What are ‘Magic Words’? And why do I need them?

Magic Words (seed phrase) are a set of words that contain all the information about your Wallet, including your Circles tokens. It's like a secret code for accessing your account. You can also think of them as a password with many words.

It’s important to keep your Magic Words secret and safe. If someone has access to your Magic Words, they can access your private account.

Save them in a private place that only you have access to. If you lose your Magic Words, not even the Circles team can recover it.

Why did Circles stop issuing my basic income?

Probably the issue here is that you haven’t used your Wallet for some time. If you don't visit the Circles garden interface for more than 90 days, a command will deactivate the CRC tokens’ issuing mechanism. We call this a "liveness trigger", also known as a "dead man's switch". We set this up to make sure people using Circles have a social life and spend their CRC tokens in meaningful ways.

 

If, after 90 days, you haven’t logged in, we can’t reactivate your basic income. If, after 90 days of inactivity, you’d like to receive a basic income again, you’ll need to create a new Circles wallet (a new account) and transfer the CRC tokens from your old account to the new one. Don’t forget to update your trusted Circles friends about this, so you can keep being connected to your community.

How do you produce my Circles tokens (CRC)?

Technically speaking, your Circles tokens are created automatically by the Circles ‘smart contracts’ whenever you log in to the Circles web application.
Our principle is this: with Circles, we want to express that you, as a human being, are valuable and important. Therefore, no matter what, you should be able to cover your basic living expenses, without official validation from any authority, or state. That’s why Circles is a basic income system, where we, the people,  give each other basic income, instead of the state.

The creation of your personal tokens happens through the Gnosis Chain blockchain, which runs on a Proof of Stake (PoS) algorithm. You can read more about Gnosis Chain here.

Every day, when you open the app, it checks the smart contracts for updates. We set up the Circles protocols in a way that in the first year, our users can activate about 8 CRC tokens per week, inflating 7% per year. The smart contracts issue CRC tokens every day as a reward for being part of the community, and become more valuable over time as the Circles community becomes stronger.

What type of blockchain is Circles using?

Circles is using the Gnosis Chain blockchain. Gnosis Chain is functionally almost identical to Ethereum but has substantially lower transaction costs because it’s being operated by only a limited number of validators instead of using high energy and cost consuming “proof of work”.

You can learn more about Gnosis Chain here.

How can I make sure my Circles account is secure?

There are two things you can do to keep your Circles account secure.

  1. You can save your Magic Words (seed phrase);
  2. You can link your Circles account with other devices.

Saving your Magic Words: We recommend saving it in a place where only you have access to it. Our tips on this:

  • Add to a password manager
  • Save in a notes app
  • Send to yourself in an email
  • Write it down, and put it somewhere safe
  • Make sure you can read your own handwriting. 🙂

Important: if you lose your Magic Words (seed phrase), there is no way anyone can help you retrieve your account.

For security reasons, your seed phrase is normally kept hidden. You can reveal it by clicking on “Export your seed phrase” on your profile page.

Linking your Circles account with other devices: We also recommend adding a second device as soon as possible, for example, both your phone and your computer. Adding a device makes it easy to reconnect to your account if one device fails for any reason.

I logged out or lost my device - what can I do?

If you have lost one of your devices, or reset your browser, you will still be able to recover your account with your seed phrase. You can go to the Circles app and click “Connect to existing account” then “Restore from seed phrase.”

If you have a second device that is currently connected to your Circles account, you can still access your account from there.

If you don’t have your seed phrase saved, and you don’t have access to another device where you are logged into Circles, we can’t recover your account. You are welcome to create a new account but make sure to tell your trusted Circles peers to “untrust” your previous account. Note that if your Safe and Circles tokens haven't been issued (produced), your account was never fully created and there is nothing to restore.

What information does Circles collect about me?

The only data we store is your email address and username - and we will never share these with anyone. Your Wallet’s private key lives offline on your device browser and is not shared with us.

The data collected by blockchains are publicly accessible and includes the trust network and your transaction history, but it’s not linked publicly to your email address. Read more on our privacy policy.

If it’s open-source, can anybody hack Circles and take my tokens?

No. The transactions are embedded very deep in the blockchain. This is probably the most secure way in the world today for storing information: where are which tokens and to whom they belong.

The only risk is losing your secret 24 Magic Words (seed phrase). If you lose this phrase or accidentally share it, you may lose access to your Circles. So make sure to keep it safe! Here are our suggestions on that.

Can I delete my account?

Although you can’t currently delete your account, if you don’t use your account for 90 days, you won’t be able to issue any more Circles tokens.

This is the ”liveness trigger”, also known as a “dead man’s switch”.

If you haven’t logged in for 90 days, we can’t reactivate your basic income issuance. You will, however, be able to trade your old tokens. If, after 90 days of inactivity, you’d like to receive a basic income again, you will need to start a new Circles Wallet (create a new account).