Recently, have you seen such news in your own currency community?
This is not a one-person-one-knife bargain, nor is it a phishing website, but a recently popular project in the currency circle - Circles UBI. Don't be confused, it has nothing to do with USDC's Circle and Ubisoft games.
Now that the popularity of DeFi is getting colder, players in the currency circle are looking for the next crypto outlet. At this time, the new project Circles UBI appeared in people's vision under the aura of being reposted by V God on the first day of its launch. The social circle + free currency collection The gameplay instantly attracted a large influx of new users.
The project party seems not to have expected it to be so popular. Circles is not only swiping the screens in various communities, but even the project’s official website is also overwhelmed. It often gets stuck in infinite circles. It took me more than a day just to register and verify.
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UBI where everyone gets rich together
According to Wikipedia, UBI is actually a word in the field of social welfare. The full name is Universal Basic Income, which means universal basic income. It means that there are no conditions, qualification restrictions, and no qualification review. Distributed to all members by the organization to meet the basic living conditions of the people, and to implement basic human rights through economic protection.
UBI has the same pros and cons as other social benefits. Proponents believe that UBI can help people free themselves from labor, so that they can do what they want, making society more creative, flexible and practical. Opponents argue that it would make people less motivated to work and bring the entire economy into recession.
Since our world today has not yet eliminated national and racial distinctions, the worldwide UBI is still just a utopia. In the blockchain world that advocates fairness, there has been a project with the concept of UBI long before Circles, that is ENU.
The Chinese name of ENU is "Avocado", which was launched in February 2018, claiming to create a Dapp called UBI (Universal Basic Income, unconditional basic income). A total of 500 million ENU, except for 100 million reserved for the development team, the remaining 400 million were distributed by airdrop, and 400 million tokens were snapped up in a few days.
After being listed on the exchange, ENU quickly rose from worthless to 90 cents, and many people who fluffed their wool also made a lot of money. ENU is also dubbed "the first airdrop coin in the currency circle". However, in August 2019, ENU founder Aiden Pearce issued an announcement on the official website saying that "Enumivo is dead", and the project fell into disuse.
Unlike ENU, Circles does not use the simple and crude way of airdrops to realize UBI.
According to the project white paper, Circles distributes currency in a way that over time will lead to equalization of wealth and function like a globally accessible universal basic income.
When new users join Circles, the project creates a new personal cryptocurrency A for them on a smart contract enabled blockchain. This currency is then periodically minted and added to their accounts. All currencies mint new coins at the same rate, meaning new currencies will always be co-produced and distributed equally to all members of the system.
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Who is Circles attracted to?
There have been many articles analyzing the ingenious design logic of Circles, so I won’t go into details here. Based on my observations over the past few days, the author believes that Circles players can be divided into three categories.
Geeks who pay attention to new things: First of all, creating a UBI economy is a very grand and ideal vision, but at the same time, Circles has a perfect and ingenious mechanism:
Inflation mechanism that encourages spending coins.
Through the mutual "trust" between users to expand the usability of coins, it is no longer self-indulgent, and at the same time it prevents one person from registering multiple accounts at the same time. Trust on Circles is similar to adding friends on a social network, except that the relationship between friends is two-way, and trusting the other party only means that you unilaterally agree that the other party's personal currency can be exchanged for your personal currency at an equivalent value.
Indirect transactions between strangers are realized through the theory of six-dimensional space.
Protect old users who have established many mutual trust relationships from being locked in by new users through trust restrictions.
All of the above are refreshing, and geeks will naturally not miss it.
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Trusted more people and received more coins today than the day before. Source: Circles, OKEx Insights
Although this coin currently has no cash value, and theoretically it can be issued infinitely, the advantage is that there is no need to invest in other costs other than time and traffic, and no deposit is required. That's why there are crazy mutual trust users in the community, and some people boldly speculate that coins will be issued later in the project, and the more people trust each other, the higher the computing power will be.
A "fighter" who faces difficulties: Contrary to the fission of social products - the way old users invite new users, Circles is that new users need to find three old users who trust them to pass the verification and register successfully. Circles' style: sorry, if no one vouches for you, you won't be able to get in.
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Jokes aside, Circles is indeed one of the most interesting UBI projects recently, but as UNI founder Hayden Adams said, the current access method is not safe and the experience is poor.
At the same time, after the project became popular, in order to establish a mutual trust relationship with more people as quickly as possible, people are pulling groups to promote mutual trust between strangers, which has gradually deviated from the original intention of the project: carefully establish a trust relationship, because that is tantamount to recognizing each other’s personal currency. Coupled with the congested servers, all signs seem to indicate that premature popularity is not a good thing for the Circles project.
