Whitepaper Reading Session 30 SG:
@aboutcircles
In today’s crypto world, Bitcoin stablecoins dominate. But this creates new issues at scale:
• Scarcity → extreme concentration of ownership
• Central issuance → mass adoption but less decentralization
Circles 2.0 offers a counterpoint:
• Everyone has a natural right to receive/issue tokens.
• 7% “tax” (demurrage) ensures that money is not hoarded.
• Social relationships anchor Sybil resistance.
• Late joiners aren’t penalized.
We read Cricles 2.0 by
@koeppelmann ,
@_paulboes_ , and
@tw_tter from
@GnosisDAO — a social monetary innovation that is a exciting relative to this cycle’s mega trends, and closer to the ethos that drew many to crypto in the first place.
There are still many open questions:
1. How does this work in a world already dominated by stablecoins, Bitcoin, and other currencies? Will people likely off ramp?
2. Is there a natural limit to bootstrapping the network?
3. Is concentration and the power-law effect inevitable (nature) or human-made?
4. Which ecosystems are most likely to adopt Circles?
5. Has a similar experiment been tried — and failed — before?
6. Why would merchants and stores accept this currency?
7. How does Gnosis benefit (via SAFE, the chain), and is that value shared with the community?
🙏 Thanks to
@SonglinChua,
@0x_mailman & Matt from
@openinternetclb and
@gnosishq for making this session possible, and to
@tw_tter for an hour of awesome Q&A :)
🎙️ Stay tuned for our upcoming deep dive podcast with
@_paulboes_ on Circles 2.0.
We are not sponsored — we do this because we think these ideas are fucking cool.
More on Whitepaper Reading Club:
wprc.club/en/about
Links:
📄 Summary:
docs.google.com/document/d/1…
📑 Paper:
whitepaper.aboutcircles.com
🗂️ Past summaries:
docs.google.com/document/d/1…