After 7 years of dreaming about it, discussing it, dismissing it, adjusting it and finally implementing it, @CirclesUBI - "universal basic income on the blockchain" - or just "better money" went live today!
So - what is Circles? It can be seen as many things:
6 examples:
1) A voluntary basic income scheme without the need of a state
2) Fully decentralized money but fair in time and space
3) A mutual credit system where credit lines are set by default to make credit fungible
4) A p2p form of money to make money and thus ultimately the economy more human centric
5) Crypto currency that is minted only by human life time
6) The original Ripple idea combined with UBI
The core rules are simple:
1) Anyone can create an account and start minting their personal Circles. Every account (person) mints different Circles.
2) Minting starts at 8 Circles a day today. This is increased every year by 7%
3) People can trust each other - which means that they are willing to exchange their Circles 1:1

That's basically it.
I will try to explain the reasoning behind all 3 from the perspective of "fair money" (again there are other ways as well to look at Circles).
The first rule is simple: Soon after Bitcoin made people see that money outside of a state is possible and that the potentially design space for money is quite large people came up with ideas: "like Bitcoin but coins are distributed equally per person".
The second rule - specifically the 7% increase per year makes sure that newly minted currency also matters in the future compared to already existing currency. (Read here how ~7% can be logically derived from a 80 year live expectancy)…
The third rule does 2 things: a) it is a fully decentralized solution to the sybil attack problem. Almost all other UBI blockchain solutions fall back to a centralized authority that decides who is human/ who can get a UBI.
b) It anchors the value (the trust) of Circles... human relationships. Money is in my opinion best defined (e.g. by Bernard Lietaer) as a "social contract". Circles makes that explicit and very local. The minimal viable "economy" of Circles is just a group of 3-4 friends that decides to grant each other a UBI via Circles.
Anyhow - you can read more here:…
Or a bit more technical stuff here:…
Here you can see the Circles p2p network growing: (that is me in the network)
Closing with some technical notes:
Circles runs on @xdaichain

In the reference implementation ( every account (identity) is a @gnosisSafe contract and the key is stored burner style wallet like in the browser.
The wallet uses also a transaction relay service where users don't need to have xDAI to pay gas costs but can instead pay the relay service via meta transactions in Circles. For onboarding to this services you need to be trusted by at least 3 users.
I want to close with a big thank you to so many people who have been supportive of Circles along the years and especially the current team with @isthisanart_ , @Julio_Linares_, @tw33ttw33t, Andreas and Blanka who finally brought Circles to live.

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More from @koeppelmann

18 Jul
Currently, no "solver" is able to clear the MTA auction.
This is comparable to "maker keepers" not participating in auctions. This is our fault.
Funds of buyers or sellers are not at risk. But it creates potentially exactly the same problems the a batch auction was supposed to fix. We are working on it with the highest pressure right now.
Solvers submitted solutions by now. The sale cleared.
In total 2.6M MTA have been sold for $4,728,391 setting the average sale price to $1.81
Read 10 tweets
17 Jul
Time for a short thread of how the "oracle problem" is solved in @Omen_eth in a fully decentralized way.
Every market in Omen is linked to a question on @RealitioProject. Once the resolution time comes anyone can resolve that question to whatever outcome they want by posting a small Ether bond (min 0.01 ETH)
Anyone can now overwrite this answer by posting a bond that is at least double the previous bond. This process can continue until for 24h no new answer is posted. Those who in the end staked for the winning outcome win the ETH from the other side.
Read 17 tweets
13 Jul
Time to review the first larger IDO on Gnosis Protocol and to look into why the mechanisms give BOTH team and the average buyer better prices. (1/11)
I described the issues with using an AMM for an IDO already here: (2/11)
With an AMM IDO, if the initial price is lower than buying demand, all that matters is who comes first. People get very creative (spamming the network, trying to make transactions fail) to achieve that. The result is a single clever arbitrageur making $100k+ in minutes. (3/11)
Read 11 tweets
1 Jul
Gnosis prediction markets are live!
Gnosis is a platform for prediction markets and after the launch of @corona_markets and @polydotmarket recently I am excited to see @Dxdao_ launching @Omen_eth - a product that is fully decentralized, has no single point of failure, and thus is naturally permissionless.
The @dxdao used the infrastructure we have build and combined it in clever ways with projects like @IPFS, @ensdomains, @graphprotocol, @3boxdb, @daostack, @Kleros_io, @RealitioProject, @BalancerLabs, @gnosisSafe
Read 12 tweets
1 May
.@UMAprotocol did an Initial Uniswap listing.
A thread 👇

First of all - what is it? It is basically the next step after ICO -> IEO (initial exchange offering) -> IDO (initial DEX offering)
It is a primary offering of tokens to the public but now instead of using a specific sales mechanism (ICO) or a CEX (IEO) its using a DEX.
UMA decided to use @UniswapProtocol as the DEX to facilitate this sale. 2% of the total supply have been put into Uniswap for sale with a start price of $0.26 per token. (the same price as investors apparently could buy $UMA tokens)
Read 20 tweets
31 Mar
Testing capacity in Germany will be increased by up to factor 10 to up to 400,000 a day (!) by doing pooled testing. E.g mix 16 samples and if negative - all are negative, otherwise binary search for the positve(s). Could of course be used worldwide.
since many are asking: the article did not provide details about the exact method. In the article, they talked only about pools of 5 but that would not allow a 10x scale factor. So I assumed pools of 16 in my Tweet. Maybe @CiesekSandra can share more details.
I guess the "pooling strategy" is important for the scale factor. I live in a household of 4. If we would test we would not even really care who tested positive since we then would assume we all get it anyway. So it is all or none anyway.
Read 4 tweets

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