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ConstitutionDAO

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is ConstitutionDAO?

ConstitutionDAO (PEOPLE) is a decentralized autonomous organization (DAO) that aimed to purchase a copy of the US Constitution at a Sotheby's auction in 2021. The project raised $47 million in Ethereum (ETH) but was outbid by billionaire Ken Griffin. Despite the loss, the DAO demonstrated the power of blockchain-based crowdfunding and community-driven governance. The project's token, PEOPLE, is still traded on decentralized exchanges (DEXs) and can be redeemed for ETH at a rate of 1 ETH = 1,000,000 PEOPLE.

How is ConstitutionDAO used?

ConstitutionDAO (PEOPLE) is a decentralized autonomous organization (DAO) that leveraged blockchain technology to crowdfund the purchase of a rare copy of the U.S. Constitution. The $PEOPLE token served as a means of exchange, governance, and ownership within the ConstitutionDAO ecosystem. Here are the key ways the token was used:

  1. Governance: Token holders could vote on proposals related to the ownership and management of the Constitution copy, ensuring a decentralized and democratic decision-making process.

  2. Ownership: The token represented fractional ownership of the rare asset, allowing multiple individuals to own a part of the Constitution copy.

  3. Fundraising: The token was used to contribute to the auction of the Constitution copy, with the goal of collectively purchasing the document.

  1. Voting Power: The more tokens held, the more weight a user's vote carried in the governance process.

  2. Security: The token leveraged Ethereum's security to provide peer-to-peer transactions globally.

Despite the project's unsuccessful bid to purchase the Constitution, the $PEOPLE token remains an interesting use case for DAO asset ownership and governance.

How do I store ConstitutionDAO?

You can store ConstitutionDAO (PEOPLE) tokens in various digital wallets. Some options include:

  • Trust Wallet
  • MetaMask
  • Solfare
  • Backpack
  • Phantom wallet
  • KuCoin account
  • Non-custodial wallets.

How to buy ConstitutionDAO?

To buy ConstitutionDAO (PEOPLE) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports PEOPLE tokens, such as KuCoin, Binance, CoinEx, OKX, Bybit, gate.io, or MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features for your needs.

  2. Create an Account: Register for a free account on the chosen exchange. Provide the required personal information, including your name and email address. Some exchanges may require KYC verification to increase withdrawal limits and unlock additional features.

  3. Fund Your Account: Deposit funds into your exchange account using a supported method. This can be done by:

  • Depositing Crypto: Transfer digital assets from a crypto wallet to your exchange account. Ensure you use the correct address for the supported crypto.
  • Bank Deposit: Use supported fiat currencies like USD, EUR, or GBP. Check if the exchange supports your local currency.
  • Credit/Debit Card: Buy Bitcoin with fiat on Binance (or Kraken for US residents) and then transfer it to KuCoin to trade, as KuCoin does not support direct credit/debit card purchases.
  1. Search and Select PEOPLE: In the exchange's marketplace, search for "ConstitutionDAO" (PEOPLE) and select it for purchase.

  2. Set the Transaction Amount: Enter the desired amount of PEOPLE tokens you want to buy.

  3. Place the Buy Order: Confirm your purchase by placing the buy order. The PEOPLE tokens will be added to your exchange account.

  1. Store Your PEOPLE Tokens: You can store your PEOPLE tokens in your exchange account or transfer them to a non-custodial wallet for added security.

Remember to research the exchange's fees, security features, and supported currencies before making a purchase. Additionally, consider your investment approach, crypto storage, and other aspects of buying and trading ConstitutionDAO.

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History of ConstitutionDAO

ConstitutionDAO, also known as PEOPLE, is a decentralized autonomous organization (DAO) that was formed in November 2021 to purchase an original copy of the United States Constitution. The DAO was created by a group of cryptocurrency enthusiasts and investors who aimed to leverage blockchain technology to create a transparent and decentralized platform for the ownership and management of rare assets.

The project was launched by Trent Griffin, a popular cryptocurrency investor on Twitter, who proposed the idea of purchasing one of the 13 surviving copies of the US Constitution printed in 1787. The proposal gained traction, and a group of investors and cryptocurrency enthusiasts came together to form ConstitutionDAO. The DAO launched its first fundraising round on November 15, 2021, and quickly gained momentum in the cryptocurrency community. Within 24 hours, the DAO had raised over $1 million in funds from over 17,000 individual investors. By November 18, 2021, the DAO had raised over $47 million in funds through the sale of $PEOPLE tokens, the native token of ConstitutionDAO.

The DAO participated in the auction run by Sotheby’s on November 19, 2021, but unfortunately, they could not purchase the document. Despite having enough funds for a larger bid, the organization had concerns about the upkeep and conservation of the document and was unable to outbid the winner’s $43.2 million bid.

Following the unsuccessful bid, the DAO faced the challenge of repaying its investors. It proposed repaying funds by exchanging PEOPLE tokens for ETH, replicating the initial contribution method. However, Ethereum's gas tariffs presented a hurdle for many, making it difficult to recoup their investments. The DAO offered alternatives, including the possibility of retaining PEOPLE tokens, which did not confer governance or utility rights. They also announced the future issuance of a new governance token, "We The People" (WTP), exchangeable for PEOPLE tokens.

Despite not achieving its primary goal, ConstitutionDAO demonstrated the potential of DAOs to mobilize resources quickly and effectively, galvanizing a community around a shared goal. The symbolic significance of a decentralized group attempting to purchase a physical symbol of democracy cannot be understated.

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How ConstitutionDAO works

ConstitutionDAO, a decentralized autonomous organization (DAO), was created to purchase a rare copy of the United States Constitution. Here's how it worked:

Key Components
  • Decentralized Autonomous Organization (DAO): A DAO is a community management system that allows members to vote on proposals. It is decentralized, meaning there is no central authority controlling it, and autonomous, meaning it operates based on pre-programmed rules.
  • Blockchain Technology: ConstitutionDAO utilized the Ethereum blockchain to facilitate transactions and ensure transparency and security.
  • Smart Contracts: These are self-executing contracts with the terms of the agreement written directly into lines of code. They automate the decision-making process and ensure that rules are enforced.
Governance and Voting
  • Token Holders: Those who contributed to the DAO received a governance token called $PEOPLE. This token granted them voting rights on proposals related to the management of the Constitution if the DAO had successfully purchased it.
  • Liquid Democracy: The DAO employed a liquid democracy model, where members could delegate their voting power to other members or vote directly on proposals. This ensured that decisions were made transparently and democratically.
Fundraising and Auction
  • Crowdfunding: ConstitutionDAO raised funds through a decentralized crowdfunding process, leveraging the Ethereum blockchain. Contributors purchased Ethereum and then used it to buy $PEOPLE tokens, which were used to fund the auction bid.
  • Auction: The DAO participated in an auction held by Sotheby's to purchase the rare copy of the Constitution. If successful, the DAO would have gained governance rights over the document, allowing token holders to vote on its management and display.
Token and Trading
  • $PEOPLE Token: The native token of ConstitutionDAO, $PEOPLE, served as a means of exchange, governance, and ownership within the DAO ecosystem. It was traded on decentralized exchanges (DEXs) and its value was driven by demand for ownership in rare assets and governance rights.
Disbandment and Refund
  • Disbandment: After the auction, the DAO disbanded, and contributors were refunded their donations minus Ethereum network transaction fees.

In summary, ConstitutionDAO was a decentralized organization that utilized blockchain technology and smart contracts to raise funds and attempt to purchase a rare copy of the US Constitution. Token holders would have had governance rights over the document, and the DAO's liquid democracy model ensured transparent and democratic decision-making.

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ConstitutionDAO's strengths

ConstitutionDAO (PEOPLE) has several strengths:

  • Community Engagement: ConstitutionDAO has a strong and active community. After announcing the purchase of the U.S. Constitution, the community on Discord grew from 7,000 to over 20,000 members in less than a week.
  • Decentralized Governance: The project uses a decentralized governance model, allowing token holders to propose and vote on decisions related to the DAO.
  • Potential for Social Impact: The community has visions for the $PEOPLE token to further social good and web3, with a focus on using the token to support various causes.
  • Innovative Use of Blockchain: ConstitutionDAO demonstrated the potential of blockchain technology in facilitating decentralized ownership of rare assets and enabling community-driven decision-making.
  • Rapid Mobilization of Resources: The DAO was able to raise $47 million in Ethereum (ETH) through crowdfunding, showcasing the ability of decentralized groups to quickly mobilize resources.
  • Symbolic Significance: The attempt to purchase a rare copy of the U.S. Constitution highlighted the potential of decentralized movements to challenge traditional power structures and democratize access to capital.

These strengths reflect the project's ability to engage and mobilize a community, its innovative use of blockchain technology, and its potential for social impact.

ConstitutionDAO's risks

ConstitutionDAO (PEOPLE) carries several risks. One significant risk is its historical price instability, making it a highly volatile asset. Additionally, the token is susceptible to governance attacks due to the concentration of ownership among a few individuals, which can impact voting mechanisms.

Furthermore, the project's reliance on smart contracts and decentralized governance structures introduces risks such as errors or flaws in the code, which can be exploited by malicious actors. The token's trading activity and market capitalization can also be influenced by limited trading activity, affecting its overall risk score.

Lastly, the project's experimental nature and the potential for disputes between founders, investors, and users can lead to regulatory and legal challenges, further increasing the risks associated with ConstitutionDAO.

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ConstitutionDAO's ecosystem

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ConstitutionDAO’s team

  • Jonah Erlich: A software engineer and core contributor to ConstitutionDAO, involved in the project's inception and governance.
  • Graham Novak: Launched ConstitutionDAO through a crowdfunding initiative in November 2021.
  • Brian Wagner: Announced as a new leader of the project after the initial auction failure.
  • Liminal Warmth: A Web 3.0 expert and new leader of the project alongside Brian Wagner.

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