ConstitutionDAO was a decentralized autonomous organization (DAO) created to buy one of the 13 remaining physical copies of the Official Edition of the U.S. Constitution, auctioned at the premier auction house, Sotheby's. PEOPLE is the name and ticker symbol of ConstitutionDAO's token.
Started initially as a meme, ConstitutionDAO raised $47 million from 17,437 donors with a median donation size of $206.26. The DAO set the record for the highest crowdfund in less than 72 hours. They then formed a non-profit called Endaoment that could bid at Sotheby's on their behalf.
The ConstitutionDAO crowdfund was held via Juicebox, ConsitutionDAO's crowdfund partner. People who participated in the crowdfund were awarded PEOPLE tokens. If ConstitutionDAO had won the auction, PEOPLE holders could vote on proposals related to the purchased copy of the constitution.
However, since the DAO lost the auction, it is now officially dissolved. The multi-signature wallet burned the project's NFTs and its owner no longer has control over the collected funds. Participants can receive refunds, minus the gas fees, through the PEOPLE token.
PEOPLE price and tokenomics
You can redeem your donated funds in exchange for Ethereum (ETH) at a 1 ETH:1,000,000 PEOPLE ratio from Juicebox by paying the required gas fees. Redeeming your donations will burn PEOPLE tokens. PEOPLE price has been largely consistent and the community has plans to expand its use further.
About the founders
ConstitutionDAO was created in November 2021 by software engineer Jonah Elrich, one of the core contributors of the DAO, along with around 30 other people. It partnered with Alameda Research, Endaoment, FTX US, Juicebox, Morning Brew, and SyndicateDAO.
ConstitutionDAO: The road ahead
Some ConstitutionDAO members have sought to build other projects. For example, some members are developing a digital version of the Constitution that anyone can freely access, while others are keen on creating a curriculum to teach about the Constitution in schools. Apart from that, some are exploring the possibility of using blockchain technology to create a new way for people to participate in democracy.
