ConstitutionDAO (PEOPLE)

About ConstitutionDA (PEOPLE)

What is ConstitutionDAO (PEOPLE)?

ConstitutionDAO was a decentralized autonomous organization (DAO) that aimed to collectively purchase a rare copy of the U.S. Constitution at a Sotheby’s auction in November 2021. The DAO was an experimental project driven by a grassroots community of web3 enthusiasts, aiming to create a decentralized group capable of making a historic purchase using blockchain technology. Despite raising over $40 million in Ethereum (ETH) through crowdfunding efforts, the DAO was ultimately outbid at the auction, which led to the dissolution of the project. The PEOPLE token was issued to participants as a governance token that would have granted holders voting rights regarding the placement of the Constitution if the bid had been successful.

How Does ConstitutionDAO (PEOPLE) Work?

ConstitutionDAO was structured as a non-profit organization, with a limited liability company (LLC) legally owned by two of its core members. The primary function of the DAO was to leverage the power of crowdfunding and decentralized governance to pool resources for purchasing a copy of the Constitution.

• Fundraising Process: The DAO raised funds via Juicebox, a decentralized fundraising platform, where supporters could donate ETH to the cause.
• PEOPLE Token: The PEOPLE token served as the governance token for the DAO. Holders of the PEOPLE token had the right to vote on what would happen to the Constitution if the purchase had been successful. These decisions included aspects like the placement, display, and potential future actions regarding the document.

However, the PEOPLE token was not designed to represent fractional ownership of the Constitution copy itself. Instead, it was intended solely for governance purposes within the DAO.

What Are the Potential Use Cases for ConstitutionDAO (PEOPLE)?

The core use case for the PEOPLE token was to enable governance within the ConstitutionDAO ecosystem. If the DAO had won the auction, PEOPLE token holders would have been able to:

• Vote on the placement and display of the U.S. Constitution copy.
• Participate in decisions about the preservation and future use of the document.

Since the DAO did not acquire the Constitution and was dissolved after being outbid, the PEOPLE token no longer has any governance functions. However, token holders could still:

• Redeem their PEOPLE tokens for Ethereum at the original contribution ratio, reflecting their initial donation.
• Keep the tokens in the event that they might have future use or utility, though as of now, the token has no active governance or decision-making power.

What is the History of ConstitutionDAO (PEOPLE)?

ConstitutionDAO was founded in November 2021 by a group of web3 enthusiasts who saw an opportunity to bring blockchain governance to a historic and symbolic purchase. The DAO quickly gained attention, attracting over 17,000 donors who collectively raised over $40 million in Ethereum.

The community’s goal was to purchase a rare copy of the U.S. Constitution that was up for auction at Sotheby’s. The DAO participants hoped to preserve this document in the public domain, leveraging the transparency and decentralized nature of blockchain technology for the endeavor.

However, despite the incredible fundraising efforts, the DAO was outbid by a bid of $43.2 million from Ken Griffin, the founder of Citadel LLC, which led to the failure of the purchase. Following this outcome, ConstitutionDAO made the decision to dissolve and refund all of the contributions back to the original donors.

As part of this process, PEOPLE token holders were given the option to redeem their tokens for Ethereum, which was done at the original contribution ratio. The token itself no longer carries any voting power or utility beyond the redemption process, as the DAO itself ceased to exist following the auction outcome.