https://circles-rs-book.vercel.app/assets/personal-currency-B0lynFCh.js

1import{u as t,j as e}from"./index-Cb08R15b.js";const s={icon:"user-hair",title:"Personal Currencies",description:"undefined"};function a(r){const n={a:"a",blockquote:"blockquote",div:"div",h1:"h1",h3:"h3",header:"header",img:"img",p:"p",...t(),...r.components};return e.jsxs(e.Fragment,{children:[e.jsx(n.header,{children:e.jsxs(n.h1,{id:"personal-currencies",children:["Personal Currencies",e.jsx(n.a,{"aria-hidden":"true",tabIndex:"-1",href:"#personal-currencies",children:e.jsx(n.div,{"data-autolink-icon":!0})})]})}),`
2`,e.jsx(n.p,{children:"Circles is about creating a fairer money system. Traditional money and most cryptocurrencies reward those already established; Circles ties issuance to time so everyone mints at the same rate."}),`
3`,e.jsx(n.p,{children:"Circles aims to solve this by ensuring equal opportunity for all. Each user continuously generates tokens at one CRC per hour, regardless of join date. Existing Circles incur a demurrage fee of ~7% per year. By tying issuance to time—a resource everyone has—Circles gives everyone a chance to accumulate tokens and encourages circulation."}),`
4`,e.jsxs(n.h3,{id:"issuance",children:["Issuance",e.jsx(n.a,{"aria-hidden":"true",tabIndex:"-1",href:"#issuance",children:e.jsx(n.div,{"data-autolink-icon":!0})})]}),`
5`,e.jsx(n.p,{children:"Each user generates their own currency (CRC) at a steady rate of one token per hour. Minting rules are encoded in the Hub (the token factory for individual Circles tokens)."}),`
6`,e.jsxs(n.blockquote,{children:[`
7`,e.jsx(n.p,{children:"All tokens ultimately root in personal tokens (v1 only personal; v2 adds group currencies collateralized by personal tokens)."}),`
8`]}),`
9`,e.jsxs(n.h3,{id:"demurrage",children:["Demurrage",e.jsx(n.a,{"aria-hidden":"true",tabIndex:"-1",href:"#demurrage",children:e.jsx(n.div,{"data-autolink-icon":!0})})]}),`
10`,e.jsx(n.p,{children:"All tokens are automatically demurred at ~7% per year."}),`
11`,e.jsx(n.p,{children:"For human users, steady income offsets demurrage for roughly a lifetime (~80 years) before balances shrink; after death, minting stops and demurrage drains the balance."}),`
12`,e.jsxs(n.blockquote,{children:[`
13`,e.jsx(n.p,{children:"Organizations cannot mint tokens; their balances are always subject to demurrage."}),`
14`]}),`
15`,e.jsx(n.p,{children:"The following graph shows an account balance over time assuming no activity and continuous minting:"}),`
16`,e.jsx(n.p,{children:e.jsx(n.img,{src:"/personal-balance.png",alt:"Balance over time with continuous mint + demurrage"})}),`
17`,e.jsx(n.p,{children:"If interpreted as tax, it is negative at first (you receive tokens), then positive after ~125,000 CRC:"}),`
18`,e.jsx(n.p,{children:e.jsx(n.img,{src:"/effective-tax.png",alt:"Effective tax curve (demurrage effect)"})}),`
19`,e.jsxs(n.h3,{id:"implementation",children:["Implementation",e.jsx(n.a,{"aria-hidden":"true",tabIndex:"-1",href:"#implementation",children:e.jsx(n.div,{"data-autolink-icon":!0})})]}),`
20`,e.jsx(n.p,{children:"Circles v2 uses ERC-1155. The Hub uses allowances for path transfers; token metadata mimics a profile."}),`
21`,e.jsxs(n.h3,{id:"halting-mint",children:["Halting Mint",e.jsx(n.a,{"aria-hidden":"true",tabIndex:"-1",href:"#halting-mint",children:e.jsx(n.div,{"data-autolink-icon":!0})})]}),`
22`,e.jsx(n.p,{children:"Circles v2 caps minting at 14 days’ worth of Circles; minting can be stopped manually if required."}),`
23`,e.jsxs(n.blockquote,{children:[`
24`,e.jsx(n.p,{children:`Rust SDK note: transfers and personal mint control are available through the
25typed avatar wrappers when you attach a runner.`}),`
26`]})]})}function o(r={}){const{wrapper:n}={...t(),...r.components};return n?e.jsx(n,{...r,children:e.jsx(a,{...r})}):a(r)}export{o as default,s as frontmatter};