What is ConstitutionDAO (PEOPLE)

ConstitutionDAO (PEOPLE) Basic Introduction

ConstitutionDAO (PEOPLE) Profile

What is ConstitutionDAO (PEOPLE) Trading

ConstitutionDAO (PEOPLE) trading refers to buying and selling the token in the cryptocurrency market. On MEXC, users can trade PEOPLE through different markets depending on your investment goals and risk preferences. The two most common methods are spot trading and futures trading.

ConstitutionDAO (PEOPLE) Spot Trading

Crypto spot trading is directly buying or selling PEOPLE at the current market price. Once the trade is completed, you own the actual PEOPLE tokens, which can be held, transferred, or sold later. Spot trading is the most straightforward way to get exposure to PEOPLE without leverage.

How to Acquire ConstitutionDAO (PEOPLE)

You can easily obtain ConstitutionDAO (PEOPLE) on MEXC using a variety of payment methods such as credit card, debit card, bank transfer, Paypal, and many more! Learn how to buy tokens at MEXC now!

Deeper Insights into ConstitutionDAO (PEOPLE)

ConstitutionDAO (PEOPLE) History and Background

ConstitutionDAO (PEOPLE): A Revolutionary Experiment in Decentralized Governance

ConstitutionDAO emerged in November 2021 as one of the most ambitious and historically significant decentralized autonomous organization experiments in cryptocurrency history. The project was created with a singular, audacious goal: to collectively purchase an original copy of the United States Constitution at a Sotheby's auction.

The Genesis of an Idea

The initiative began when a group of crypto enthusiasts and history buffs learned that one of only 13 surviving original copies of the U.S. Constitution would be auctioned by Sotheby's. This particular copy, known as the "Official Edition," was estimated to sell for between 15 and 20 million dollars. The founders saw this as an unprecedented opportunity to demonstrate the power of decentralized collective action.

Rapid Community Formation

What started as a small group discussion quickly evolved into a massive crowdfunding movement. The DAO utilized social media platforms, particularly Twitter and Discord, to spread awareness and rally supporters. The project's appeal transcended traditional cryptocurrency communities, attracting history enthusiasts, constitutional scholars, and individuals fascinated by the intersection of technology and historical preservation.

The PEOPLE Token

ConstitutionDAO issued governance tokens called PEOPLE to contributors. These tokens represented both contribution amounts and voting rights within the organization. The tokenomics were designed to be democratic, ensuring that contributors of all sizes could participate meaningfully in governance decisions. The token quickly gained attention across major cryptocurrency exchanges and decentralized finance platforms.

Fundraising Success and Challenges

In just one week, ConstitutionDAO raised over 40 million dollars from approximately 17,000 contributors worldwide. This remarkable achievement demonstrated the potential of DAOs to mobilize resources rapidly for specific objectives. However, despite raising sufficient funds, the project faced an unexpected challenge at the auction: they were outbid by billionaire Kenneth Griffin, who purchased the Constitution for 43.2 million dollars.

Post-Auction Developments

Following the unsuccessful bid, ConstitutionDAO faced critical decisions about its future direction. The organization offered refunds to contributors, though many chose to retain their PEOPLE tokens, believing in the project's continued potential. The token found new life in secondary markets, with its value fluctuating based on community sentiment and broader cryptocurrency market conditions.

Legacy and Impact

Despite not achieving its original objective, ConstitutionDAO established important precedents for decentralized governance and collective action. The project demonstrated how blockchain technology could enable rapid, transparent fundraising for cultural and historical preservation efforts. It also highlighted both the possibilities and limitations of DAO structures in real-world applications.

Who Created ConstitutionDAO (PEOPLE)?

ConstitutionDAO (PEOPLE) was created by a collective group of cryptocurrency enthusiasts and decentralized autonomous organization advocates, rather than a single individual. The project emerged in November 2021 as a crowdfunding initiative aimed at purchasing an original copy of the United States Constitution that was being auctioned by Sotheby's.

The core organizing team included several prominent figures from the crypto and DeFi space. Jonah Ehrlich served as one of the key coordinators, along with Graham Novak and other community members who helped establish the DAO's structure and governance mechanisms. The project gained significant traction through social media platforms, particularly Twitter and Discord, where thousands of contributors rallied around the cause.

The ConstitutionDAO represented a novel experiment in collective ownership and decentralized fundraising. Participants could contribute Ethereum to the project's treasury in exchange for PEOPLE tokens, which represented their proportional stake in the DAO and potential ownership rights to the Constitution copy.

The initiative successfully raised over $40 million worth of cryptocurrency within just a few days, demonstrating the power of decentralized coordination and community-driven projects. However, despite the massive fundraising success, ConstitutionDAO ultimately lost the auction to billionaire Ken Griffin, who purchased the document for $43.2 million.

Following the auction loss, the DAO faced decisions about refunding contributors and the future utility of PEOPLE tokens. The project highlighted both the potential and challenges of decentralized autonomous organizations in coordinating large-scale real-world purchases and collective action in the cryptocurrency ecosystem.

How Does ConstitutionDAO (PEOPLE) Work?

ConstitutionDAO (PEOPLE) Overview

ConstitutionDAO was a decentralized autonomous organization that emerged in November 2021 with the ambitious goal of purchasing an original copy of the U.S. Constitution at a Sotheby's auction. The project utilized blockchain technology and cryptocurrency to crowdfund this historic acquisition attempt.

Operational Mechanism

The DAO operated through smart contracts deployed on the Ethereum blockchain. Contributors could send Ethereum (ETH) to the designated smart contract address and receive PEOPLE tokens in return. These tokens represented governance rights and proportional ownership in the collective fund. The token distribution was designed to be fair, with each contributor receiving tokens equivalent to their ETH contribution.

Governance Structure

PEOPLE token holders possessed voting rights within the DAO ecosystem. The governance model allowed community members to participate in decision-making processes regarding the Constitution's potential management, display, and future handling. The decentralized structure meant no single entity controlled the organization, embodying true democratic principles.

Fundraising Success and Auction Outcome

ConstitutionDAO successfully raised over 11,000 ETH, equivalent to approximately $47 million at the time. This massive crowdfunding effort demonstrated the power of decentralized finance and community coordination. However, despite the substantial funds raised, the DAO was ultimately outbid at the Sotheby's auction by billionaire Ken Griffin.

Post-Auction Token Evolution

Following the unsuccessful bid, contributors were offered refunds of their original ETH contributions minus gas fees. However, many chose to retain their PEOPLE tokens, which subsequently developed into a community-driven memecoin. The token gained independent value and trading activity across various cryptocurrency exchanges, transforming from a utility token into a cultural symbol of collective action and decentralized organizing.

ConstitutionDAO (PEOPLE) Key Features

ConstitutionDAO (PEOPLE) Core Features

ConstitutionDAO represents a groundbreaking experiment in decentralized autonomous organizations that attempted to collectively purchase an original copy of the U.S. Constitution through crowdfunding using cryptocurrency. The project showcased several distinctive characteristics that made it a notable case study in the crypto space.

Decentralized Governance Structure

The DAO operated on a fully decentralized model where token holders could participate in decision-making processes. PEOPLE token holders had voting rights proportional to their holdings, enabling democratic participation in major decisions regarding the Constitution purchase and subsequent management.

Community-Driven Initiative

ConstitutionDAO emerged from grassroots community enthusiasm rather than traditional venture capital backing. The project demonstrated the power of collective action in the digital age, bringing together thousands of contributors who shared a common goal of preserving historical artifacts through decentralized ownership.

Rapid Fundraising Mechanism

The DAO successfully raised over 11,000 ETH in just a few days, showcasing the efficiency of blockchain-based crowdfunding. This rapid capital mobilization highlighted the potential of DAOs to quickly organize resources for specific objectives without traditional financial intermediaries.

Transparent Operations

All transactions and decisions were recorded on the Ethereum blockchain, ensuring complete transparency. Contributors could track fund usage, voting outcomes, and organizational activities in real-time, establishing trust through immutable record-keeping.

Token-Based Participation

PEOPLE tokens served as both contribution receipts and governance tokens, creating a direct link between financial participation and decision-making power. This tokenomics model incentivized active community engagement while maintaining proportional representation based on contribution levels.

ConstitutionDAO (PEOPLE) Distribution and Allocation

ConstitutionDAO (PEOPLE) Token Distribution and Allocation

ConstitutionDAO was a decentralized autonomous organization formed in November 2021 with the ambitious goal of purchasing an original copy of the U.S. Constitution at a Sotheby's auction. The project utilized the PEOPLE token as its primary mechanism for fundraising and governance participation.

Initial Token Distribution

The PEOPLE token distribution was designed to be fair and accessible to all contributors. Each dollar contributed to the DAO's crowdfunding effort entitled the contributor to one PEOPLE token. This 1:1 ratio ensured that all participants, regardless of their contribution size, received proportional representation in the organization. The total supply of PEOPLE tokens corresponded directly to the amount of Ethereum raised during the fundraising period.

Fundraising Mechanism

Contributors could participate by sending Ethereum to the DAO's smart contract. The fundraising campaign was remarkably successful, raising over 11,600 ETH (approximately $40 million at the time) from more than 17,000 individual contributors. This demonstrated unprecedented community engagement and showed the potential of decentralized fundraising for collective action.

Post-Auction Distribution

After the DAO failed to win the Constitution auction, contributors faced a choice. They could either claim a refund of their original ETH contribution minus gas fees, or retain their PEOPLE tokens. Many participants chose to keep their tokens, viewing them as a memento of their participation in this historic experiment in decentralized governance and collective action.

Token Utility and Governance

PEOPLE tokens were intended to serve as governance tokens, giving holders voting rights on decisions related to the Constitution's management had the purchase been successful. Although the original purpose was not fulfilled, the tokens retained value as a symbol of the community's shared experience and pioneering effort in DAO-based crowdfunding.

ConstitutionDAO (PEOPLE) Utility and Use Cases

ConstitutionDAO (PEOPLE) Overview

ConstitutionDAO was originally created as a decentralized autonomous organization with the ambitious goal of purchasing an original copy of the United States Constitution at a Sotheby's auction in November 2021. The project raised over $47 million worth of Ethereum from approximately 17,000 contributors, making it one of the largest crowdfunding efforts in crypto history.

Primary Use Cases and Applications

The PEOPLE token serves multiple purposes within the ecosystem. Initially, it functioned as a governance token that would have allowed holders to vote on decisions regarding the Constitution's care, display, and educational initiatives had the auction been successful. Although the DAO lost the auction to billionaire Ken Griffin, the token has evolved into different utility scenarios.

Governance and Community Participation

PEOPLE token holders can participate in governance decisions related to the future direction of the project. This includes voting on proposals for new initiatives, fund allocation, and strategic partnerships. The token represents voting power proportional to the amount held, enabling democratic decision-making within the community.

Educational and Cultural Initiatives

The project has pivoted toward supporting educational programs about constitutional history, democratic processes, and blockchain technology. Token holders can propose and vote on funding educational content, museum partnerships, and public awareness campaigns about historical documents and decentralized governance.

DeFi Integration and Trading

PEOPLE tokens are actively traded on various decentralized exchanges and can be used in DeFi protocols for lending, borrowing, and liquidity provision. The token has gained significant trading volume and market capitalization, making it attractive for traders and DeFi participants seeking yield opportunities.

Collectibles and NFT Ecosystem

The project has expanded into creating NFTs and digital collectibles related to historical documents and constitutional themes. PEOPLE tokens can be used to purchase exclusive NFTs, participate in drops, and access premium content within the ecosystem.

Future Applications and Development

The ConstitutionDAO community continues exploring new use cases, including partnerships with museums, educational institutions, and other DAOs focused on preserving historical artifacts and promoting civic education through blockchain technology.

ConstitutionDAO (PEOPLE) Tokenomics

Tokenomics describes the economic model of ConstitutionDAO (PEOPLE), including its supply, distribution, and utility within the ecosystem. Factors such as total supply, circulating supply, and token allocation to the team, investors, or community play a major role in shaping its market behavior.

Pro Tip: Understanding PEOPLE's tokenomics, price trends, and market sentiment can help you better assess its potential future price movements.

ConstitutionDAO (PEOPLE) Price History

Price history provides valuable context for PEOPLE, showing how the token has reacted to different market conditions since its launch. By studying historical highs, lows, and overall trends, traders can spot patterns or gain perspective on the token's volatility. Explore the PEOPLE historical price movement now!

ConstitutionDAO (PEOPLE) Price Prediction

Building on tokenomics and past performance, price predictions for PEOPLE aim to estimate where the token might be headed. Analysts and traders often look at supply dynamics, adoption trends, market sentiment, and broader crypto movements to form expectations. Did you know, MEXC has a price prediction tool that can assist you in measuring the future price of PEOPLE? Check it out now!