Hey Circles Community,
We’re thrilled to present our work on Circles v2 (release candidate v0.3.6 alpha). This proposal builds on discussions dating back to 2021-2022, including jaensen’s July 2022 proposal. After various prototypes and iterations, we’ve reached this milestone.
Key Improvements in Circles v2
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Compatibility and Governance: Maximized compatibility with Circles v1, enabling “vote-with-your-feet” governance.
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Account Reactivation: Frozen accounts can now reactivate, with minting in Circles v2 instead capped at 14 days in the past, rather than blocking in-active accounts.
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In-Contract Demurrage: Demurrage (7% annually) is now handled within contracts, applied daily. Issuance is exactly 1 CRC/hour always, for all future times.
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Inflation Compatibility: All interfaces support static inflationary balances for DeFi ecosystem compatibility.
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Trust Relationships: Binary trust with expiry times replaces trust limits.
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Invitation-Based Joining: New people join through active invitations after an initial migration period.
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Native Group Circles: Group Circles are now native tokens with flexible policies for minting, redeeming, and burning - but always 1-1 matched to personal Circles.
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ERC1155 and ERC20 Support: Adopted ERC1155 multi-token standard for all tokens in one contract, with ERC20 deployment options for each Circles ID.
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Enhanced Transitive Transfers: New data format allows batch-settlement of path transfers, paving the way for full decentralization.
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Consented Flow: Introduced an opt-in feature allowing people (and groups and orgs) to tighten the trust network within which their Circles can be used in transitive transfers.
Next Steps
We’re eager to hear your thoughts on these improvement proposals. This technical release is a crucial step towards evolving Circles into a more robust, decentralized protocol.
Dive into the (early) documentation for more detailed overviews, and please feel free to share your feedback in this thread or on in issues on github.com/aboutcircles/circles-contracts-v2.
Let’s shape the future of Circles together!
We’re always happy to answer questions and provide assistance. If you need any clarification or have any queries about Circles v2, don’t hesitate to ask. We’re always happy to help and excited to discuss these new developments with you!
Ben-
The About Circles Team