Group Avatars

Group avatars are a type of avatar in the Circles ecosystem that represent collective entities rather than individual users.

Group Structure

Each group in Circles has:

• A unique blockchain address (similar to individual avatars)

• A specific type identifier

• An owner who has administrative control

• A treasury where tokens are stored

• A mint policy that governs token creation

• A name and symbol for its tokens

• A membership system

• Groups also maintain a count of their members and can store metadata via IPFS CIDs (Content Identifiers).

Groups support following CRC token operations:

• Minting: Groups can mint their own tokens using collateral from members

• Redemption: Members can redeem group tokens for the underlying collateral

Understanding purpose of Groups

Groups within the Circles ecosystem serve several important purposes:

1. Enabling Collective Economic Action: Groups allow multiple individuals to create shared economic entities with their own currencies, extending Circles beyond personal tokens.

2. Creating Community Currencies: Groups can mint their own tokens backed by collateral, allowing communities to create currencies tailored to their specific needs.

3. Pooling Resources: The group treasury system allows pooling of resources from members.

4. Collective Governance: Groups implement membership systems that can include conditions and expiry times.