Circles is a blockchain based currency that implements an universal basic income. To overcome the Sybil attack problem in a decentralized manner it uses web of trust like mechanics. The current implementation is based on Ethereum.

1. Circles Universal Basic Income

2. What is money?
„Money can be defined as an agreement, within a
community, to use something as a medium of exchange.
As an agreement, money lives in the same space as other social
constructs like marriage or lease agreements. These constructs
are real, even if they only exist in people’s minds. The money
agreement can be made formally or informally, freely or by
coercion, consciously or unconsciously.“
„Our money and monetary system are, therefore, not de facto
realities like air or water, but are choices, like social contracts or
business agreements.“
Prof. Bernard Lietaer

3. Decentralized economy needs decentralized
money
• Bitcoin and Ether are not decentralized currencies
• coming to an agreement on a currency creates a lot of value
• this value should be distributed to everyone
• 1) distribute a fixed amount among all participants
• 2) create a fixed amount if someone joins
• 3) constantly create small amount for everyone
• gives people a reason to join, incredible boost for the
ecosystem

4. How to solve the Sybil problem
• Everyone starts with their own personal money
• People connect to each other (validating each other)
and set a fixed 1:1 exchange rate
• If there is a trust chain you can use your money to trade
• A dense connected set has basically the same currency
• Circles on Ethereum enables to combine the resilience
of local currencies with the efficiency of a global
currency

5. What is Circles
• Ripple + UBI = Circles
• Money (creation) that serves the people
• Credit is not approved based on rating of banks but
fixed per person
• The debt doesn't need to be paid back
• No (forced) debt union – more resilience
• A steady growth rate of money – stable purchasing
power - more stable economy

6. Thanks
Universal basic income
preparing the post scarcity economy
Join our full session at the Bitcoin table tonight.
join us on: aboutcircles.com
@aboutCircles
https://github.com/koeppelmann/circles