The Berlin-based company, Circles UBI, has launched a project on the xDai Ethereum sidechain. It offers a free basic income to its users each week. The platform has come up with a new monetary system called Circles.
When a user joins the Circles platform, a new personal cryptocurrency is created for him/her. Upon sign up, the user will receive 100 “Circles” cryptocurrency. These tokens are automatically created by smart contracts. The currency will then be regularly minted and added to the user’s account, forming the basis of Circles’ UBI properties. Currently, the Circles are paid out at a rate of about 14 per week, inflating 7% per year.
The platform aims to utilize the trust factor among group members. If you trust someone, you will trust the currencies associated with them. In a broader aspect, it will also help you in trusting other community members with a common friend. Thus, with the increase in the social network of users, it will create one dedicated global monetary ecosystem based on trust.
Go to the Circles garden homepage.
You will find two options:
- Sign up
- Log in
Choose option 1, i.e., Sign up, if you are a new user.
It will ask you to provide some basic profile-related details like username and email. The application will show your 24-word seed phrase. Keep it in a safe place.
After that, the platform will ask you to verify some seed phrase, and once verification is done, your profile is created.
Users are required to put up a profile photo so that other community members can recognize you.
For a proper functioning account, your profile should be verified by three existing platform members.
In case you are having a problem with arranging three trust votes, there is another method through which you can get your profile verified. In such cases, users are required to send 0.1 xDAI to their account. You can retrieve your account address from your profile link. See the below screenshot:
Click on the Share Profile Link button to share your profile link to get three trust votes.
Once your profile is verified, you are allowed to receive daily rewards and connect with other users.
The platform landing page looks like this.
Important: The platform mentioned that it provides 100 circles to the new users, but we have received only 50 Circles upon signing up.
From this tab, you can see your QR code and share your profile link with other users.
You can see your profile log through this tab. See transaction-related details from the transaction tab. The connection tab holds details about user social network connections in Circle.
Through this tab, you can send a token to other users who are in your circle.
Just search for the users whom you want to transfer to and enter the amount of tokens you want to send.
However, when we were trying to send some Circles to our trusted users, it was saying the maximum amount was 0.
The Settings tab contains your device, profile, and token address.
Important: Users will remain logged in if they are using the same device until they kill their session by pressing the End Session button. They can log in again by using their seed phrase. This makes the platform a little insecure because if anyone gets access to your device, they can access your Circles profile too.
Export seed phrase
Users can check their seed phrase and can copy it from this tab.
You can search for other users whom you know and can add them to your circles.
Directly trusted are the ones who have trusted you and you have also trusted them.
In your network are the ones who have trusted you but you have not trusted that person yet.
You will also be able to see if there is a common person who trusts both you and them.
The Circles platform has seen a huge interest in the last few days. This has resulted in their platform to slow down. The Circles team has acknowledged the issue and is working on it.
Circles seems to be a great platform to build a network along with earning passive income. But the platform is in the initial stage and requires improvements. We have experienced slowness issues while using the platform. This may be due to the large crowd hitting the platform as it already suffered a server breakdown at launch. All we can say that we are very hopeful about the project and will explore it again.
Resources: Circles Whitepaper
Read More: Enjin Wallet – How to Use Uniswap