German Startup Launches World’s First Blockchain-Powered UBI “Circles”

Circles, a Berlin-based company, has launched a Universal Basic Income application which gives away free crypto via blockchain technology.

The project launched on the xDai Ethereum sidechain which aims to provide its users with basic income each week. All users will receive 100 “Circles” cryptocurrency upon signing up and an additional of 14 Circles each week.

The pricing and payment guidelines of Circles is in the process of brainstorming as it gathers feedback from the public. The initial idea was to “mirror” the price of products or services in Circles.

“If you do not know how much to charge people for something in Circles, one option is to see what the price of your product is currently and mirror that price in Circles. Copying the unit of account (USD, Euro, Yen) is an easy framework for people to know what to charge,” the guidelines suggested.

In order to send and receive Circles, users can only proceed with transactions to and from people they “trust.” According to Circles’ FAQ, this means that sending Circles to someone symbolically represents the trust a user has in the person they are transacting with: “I trust you, therefore I accept your Circles” or “You trust me, therefore I can send my Circles to you.”

Moreover, users can also send Circles to people in your trusted person’s network without directly trusting those people yourself. Circles also supports co-payments where senders and receivers can choose to pay and receive payments in partial fiat and Circles.

Anyone can create an account but they will need 3 other people to trust you before you can start using Circles. This should amplify the “network effect” and funnel more people into using Circles.

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