Buy ConstitutionDAO (PEOPLE)

What is ConstitutionDAO?

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.

How does ConstitutionDAO work?

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.

What are the potential use cases for ConstitutionDAO?

The potential use cases for ConstitutionDAO include:

• Crowdfunding: Demonstrating blockchain-based fundraising possibilities by raising significant amounts to acquire rare historical artifacts.
• Governance: Allowing token holders to engage in decision-making processes related to the assets managed by the DAO.
• Decentralized Ownership: Exploring the model of collective ownership and management of culturally significant items or other rare assets.
• NFT-based Investing: Extending the model of pooled resources for the acquisition of non-fungible tokens (NFTs) based on community voting.

What is the history of ConstitutionDAO?

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.