Circles v2 has launched as a renewed effort to create an egalitarian currency system, allowing every participant to mint Circles tokens (CRC) at a steady rate without biases towards early adopters. Governed by principles of universal access and distributed issuance, it emphasizes continuous currency flow without insider advantages. Additionally, it imposes a 7% annual decay on balances to encourage spending over hoarding and ensures that transactions occur only between users connected by mutual trust. The new Metri wallet enhances usability, enabling users to manage trust connections and spend tokens more easily, resembling mainstream payment applications. Circles allows local groups to create their own sub-currencies backed by pooled CRC, providing opportunities for real-world transactions without relying on external incentives. Co-founder Martin Köppelmann expresses pride in the project’s independence from VC funding or central control, setting Circles apart from other projects like Worldcoin that utilize biometric data and have centralized registries. Despite expected challenges in liquidity and user experience, Circles v2 challenges the crypto ecosystem to redefine currency from scarcity to participation.

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