trust the personal currencies of other users, which requires them to treat this personal currency as identical to any other Circles currencies that they hold. As the social graph becomes more interconnected, these personal currencies converge on one single global monetary system.*

*Circles proposes to be the blockchain's native UBI money system. It has its own built-in resistance to Sybil attacks (i.e. fake accounts) and anyone can join the network at any time without asking permission from anyone.*

*Each personal currency continuously mints new coins and awards them to its associated person. Moreover, the amount of coins minted is inflating every year. This is the only way that new money is created in Circles and forms the basis of its UBI characteristics. All currencies mint new coins at the same rate, meaning that new money is co-produced and distributed equally to all members of the system at all times.*

*Because personal currencies are only able to travel through their networks of trust, the fungibility of a specific personal currency is a measure of how many other accounts trust it and the resources available in the network. This means that users who are new to the system and don’t have many trusted relationships have a less fungible currency than someone who is well-established in the network. It also means that the currency of new users gets more fungible over time as they create more trust relationships."*

### Layer Two

* Circles is using the xDAI blockchain. (11-11-2020).

## Audits

* Bug bounty program can be found [insert here].

## Team, Funding, Partnerships, etc.

### Team

* Full team can be found here (11-10-2020).
* Martin Köppelmann; creator