ConstitutionDAO is an exceptional example of a decentralized autonomous organization that, even though it did not achieve its final goal, played a crucial role in influencing future projects using DAO for crowdfunding. This coin was introduced to raise funds to purchase a historical document, but later became a symbol to show the acceptance of collective movements by users. In fact, buying the Constitution was a goal to participate in a collective movement. In this comprehensive article, we examine the nature of the Constitution's digital currency, how it works, and the lessons that can be learned from this experience.
What is ConstitutionDAO?
History of ConstitutionDAO (PEOPLE currency)
The project was launched in November 2021 by a group of cryptocurrency enthusiasts and investors to acquire one of the 13 remaining copies of the United States Constitution of 1787. This document is considered one of the most historically significant documents in the world and its rarity made public access impossible for many years.
The idea of purchasing this rare copy of the United States Constitution was first suggested on Twitter by Trent Griffin, a well-known figure in the field of digital currency investment. Their proposal met with great success and soon a group of cryptocurrency investors and enthusiasts came together to create ConstitutionDAO. The organization finally launched its first fundraising round on November 15, 2021, and quickly gained the attention of the cryptocurrency community.
In just 24 hours after its launch, the DAO managed to raise over $1 million from over 17,000 investors. The campaign continued to raise funds, and as of November 18, 2021, the DAO had raised over $47 million through the sale of PEOPLE tokens, ConstitutionDAO’s native token. These tokens were sold to investors in exchange for their participation in the funding.
Legal Challenges and Sotheby’s Auction Entry
Despite the early progress, the DAO campaign has also been controversial. There have been questions about the legality of owning a rare historical document through a decentralized platform. The U.S. government had previously blocked the sale of a rare copy of the Magna Carta through a similar platform. The reason for this action was the concern for the protection and maintenance of this document.
Despite these challenges, ConstitutionDAO participated in the Sotheby's auction on November 19, 2021. DAO's bid was among the highest bids.
But unfortunately, they were unable to purchase this historical document. Even though the organization had sufficient resources to submit a higher bid, they were skeptical about the long-term preservation and protection of the document and ultimately could not surpass the winning bid, which they received on November 19, 2021, for $43.2 million.
He hesitated and failed to win the $43.2 million bid on November 19, 2021.
Although the ultimate goal of acquiring the original Constitution was not achieved, ConstitutionDAO’s efforts to decentralize ownership of valuable assets have become a prominent example in the cryptocurrency community. The project has distinguished itself with its innovative approach to governance and has inspired similar projects focused on the ownership of rare assets.
Overall, ConstitutionDAO has made history as the first DAO to successfully raise funds to purchase a rare historical document through a decentralized platform. The initial success of this project, even if the ultimate goal was not achieved, shows the potential of blockchain technology and decentralized platforms to revolutionize the way rare assets are owned and managed.
Once the auction was over and the purchase was determined to have failed, the DAO was dissolved and the donors' funds were returned to them after deducting the Ethereum network transaction fees.
What is PEOPLE Coin?
People's Coin, or rather Constitution Coin with the symbol PEOPLE, was a native token of ConstitutionDAO that served as a means of exchange, governance, and ownership in the ConstitutionDAO ecosystem, and also represented a means of participating in the financing of the purchase of the desired version of the constitution.
The PEOPLE token attracted considerable attention in the cryptocurrency community due to its unique utility and the initial success of the ConstitutionDAO project in raising funds to purchase a rare copy of the United States Constitution. Although the ultimate goal was not achieved, the functionality of this token makes an interesting argument for studying the ownership of DAO assets. The price of the Constitution coin was driven primarily by the demand for partial ownership of the assets that the DAO was intended to own, as well as the potential for governance and decision-making within the ConstitutionDAO ecosystem.
DAOPois (DAOPois); Heir to the ConstitutionDAO Movement
The decentralized PeopleDAO Foundation (PeopleDAO) was born out of a movement in the Web 3 world to acquire a personal copy of the United States Constitution. When the initial project failed, the developers burned control of the PEOPLE token contract, ending their direct involvement in the project. However, impressed by the decentralized nature of the token, its limited supply, and its inspiring experience, the community came together to create PeopleDAO and chose the PEOPLE coin as its primary token.
The PeopleDAO Foundation supports DAO subsidiaries and projects that advance Web 3 and social good. They believe that blockchain technology can create a freer, more prosperous, and more vibrant world. The market activity around the PEOPLE coin acts as a catalyst to spread its message. With the launch of each new sub-DAO, they build a series of communities and protocols focused on a common mission: investing in assets that sustain the planet and advance humanity.
Abstract
In this article, we discuss what Constitutional Currency is. Although the initial goal of acquiring an original copy of the US Constitution was not achieved, the Constitutional cryptocurrency ($PEOPLE) has brought significant success to the cryptocurrency community. This project has demonstrated the power of collective mobilization and the influence of meme culture in this field. There are similarities between the story of ConstitutionDAO and the “Reddit vs. Wall Street” saga. Both events have demonstrated the ability of decentralized groups to challenge traditional power structures and create significant impact.
However, the ultimate victory for this project went to traditional investors, highlighting the challenges that decentralized movements face when competing with established market players.
The insights gained from ConstitutionDAO are invaluable. The project emphasizes the importance of strategic planning, regulatory transparency in the cryptocurrency crowdfunding space, and the potential of DAOs to democratize access to capital. The event also provided valuable insight into the dynamics of meme culture and community building in the cryptocurrency world. In this article, you learned about the digital currency Constitution and its main project Dao. Please also note the other uses that have been established for the PEOPLE currency.
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