Introduction
This section outlines the standards Circular has established within its blockchain infrastructure. These standards empower users to conduct transactions and seamlessly incorporate Circular into their software endeavors. To enhance performance, Circular has pinpointed and natively integrated the most frequently executed transactions. This allows for routine transactions to be processed quickly, while more complex transactions are managed by smart contracts. The fundamental philosophy behind these standards is to balance simplicity for common operations with a comprehensive suite of advanced tools designed to foster the creation of innovative applications. Thank you for your interest in understanding the inner workings of Circular.
CRC NATIVE
CRC-0023 Wallets
Circular Wallets are hosted on the blockchain network and can reseed in multiple chains at the same time.
A CRC wallets are commonly identifieed by :
- Seed Phrase : A set of 12 words selected by a dictionary of about 5000 words and used to generate the wallet private key
- Wallet Address : 32 bytes address expressed in 66 characters in the form of 0x980809675afaddda980809675afaddda980809675afaddda980809675afaddda obtained as hash (SHA256) of the public key
- Wallet Private Key : 32 bytes address expressed in 66 characters in the form of 0x9675afaddda9808a980809675afad09675afaddd98080a980809675afaddddd obtained using the hash (SHA256) of the seed phrase
- Wallet Public Key : 64 bytes address expressed in 130 characters in the form of 0x9675afaddda9808a980809675afad09675afaddd98080a980809675afaddddda derived by the private key
The cryptocurrency at the core of Circular leverages the secp256k1 Elliptic Curve, with private keys in RAW format and signatures in DER format, diverging from the traditional r and s components. Wallets can be generated on any platform but must be registered with the chosen blockchain to activate.
Circular’s multi-chain architecture allows a single wallet to exist across multiple chains simultaneously. However, the wallet's contents are chain-specific; assets on one blockchain aren’t accessible on another.
Node registration is a unique transaction that anchors a wallet to a particular blockchain. Should the wallet already be recorded, the operation is skipped; if not, the wallet is established without incurring any fees. Unlike other primary blockchains where wallets are typically created upon initiating a transaction, Circular mandates prior registration for any activity.
Transactions sent to unregistered wallets on the blockchain are automatically declined to ensure network integrity.
On the Circular network, each wallet’s data is maintained as a JSON file, following the structure exemplified below.
{
"Version" : "1.0.1",
"Address" : "02fc8b01bfc5dc2911941871e6de81f5f6fe60f3961343f802ad78e7e077ea32",
"PublicKey" : "04da4a2f29cc41fe323d9768d4968b1c5cfa431d2b4aace7d0e539459ba8b38
62b958768674419e734c068b7c8553d5f013301bd4ba4a73abc968225b5ac5b3043",
"DateCreation" : "2023:08:13-21:17:24",
"Nonce" : 3,
"Assets" : [
{
"Address" : "",
"Amount" : 18077.0,
"EnableSwap" : 0,
"Name" : "Circular Coin",
"Price" : 1,
"Royalties" : 0.0,
"Symbol" : "CIRX",
"Type" : "C_TYPE_COIN",
"URL" : "",
"URLType" : ""
},
{
"Address" : "e2e86db8f44ceae4750a2a055b38cb3ae326bc1c282f09e7c0cc1f585984bdf2",
"Amount" : 1.0,
"Blockchain" : "8a20baa40c45dc5055aeb26197c203e576ef389d9acb171bd62da11dc5ad72b2",
"EnableSwap" : 0,
"Name" : "Circular Blog Cover",
"Price" : 100.0,
"Royalties" : 0.0,
"Symbol" : "CBC",
"Type" : "CRC_NFT_0323",
"URL" : "https://circularlabs.io/Blog/BlogCover.jpg",
"URLType" : "Digital Media"
},
...
]
}
CRC-0123 Native Tokens
Circular's CRC-0123 standard defines native tokens on its blockchains, eliminating the need for smart contracts for basic functionalities. This bypasses the complexities of smart contract auditing and the reliance on contract code, streamlining operations like transfers and swaps.
However, native tokens have their limitations and can't be used for transaction fees—all transactions on Circular are paid with the native currency, CIRX. A CRC-0123 token can span multiple blockchains within the Circular ecosystem, created on one and transferred across others via interchain operations or established on multiple chains simultaneously.
When minting a new token, one must first select the blockchain for creation and specify the creator's address. The token will be transferrable across all chains where the creator has a corresponding wallet presence. Without a registered wallet on a chain, the token remains inaccessible there.
Tokens are also given a unique Asset Name for identification, a Ticker of 3-5 characters, and an initial CIRX valuation, which affects the asset's perceived credibility. Additionally, tokens can be programmed with royalties, rewarding creators with a percentage of value on each swap with CIRX.
Each token has an associated URL pointing to a digital asset, like a logo or document, complemented by a descriptor clarifying the content type. The total supply and permitted operations—such as "transfer" and "swap"—are also defined during creation.
Ultimately, the token's details are stored on the blockchain network as a JSON file, illustrated as follows.
{
"Blockchain" : "8a20baa40c45dc5055aeb26197c203e576ef389d9acb171bd62da11dc5ad72b2",
"Address" : "e2e86db8f44ceae4750a2a055b38cb3ae326bc1c282f09e7c0cc1f585984bdf2",
"Name" : "MyToken",
"Symbol" : "MTK",
"Type" : "CRC_TOKEN_0123",
"URL" : "",
"URLType" : "None",
"Amount" : 1000000000.0,
"Royalties" : 0.0,
"EnableSwap" : 1,
"Price" : 0.0,
}
The registration of a new token will require the payment of a new token fee.
CRC-0223 Native NFTs
Native NFTs on Circular operate similarly to CRC-0123 tokens, with key distinctions. Importantly, the associated URL must link to a secure location—preferably decentralized storage—housing the original digital asset. Unlike CRC-0123 tokens, minting an NFT incurs a fee relative to its declared value, though setting this value at zero is permissible.
Furthermore, creators of native NFTs can receive royalties with each subsequent sale, adding an incentive for artist and creator involvement. NFTs offer flexibility; they can be transferred, swapped, and even replicated into multiple editions for sale, broadening their market potential.
However, for more intricate interactions with NFTs, smart contracts (SC) become necessary. This requirement ensures that more complex and unique functions of NFTs are manageable within the Circular ecosystem, preserving security and enabling advanced features.
{
"Blockchain" : "8a20baa40c45dc5055aeb26197c203e576ef389d9acb171bd62da11dc5ad72b2",
"Address" : "e2e86db8f44ceae4750a2a055b38cb3ae326bc1c282f09e7c0cc1f585984bdf2",
"Name" : "NewNFT",
"Symbol" : "",
"Type" : "CRC_TOKEN_0223",
"Amount" : 1000.0,
"Price" : 100.0,
"Royalties" : 0.10000000000000001,
"EnableSwap" : 0,
"URL" : "https://.../Article21.jpg",
"URLType" : "Digital Media"
}
CRC-0323 Native RWAs
The CRC-0323 standard on Circular is designed for straightforward tokenization of real-world assets (RWAs), bypassing the need for complex functionalities and smart contracts (SCs) for basic transactions. Circular aims to embed essential functionalities into the system natively.
Unlike the CRC-0123 standard, tokens under CRC-0323 must have a URL that links directly to legal documentation, establishing a clear bridge between the digital token and its physical counterpart. This documentation is vital in verifying ownership and the authenticity of the RWA.
Beyond this legal linkage, CRC-0323 tokens share many similarities with other token standards on Circular. However, for specialized operations that exceed the native capabilities, developers will need to employ a smart contract. An example of a typical RWA token's digital file is as follows.
{
"Blockchain" : "8a20baa40c45dc5055aeb26197c203e576ef389d9acb171bd62da11dc5ad72b2",
"Address" : "e2e86db8f44ceae4750a2a055b38cb3ae326bc1c282f09e7c0cc1f585984bdf2",
"Name" : "House",
"Symbol" : "",
"Type" : "CRC_TOKEN_0323",
"Amount" : 1000.0,
"Price" : 10000.0,
"Royalties" : 0.10000000000000001,
"EnableSwap" : 0,
"URL" : "https://.../Deeds.pdf",
"URLType" : "Digital Media"
}
CRC-0423 Native Digital Asset Transfer
Coming Soon...
CRC-0523 Native Digital Assets Swap
Coming Soon...CRC-0623 Native Vouchers
Coming Soon...
CRC-0723 Inter Chain Transfers
Coming Soon...
CRC SMART CONTRACTS
CRC-0823 Programmable Wallets
Coming Soon...
