What is ConstitutionDAO? ConstitutionDAO (PEOPLE) is a social token created to purchase the auction copy of the US Constitution. cryptocoin.com In this article, we answered the questions that investors wonder, such as what ConstitutionDAO is, what it offers, what is PEOPLE coin, what is it for, how to get it. Now let’s examine this token together to buy a copy of the US Constitution.
What is ConstitutionDAO?
ConstitutionDAO was established in November of 2021 as a Decentralized Autonomous Organization (DAO). The idea behind this DAO was obvious. The project, created by a group of Web3 enthusiasts, aimed to purchase a copy of the US Constitution. The team had discovered the similarity between the Constitution and DAOs. Therefore, they created a meme coin-like token. This token, created for social purposes, was called PEOPLE. PEOPLE was made available to users in 2021 as the governance token of the DAO.
Actually, the idea behind ConstitutionDAO was very simple. This included getting together as a community and purchasing the copy of the US Constitution. Only 13 original copies of this Constitution existed, and one of them was to go up for auction. They created a DAO to purchase this copy, which was auctioned off at Sotheby’s Auction. After that, the community tried to raise enough money before the auction date arrived.
What does ConstitutionDAO offer?
A random chat among the crypto community on Twitter led to a full-fledged decision to purchase the 1787 first edition of the US Constitution. The idea was not to buy the Constitution itself, but to send a message that with the power of Blockchain and DAOs this is indeed possible. They’ve made startups, they’ve created a team and a community, and they’ve formed a DAO. After that, they raised several million dollars. But when auction day came, an anonymous entrepreneur bought the copy of the Constitution, with a bid of $43.17 million.
The ConstitutionDAO community was shaken after this. Because they couldn’t buy a copy of the Constitution. However, they were still happy to demonstrate the power of the DAO for the first time at a corporate location like Sotheby’s. It was the first time in history that a DAO had done such a thing. But they did not get it, and the team of the project began to pay back the funds from the investors. Today, there are thousands of dollars of funds still waiting to be received by the owner. However, users who deposit low amounts have to pay high gas fees. This makes the situation worse.
What is PEOPLE coin? What does it do?
PEOPLE coin is a governance token used in the DAO of the ConstitutionDAO project. Users were getting voting rights in the DAO with this token. They also supported the purchase of the Constitution by investing in the project as they wished. However, the DAO’s purpose was accomplished when they failed to purchase the Constitution on auction day. After that, the refund process to users began. But PEOPLE is still in the hands of millions. The market cap of the cryptocurrency is currently over $150 million. At the time of the auction, this amount was around $40 million.
What is ConstitutionDAO? How to take PEOPLE?
Although the project has accomplished its purpose, there are people who want to invest in PEOPLE coin. If you are one of them, you can access the MEXC, CoinW and BTCEX exchanges where the token is listed.
