Circles Project is a blockchain-based platform that promises to help users support entertainers and earn rewards. Here’s our review.
What Is Circles Project?
Circles Project aims to create a social revolution for content creators and supporters. The company’s ICO launched on September 18. With the Circles platform, content creators can monetize their content in a new way. It’s kind of like Patreon, in that supporters can give money to their favorite creators. However, unlike Patreon, supporters can receive benefits – in the form of future income – by supporting rising content creators today.
The overall goal of Circles is to provide a better monetization method than existing social media platforms. Today’s largest social media platforms take an enormous cut of each content creator’s revenue – sometimes as much as 45%.
Circles wants to solve that problem using a browser extension. That browser extension will allow interfacing with YouTube and other content hosting platforms. Users can use that browser extension to pay creators while also earning from each creator’s success.
How Does Circles Work?
Circles describes its system as a way to provide “decentralized, meritocratic payment for creators and consumers by investment and dividend payouts.” The goal is to disrupt the world of online content creation by introducing a peer-to-peer ecosystem. With Circles, content creators can receive direct payment from their supporters.
When a supporter pays a content creator, this is called a “circulation”. That’s because after a supporter contributes to a content creator, that supporter has a stake in their success. The supporter will be paid with each consecutive circulation afterwards in the form of Circle token dividends, which are paid automatically by a smart contract.
The platform revolves around the use of a browser extension. The Circles browser extension is designed to run on YouTube, Medium, SoundCloud, and other content hosting websites. It’s a Chrome browser extension.
After you open someone’s page on these supported networks, you’ll be able to see a “Share” button. After pressing this Share button, users will be able to set their Circle amount and circulate the content on Circle’s main client page, just like Twitter and Facebook.
Circles emphasizes all of the following features:
Creators Get Rewarded On Merit:
Today’s content hosting systems don’t do a great job of sharing revenue with content creators. The Circles whitepaper brings up the example of platforms like YouTube. Better content isn’t always rewarded with better engagement. Circles wants to create a system where better content rises to the top.
Incentivized Engagement For Circulators:
Someone who circulates content (presses the “Share” button in the Circles Chrome Extension) will be able to choose a set number of Circles to send when they share content. 90% of those tokens are sent to the content creator, while 10% will be sent to a smart contract. That smart contract will then distribute tokens among anyone who circulated that content. Each circulation beyond the first pays the users below with a portion of their circulation based on each lower circulator’s investment. This creates a system where users benefit from a content creator’s success.
Circles are tokens that create value in the act of sharing content deemed to be entertaining, informative, or deserving of praise. Content creators and content “circulators” get paid dividends.
Users who refer other future users to Circle will receive “up to 0.25% of each circulation, in the form of fractional Circle tokens, from the new account.” Increased referrals are available to early adopters. The first 10,000 users who refer another user to the platform will receive a flat, one-time payout of 500 Circles to their wallet.
The Circles ICO
The Circles token (CRC) crowdsale began on September 18. The crowdsale will conclude when the company reaches its $5.25 million hardcap. There’s a total supply of 500 million CRC tokens. 70% of the total supply is available through the crowdsale, while 15% is saved for the team and advisors, 10% for the user growth pool, and 5% for referrals.
The tokens are Ethereum ERC20-compliant tokens. The price of each token is set at $0.015.
Who’s Behind Circles?
Circles is led by Felix Watkins (Project Lead, Solidity Developer), who previously founded Veon Industries, a software development and consulting company. Felix has also worked on multiple blockchain-based projects. Felix also created the Blockchain Wellington Meetup group in New Zealand’s capital.
Other key members of the team include Noah Marconi, a full stack developer, Graham Kidd (Lead Advisor & Strategy), and Martin Revang (Data Scientist).
The team was founded in 2017, with alpha development scheduled to take place throughout November 2017 in preparation for an alpha release in March 2017.
Circles is a unique project that aims to use a cryptocurrency to create a profitable ecosystem for content creators and content supporters. Basically, it wants to be an improved version of Patreon, with better adoption and better rewards for supporters.
Instead of just donating money to a social media star, your tokens are placed into a fund for that social media star. 90% of those funds are given to the content creator, while 10% are held in a smart contract. Supporters get paid through that smart contract for every new member referred to the platform. It encourages content creators to continue producing good content, while also incentivizing supports to continue “circulating” a content creator’s work.
You can learn more about Circles and the Circles Project online today at CirclesProject.io. The ICO is ongoing throughout September and October.