Whitepaper | Circles UBI | Handbook:
[Everyone has their own currency operating by a shared set of rules, culminating to form a kind of monetary fabric.]
[Each personal currency mints new coins for the associated person every minute, and the quantity inflates each year.]
[To mitigate the risk of any account turning into a sybil, trust can be revoked, which allows the revoker to continue spending the revokee’s coins but not receive new coins from them.]
[If Carol and Bob are strangers (not yet established mutual trust) but both extend trust to Alice, they can send each other money by transacting in AliceCoin; through transitive chains of trust Carol and Bob receive BobCoin and CarolCoin, respectively.]
[If a trusted person creates a Fake account, other people cannot receive FakeCoin until they trust it, and that person can only spend it if other people trust it.]
[People receive CRC unconditionally and the supply is constantly increasing, which incentivizes spending (flowing) over hoarding.]
[The current dominant monetary system is like agricultural monoculture, which devitalizes the soil and requires pesticides to protect. Circles is more diverse:] if you lose your strawberry fields, you will still have your roses and potatoes and cannabis.
[Being careless with trust in Circles mostly hurts you personally and not the whole system.]
[Trust limits are the percentage of your Circles that you are willing to hold in a given person’s coin (50% by default, but may be lowered or cancelled eventually); they prevent you from losing all your tokens through transitive transactions.]
[You can start your own local Circles community without three trust connections by sending 0.1–0.2 xDAI to your account, but this will only be useful if you invite your network to exchange products and services with you.]
[“Shared wallets” do not issue UBI or receive trust, but they can be opened and shared by anyone in a group or organization. Businesses should not use personal wallets because taxes are complicated.]
[UBI stops if you don’t log into your wallet for 90 days, thus incentivizes meaningful usage. To receive UBI after that you need to create a new wallet and transfer over your old CRC.]
[Circles is not on any crypto exchange as it is meant for spending, not for getting rich. You might convince someone to give you other currencies for your tokens, but the peer-to-peer nature of Circles makes it hard to give liquidity to the whole network.]
[The co-op covers transaction costs on the xDAI chain so that buyers and sellers can use the marketplace for free.]