It has attracted the attention of Vitalik and the founder of Uniswap. How to participate in the trust-based "circle" token CirclesUBI?
Update: Many users report that there is a problem with the network and they cannot pass the verification. The issue has not yet been officially resolved.
Rhythm BlockBeats news, on October 18th, Martin Köppelmann, founder of Ethereum-based prediction platform Gnosis, announced CirclesUBI Officially launched, he revealed that the project has been discussing and adjusting the chain for 7 years until it is officially launched. He calls this CirclesUBI "universal basic income on the blockchain" or "a better currency." CirclesUBI is exploring a novel mechanism to generate a P2P trust money network with a known inflation rate.
In simple terms, users need to invite 3 people to grant credit, and then they can create their own Circles. In this "circle", users can mint a personal Circles token, and what is interesting is that the tokens between different users can "trust" each other, and their tokens will be interoperable. And behind this interoperability is the overlap of social networks and attempts to shape a new global currency system.
Circles are not scarce, there is no total mintage of tokens. Everyone in the "circle" system issues their own personal or common currency, 8 Circles can be minted per day, and the annual inflation is 7%. 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 and communicate with the Circles token.
Martin Köppelmann said that Circles is implemented based on the xdai network, and the contract-related address is:
hub: 0x29b9a7fBb8995b2423a71cC17cf9810798F6C543;
proxy factory:0x8b4404DE0CaECE4b966a9959f134f0eFDa636156;
safe: 0x2CB0ebc503dE87CFD8f0eCEED8197bF7850184ae.
Does the project sound interesting and somewhat similar to Uniswap The free currency issuance model. CirclesUBI narrows the economy down to 3 people and can launch their own Circle. In this article, Rhythm BlockBeats will briefly explain how to participate in CirclesUBI and launch its own "circle".
Register an account
1. Open the official website of CirclesUBI Sign Up: https://circles.garden/welcome, official I will briefly introduce what CirclesUBI is.
2. Follow the prompts to give yourself a user name, This username 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 Keep it well. Write down the phrases in the mnemonic at his request.
4. Next, upload an avatar and your account will be established alright. You can share your username with your friends, and they can find you by your avatar and username. It should be noted that the trust of 3 friends is required before the account will be activated and you will be able to earn income.
Activate your account
< p line="NNL1">Since CirclesUBI is implemented based on the xDAI network, it needs 0.01xDAI in the account. If not, netizens also recommend that you can go to the faucet address to get 0.01 Dai. (Rhythm note: There are too many recipients at present, and it is suspected that the distribution of faucet has been suspended. You can try it later.) Dai faucet URL: http://xdai-faucet.top/
2. After confirming that the account has xDAI, return to the Circles page. After refreshing, you will find The authentication is completed (Rhythmic Note: That is to say, the authentication process requires two conditions: 3 verified trustees+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 to the national currency economy. At present, the project has been reposted by V God, and has been commented by many big Vs inside and outside the circle. However, the concept of the project is slightly similar to a project previously reported by Rhythm Humanity DAO.
At that time Humanity DAO As a sample application, a smart contract with a UBI of 2,500 Dai (approximately $2,500) is deployed. Early applicants who successfully vote to enter the registry can claim 1 Dai per month until the Dai supply reaches zero. At that time Humanity DAO was also widely discussed, but after the deployment of 2,500 Dai, the project did not form a broad economic consensus, and eventually it fell through.
From now on Seeing that CirclesUBI has attracted the attention of many users, but everyone is more concerned about the tokens it distributes. The economic model has not been further understood, and the further development of future projects remains to be seen.
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