ConstitutionDAO is a decentralized autonomous organization (DAO) established to pool resources collectively for the purchase and management of rare and valuable assets, specifically focusing on acquiring an original copy of the U.S. Constitution. The project utilizes its native token, PEOPLE, for governance and as a means of exchange within its ecosystem.
ConstitutionDAO operates on the Ethereum blockchain, leveraging smart contracts to manage the crowdfunding process and the distribution of its PEOPLE tokens. Participants can donate Ethereum in exchange for PEOPLE tokens. These tokens are intended as a governance tool, giving holders voting rights on decisions concerning the management of purchased assets. The organization initially utilized the Juicebox platform for handling its financial operations.
The potential use cases for ConstitutionDAO include:
ConstitutionDAO was initiated in November 2021 by founders Austin Cain and Graham Novak, who sought to purchase a copy of the U.S. Constitution offered at auction by Sotheby's. The project rapidly raised $47 million through contributions from over 17,000 individuals but ultimately lost the auction. Following the unsuccessful bid, the funds were refunded to contributors, excluding Ethereum transaction fees, or alternatively, retained as PEOPLE tokens. Despite not achieving its inaugural goal, ConstitutionDAO garnered significant attention as an innovative application of blockchain technology for communal purchasing power.