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Circles is a decentralized, sybil-resistant protocol designed to create and distribute fair and social money through personal currencies. At the core of the Circles project lies a simple yet powerful principle:
"Every person receives one Circle every hour, unconditionally."
Circles uses smart contracts, deployed on Gnosis Chain, for creation of personal and group Avatars and their currencies (CRC). Circles as a network works via trust connection. To join Circles 2.0, you would require an invitation from a human/personal avatar. The pathfinder service is deployed to find the optimal path between trust connections to exchange the personal and group currencies. Circles smart contracts are based on ERC1155 multi-token standard for both personal avatars and group avatars.
Every person is bound to receive 1 CRC every hour, hence 24 CRC in a single day. Circles undergo daily demurrage at a rate equivalent to 7% per year. Issuance for past days accounts for this demurrage, ensuring fair distribution over time.
To learn more about Circles infrastructure, check out this documentation as well.
This documentation will guide developers to understand about Avatars and using Circles SDK