ConstitutionDAO is a DAO created to purchase one of the 13 copies of the United States Constitution.
So what exactly is ConstitutionDAO? Find out about it with AZCoin in the article below!
What is ConstitutionDAO?
ConstitutionDAO is a decentralized autonomous organization (DAO) created to acquire one of the 13 copies of the United States Constitution, which was auctioned at Sotheby’s on November 18. The name ConstitutionDAO reflects the character of the community:
- Constitution: U.S. Constitution
- DAO: Decentralized Autonomous Organization – a community of equals who collaborate to achieve a common goal.
What are the stories behind ConstitutionDAO?
Founded in November 2021, ConstitutionDAO aimed to collectively purchase a copy of the United States Constitution. They believed the document belonged to the public, not any one individual. ConstitutionDAO planned to place the Constitution on display and mint NFTs for its members.
To do that, they need a minimum of $20M, which is not a small number.
But in just four days, they raised $47M, had 21k members on Discord, as well as 42k followers on Twitter.
Speaking of community support, in November alone, ConstitutionDAO’s Twitter had over 1.2k Tweets. Of course, only a few were from ConstitutitionDAO itself. The rest were Retweets from their supporters, including many big names like Jiho from Axie Infinity.
In addition, ConsitutionDAO’s Partners are FTX, Alameda Research, Morning Brew (newspaper about Wall Street, Silicon Valley),…
As a result, ConstitutionDAO did not win the auction. The winner was Ken Griffin, Founder and CEO of Citadel, an investment management and market maker, with a bid of $43M+. However, this did not mean that the community was broken. In addition to the number of followers increasing by more than 10k in just 10 days after the auction, ConstitutionDAO also left behind one thing, which is the PEOPLE token.
Key Metrics
- Name of the token: ConstitutionDAO
- Shortened form (Ticker): PEOPLE
- Blockchain network: Ethereum
- Token standard: ERC-20
- Token contract address: 0x7a58c0be72be218b41c608b7fe7c5bb630736c71
- Token type: Governance
- Maximum number of tokens (Total Supply): 5,062,296,872 PEOPLE
- Number of tokens currently in circulation (Circulating Supply): 5,062,296,872 PEOPLE
About PEOPLE token
Background
As proof of deposit, ConstitutionDAO initially issued PEOPLE to supporters. Each ETH deposited was equivalent to 1,000,000 PEOPLE.
After the auction failed, ConstitutionDAO announced to stop the project and open the pool for everyone to Redeem. However, the community was too strong. The number of redeems was only over 55%. At that time, the ConstitutionDAO team changed their minds, instead of redeeming, everyone could hold PEOPLE to participate in the “new-project” – not yet revealed by the project. The price then increased 180 times from the bottom.
The ConstitutionDAO website itself states that PEOPLE currently have no functional or governance implications. Except for the 1:1,000,000 ETH swap we mentioned above.
However, in the future, it is very possible that there will be projects that will use PEOPLE tokens for some purpose, and this can only come from other parties. ConstitutionDAO does not have any future plans.
Future projection
Comparing ConstitutionDAO with Loot
Loot is an NFT project, consisting of a collection of 8,000 Loot bags (minted since September 5) containing “unique exploration gear”, released by Dom Hofmann.
When looking at the nature of ConstitutionDAO, it can be seen that they have similarities with Loot through the following points:
- Huge community.
- Strange idea.
- Tokens have no value to the original project itself.
Also, looking at the Loot timeline, we can see that the community initially put Loot up for ridiculous prices, even a few hundred ETH. But after the “hype”, Loot paintings returned to a more reasonable price.
Next, the Loot community created their own ecosystem: the Lootverse . Although it is still quite primitive, this is a move that is very much in line with the original intention of the Loot project founder.
Compared to ConstitutionDAO, if Loot follows what they do, there is a high chance that the community supporting ConstitutionDAO will create an ecosystem where PEOPLE will have its own effect.
The Future of Crypto
It is easy to see that DAO is becoming a trend in Crypto in general. Every project is starting to empower the community. But in reality, governance proposals only revolve around the project.
ConstitutionDAO is a huge step forward from the previous DAOs, where a bunch of people who don’t know each other come together for a common purpose. This is exactly what a DAO should look like.
Of course, currently, we have DAOs like Yield Guild Game , Ventures DAO ,… That also fulfills a purpose, but the difference between ConstitutionDAO compared to other DAOs is that their mission lies in the traditional world, and to some extent the above DAOs also have a certain focus.
In addition, we also want to mention a community that has made its own history, which is DOGE. DOGE used to be just a useless Meme coin, created just for fun. But now, with such a large community, DOGE’s capitalization is in the top 10 projects with the largest capitalization. Therefore, it doesn’t matter whether your project is good or not, as long as the community supports it, the project will develop.
ConstitutionDAO failed in the auction, but the community made its mark in Crypto history. And it will be a great inspiration for future DAOs.
How to earn and own PEOPLE
If you contributed to ConstitutionDAO, you can redeem your PEOPLE token. Alternatively, you can also buy PEOPLE on exchanges.
To trade the PEOPLE token and other cryptocurrencies like Bitcoin, take a look at top crypto exchanges 2024 for initial registration offers.
Roadmap & Updates
ConstitutionDAO has no plans for the future.
ConstitutionDAO Project team, investors & partners
Project Team
ConstitutionDAO is a community gathering, so there is no single representative.
However, one of the Core Devs of Constitution DAO is Miguel Piedrafita , who is only 19 years old.
Investors
ConstitutionDAO currently has no investors.
Partner
ConstitutionDAO partners include many well-known names such as FTX, Alameda Research, Syndicate, Morning Brew, and JuiceBox.
ConstitutionDAO similar projects
Loot: The NFT project, featuring a collection of 8,000 Loot bags (minted starting September 5) containing “unique exploration gear,” is being released by Dom Hofmann.
Summary
So, we have introduced to you what the ConstitutionDAO and PEOPLE projects are, and provided all the details about the project’s highlights and tokenomics.
If you have any inquiries or feedback, feel free to leave a comment below or reach out to contact us, and we will assist you!
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
