Circles, a universal basic income app that gives free crypto to all its users, has gone live on the Ethereum blockchain. Users will receive a basic income in the form of a cryptocurrency called Circles.
Upon signup, users will receive 100 Circles and minting will start at 8 Circles a day. Following this, users will receive about 14 Circles each week and the value should inflate by 7% annually. Therefore, the platform will issue Circles to all users each week.
Additionally, Circles presents itself as a voluntary basic income scheme without the need of a state. To be specific, anyone can create an account and start minting their personal Circles.
However, to verify an account, a user needs 3 incoming trust connections. This means that three people must invite you to the platform. Also, it is advisable that a user should verify someone if they know each other in person.
For starters, many users are already joining the Berlin-based company causing the servers to crash. Despite that, the team notified that they are overwhelmed by the interest in the project and they are scaling up as quickly as they can.
We are a small team and (totally thrilled!) but also overwhelmed by the interest. We are working our way through the questions and support requests, but it’s going to take us awhile
— Circles (@CirclesUBI) October 17, 2020
With the hype of joining the project still going on, some Twitter users went on to request for people who can verify and trust them on the platform.
There’s a trust supplier crisis atm. Can’t reasonably find 3 already verified ppl who can legitimately trust me. Same for most of us.
To spread the clusters at first, I’d be happy to trust on demand for a few hours… Provided that I’m verified myself!https://t.co/eFdUApEVVl
— V&A (@____Vianney____) October 17, 2020
Additionally, users can send tokens to people that they “trust”. Trusting, in Circle terms, means that there’s a direct link between you and another person. Furthermore, users can also send Circles to people in their trusted friend’s trust network, as part of Circles’ transactive trust feature.