Circles, a new monetary system based on personalized cryptocurrencies and a graph of social trust between these currencies. The purpose of this monetary system is to distribute money in a way that over time will lead to equalization of wealth and function like a globally available universal basic income. When new users join a circle, a new personal cryptocurrency is created for them on the smart contract-enabled blockchain. This currency is then periodically minted and added to their accounts, forming the basis of the Circle UBI properties. Users are able to trust other users' personal currency, which requires them to treat this personal currency the same as any other circulating currency they hold. As the social graph becomes more interconnected, these individual currencies will converge into a single global monetary system.

Circles proposes to be a blockchain-native UBI currency system. It has its own built-in resistance to Sybil attacks (i.e. fake accounts), and anyone can join the network at any time without asking anyone for permission. It's designed with the expectation that it will bootstrap in a completely organic and grassroots fashion, yet be scalable to allow any arbitrary governance system to run on top of the base protocol. Circles is a fresh way of looking at the nature of money and what it means to exchange value in a post-UBI world.