Gnosis Launches Circles 2.0 Personalized Currency System

Gnosis, a pioneer in open applications and infrastructure for the new economy, has announced the launch of Circles 2.0, a novel form of personalized currency that allows users to create and utilize their own digital tokens without the need for traditional banking or governmental institutions. This innovative currency system is facilitated through the newly introduced Metri app, a user-friendly, self-custodial wallet operating within the Gnosis ecosystem.

Circles 2.0 aims to empower users by providing them with control over their wealth and enabling the creation of vibrant local economies based on trust, community, and fairness. The system's predictable and equitable money supply protocol is designed to avoid the systemic advantages often seen in early token distribution models, ensuring a fairer starting point for all participants. This aligns with Gnosis' vision of a decentralized payment infrastructure that fosters a more equitable financial system.

Martin Köppelmann, Co-Founder of Gnosis, emphasized the goal of Circles 2.0: "The goal of Circles is to introduce a complementary money system that doesn’t put any participant or institution at an undue and systematic advantage over another while remaining attractive as a means of exchange and storage of value. We believe that by coupling the momentum of financial technology, together with products that propel OpenFi such as Gnosis Pay and CoW swap, we can provide enough immediate utility to solve the issues faced by new money systems and facilitate the next evolution in a completely decentralized financial system."

In terms of token issuance, every account holder on the Circles 2.0 platform will mint 1 CRC (Circles currency) per hour, or 24 per day, as long as they maintain minimum activity levels. Each user’s CRC is a unique token, and real-life trust—whether with friends, family, or community members—is replicated through trusted connections within the system. Users can send CRC to others they trust directly or through common connections, creating an active web of trust. CRC can also be earned by inviting new users, creating trusted connections, or by being bought in exchange for bridged stablecoins such as USDCe, GBPe, and EURe. Users can back their Circles with assets like Bitcoin, Ethereum, or sDAI to establish price and make their Circles tradeable. The Circles Marketplace, where trusted vendors will accept CRC, is expected to go live some weeks after the launch.

Key features of Circles 2.0 include the right for every account holder to mint their own individual Circles (CRC) at a rate of 1 CRC per hour, a 7% annual reduction in all CRC balances to encourage spending and discourage hoarding, the ability to create and join groups based on shared factors, and the design of CRC as a form of currency for trusted connections rather than a digital asset for speculation. The launch of Circles 2.0 seeks to address concerns about centralized control of money issuance and build on the innovation of cryptocurrency while avoiding the problem of undue and systemic advantage where early adopters benefit most.

The Metri app makes it easy for anyone to enter the world of decentralized money, with a focus on personal currencies, stablecoins, and accessibility. Metri integrates with cutting-edge OpenFi solutions, including the Circles Protocol, Gnosis Pay, and CoW Swap, offering a comprehensive suite of tools for users. The app allows users to spend their assets using a debit card, enhancing the practicality and usability of the Circles 2.0 system.

Gnosis is dedicated to building open applications and infrastructure for the new economy. The Gnosis ecosystem is supported by Gnosis Chain, a secure, resilient, and decentralized blockchain that extends Ethereum with lower transaction costs. Gnosis Studios is a product incubator focused on payments, identity, and internet freedom, while GnosisVC is an early-stage investor in projects focused on decentralized infrastructure, real-world assets, and financial rails. The launch of Circles 2.0 represents a significant step forward in the evolution of decentralized financial systems, offering users a new way to control their wealth and participate in a more equitable economy.