According to The Block, Martin K ö ppelmann, co-founder of Gnosis, has launched the Circles v2 protocol, which integrates components such as Metri Wallet, Safe, CoW Swap, and is built on top of Gnosis Chain. This experimental project attempts to create a 'community owned currency', where each member automatically receives one exclusive ERC-20 token per hour, with a daily output of 24 tokens. One of the main improvements of Circles v2 is the addition of GnosisPay, an unmanaged card and encrypted payment solution supported by Visa. V2 also introduced the concept of "Group", which is a collection of different Circles that are united under a common ERC-20, thereby improving substitutability.
K ö ppelmann stated that Circles achieves decentralized currency issuance through a hard coded allocation mechanism (rather than a Bitcoin style supply cap), and its value depends on community consensus - it can be seen as IOUs or convertible into physical goods. Users need to "connect" with each other to make the token meaningful, and this design aims to solve the centralization problem of early Bitcoin holders. Ethereum founder Vitalik Buterin once described the project as a "quasi universal basic income experiment".
