We propose a new money system called Circles that is based on individualized/mutual cryptocurrencies and a social graph of trust between these currencies. This money system will be for the purposes of distributing and maintaining a globally accessible Universal Basic Income in a peer-to-peer. When new users join Circles, a new personal cryptocurrency is created for them on a smart contract-enabled blockchain. This currency is then regularly minted and added to their account, forming the basis of Circles' UBI properties. Users have the ability to trust the personal currencies of other users, which requires them to treat this personal currency as identical to any other Circles currencies that they hold. As the social graph becomes more interconnected, these personal currencies converge on one single global monetary system.

Main sectors: Social Economy; Platform Economies & Service Sharing

Main applications: Digital Tokens; Payments/Financial Infrastructure

Established in: 2015

URL: https://www.joincircles.net/

Organisation: Basic Income Lab GmbH

Organisation type: Companies (for-profit) – Startup

Founders: Ed Murphy; Ronit Kory; Martin Köppelmann; Harriet von Froreich; Anne Walther; Karenina Schröder

Partners: N/A

Country: Germany

City: Berlin

Stage of project: Pilot

Geographical reach: Local

DLT / Blockchain: Public – New

Other technologies: N/A

Whitepaper: https://github.com/CirclesUBI/docs/blob/master/Circles.md

Github: https://github.com/CirclesUBI/

Twitter: https://twitter.com/CirclesUBI

This project is part of the #DLT4Good Scanning. ‘#DLT4Good: Co-creating a European Ecosystem of Distributed Ledger Technologies for Social and Public Good’ is a forward-looking science for policy project supported by the European Parliament, and coordinated by the Joint Research Centre (JRC) in cooperation with the Directorate-General for Communications Networks, Content & Technology (DG CONNECT). Learn more about #DLT4Good.