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 Historic Experiment in Decentralized Governance

ConstitutionDAO emerged in November 2021 as one of the most ambitious and culturally significant experiments in decentralized autonomous organization 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.

Origins and Formation

The initiative began when a group of crypto enthusiasts and web3 advocates discovered that Sotheby's was auctioning one of only 13 remaining original copies of the U.S. Constitution. Rather than allowing it to fall into private hands, they envisioned a revolutionary approach where thousands of people could collectively own this historic document through blockchain technology.

Within days, ConstitutionDAO gained massive traction across social media platforms, particularly Twitter and Discord. The project attracted participation from crypto veterans, newcomers, celebrities, and individuals who had never interacted with cryptocurrency before. This grassroots movement demonstrated the power of decentralized organizing and collective action in the digital age.

Fundraising Success and Community Growth

The DAO raised over 11,600 ETH, equivalent to approximately 47 million dollars at the time, from more than 17,000 contributors. Participants received PEOPLE tokens representing their contribution to the collective effort. The fundraising speed and scale were unprecedented, showcasing the potential of DAOs to mobilize resources rapidly for specific objectives.

The Auction and Aftermath

Despite the massive fundraising effort, ConstitutionDAO was ultimately outbid at the Sotheby's auction by billionaire Ken Griffin, who purchased the document for 43.2 million dollars. Following the unsuccessful bid, the DAO announced it would wind down operations and offer refunds to contributors.

Token Legacy and Cultural Impact

Interestingly, many participants chose not to claim refunds, instead holding onto their PEOPLE tokens as a memento of this historic experiment. The token continued trading on various exchanges, developing its own community and cultural significance beyond the original purpose. PEOPLE became a symbol of collective action, democratic participation, and the potential of decentralized organizations.

ConstitutionDAO's legacy extends far beyond its immediate failure to purchase the Constitution. It demonstrated the power of blockchain technology to coordinate large-scale collective action, introduced thousands of people to cryptocurrency and DAOs, and sparked conversations about digital ownership, governance, and the democratization of historically significant assets.

Who Created ConstitutionDAO (PEOPLE)?

ConstitutionDAO (PEOPLE) was created by a collective group of crypto 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 U.S. Constitution that was being auctioned by Sotheby's.

The key figures behind ConstitutionDAO included Jonah Ehrlich, who served as one of the core organizers, along with Graham Novak and several other contributors from the Ethereum and DeFi communities. The project was largely coordinated through Discord and Twitter, bringing together thousands of participants who shared the common goal of collectively owning a piece of American history.

The DAO structure meant that no single person could claim ownership of the creation. Instead, it was a collaborative effort that demonstrated the power of decentralized organizing and cryptocurrency-based crowdfunding. Contributors purchased PEOPLE tokens in exchange for their Ethereum donations, which would have represented governance rights in the DAO if the auction had been successful.

The project gained massive attention and raised over $47 million worth of Ethereum from more than 17,000 contributors within just a few days. However, ConstitutionDAO ultimately lost the auction to billionaire Ken Griffin, who bid $43.2 million for the document.

After the failed auction, the original purpose of ConstitutionDAO was fulfilled, but the PEOPLE token continued to exist and trade on various cryptocurrency exchanges. The token became a symbol of the decentralized movement and collective action in the crypto space, even though the original constitutional purchase never materialized.

The creators emphasized that ConstitutionDAO was an experiment in decentralized governance and community-driven initiatives, showcasing how blockchain technology could enable large-scale coordination for specific goals beyond traditional financial applications.

How Does ConstitutionDAO (PEOPLE) Work?

ConstitutionDAO (PEOPLE) Overview

ConstitutionDAO was a decentralized autonomous organization that emerged in November 2021 with the ambitious goal of collectively purchasing an original copy of the U.S. Constitution at a Sotheby's auction. The project utilized blockchain technology and cryptocurrency to coordinate a crowdfunding effort among thousands of participants worldwide.

Operational Mechanism

The DAO operated through smart contracts deployed on the Ethereum blockchain. Participants contributed Ethereum (ETH) to a shared treasury, and in return, received PEOPLE tokens proportional to their contributions. These tokens represented governance rights and potential claims to the collectively owned asset rather than traditional ownership shares.

The organization raised approximately 11,613 ETH, equivalent to over $40 million at the time, from more than 17,000 contributors. The fundraising process was entirely decentralized, with no central authority controlling the funds until the auction.

Governance Structure

PEOPLE token holders possessed voting rights to make decisions about the Constitution's management, including display location, insurance, and potential future sale. The governance model followed typical DAO principles, where token weight determined voting power, and proposals required community consensus to execute.

Auction Outcome and Aftermath

Despite raising substantial funds, ConstitutionDAO was outbid by billionaire Kenneth Griffin, who purchased the Constitution for $43.2 million. Following the unsuccessful bid, the DAO faced a decision point regarding the raised funds.

Contributors were offered refunds of their original ETH contributions, minus gas fees. However, many participants chose to retain their PEOPLE tokens, which subsequently began trading on decentralized exchanges as a memetic representation of the historic crowdfunding attempt.

Technical Implementation

The project utilized Juicebox protocol for fundraising infrastructure, which provided transparent, programmable funding mechanisms. Smart contracts automatically handled token distribution, refund processes, and treasury management without requiring traditional financial intermediaries.

Current Status

Although ConstitutionDAO officially dissolved after the failed auction, PEOPLE tokens continue circulating in cryptocurrency markets. The tokens now function primarily as a commemorative digital asset and community symbol rather than serving their original governance purpose, representing one of the most notable examples of decentralized crowdfunding in blockchain history.

ConstitutionDAO (PEOPLE) Key Features

ConstitutionDAO (PEOPLE) Core Features

ConstitutionDAO represents a groundbreaking experiment in decentralized autonomous organization governance, created with the ambitious goal of collectively purchasing an original copy of the U.S. Constitution at Sotheby's auction in November 2021.

Collective Ownership Model

The project pioneered a novel approach to collective asset ownership through blockchain technology. Contributors pooled funds using Ethereum, with each participant receiving PEOPLE tokens proportional to their contribution. This mechanism demonstrated how cryptocurrency could facilitate large-scale collaborative purchasing power.

Rapid Community Formation

ConstitutionDAO achieved remarkable growth, raising over 11,600 ETH (approximately $40 million) within days. The project attracted thousands of contributors worldwide, showcasing the power of decentralized communities to mobilize quickly around shared objectives.

Governance Token Structure

PEOPLE tokens served dual purposes: representing contribution amounts and providing governance rights. Token holders could participate in decision-making processes regarding the Constitution's management, display location, and future organizational direction.

Transparency and Decentralization

All transactions and decisions occurred on-chain, ensuring complete transparency. The project operated without traditional corporate structures, relying instead on community consensus and smart contract automation.

Cultural Impact

Beyond its financial aspects, ConstitutionDAO became a cultural phenomenon, attracting mainstream media attention and introducing many newcomers to cryptocurrency concepts. It demonstrated how DAOs could pursue real-world objectives beyond typical DeFi applications.

Post-Auction Evolution

Although unsuccessful in the auction, PEOPLE tokens continued trading, with the community exploring alternative uses and maintaining the decentralized governance structure established during the original campaign.

ConstitutionDAO (PEOPLE) Distribution and Allocation

ConstitutionDAO (PEOPLE) Distribution and Allocation Overview

ConstitutionDAO emerged as a groundbreaking decentralized autonomous organization in November 2021, created with the ambitious goal of collectively purchasing an original copy of the United States Constitution at Sotheby's auction. The project utilized the PEOPLE token as its primary governance and contribution mechanism.

Initial Token Distribution Structure

The PEOPLE token distribution followed a unique crowdfunding model where contributors received tokens proportional to their Ethereum contributions. The total supply was determined by the amount raised during the fundraising period, with approximately 5.06 billion PEOPLE tokens created. Contributors received tokens at a rate of 1,000,000 PEOPLE per 1 ETH contributed.

Contributor Allocation Process

The distribution mechanism was designed to be fair and transparent. Individual contributors could participate by sending ETH to the designated smart contract, automatically receiving PEOPLE tokens in return. The allocation was immediate and proportional, ensuring that larger contributors received correspondingly more governance power while maintaining accessibility for smaller participants.

Post-Auction Distribution Changes

After losing the auction to Ken Griffin, ConstitutionDAO faced a critical decision regarding token utility. The organization announced that contributors could claim refunds of their original ETH contributions, minus gas fees. However, many participants chose to retain their PEOPLE tokens, believing in the community's potential future endeavors.

Secondary Market and Community Distribution

Following the auction outcome, PEOPLE tokens began trading on various decentralized exchanges. The token's value became driven by community sentiment and speculative trading rather than its original utility. This created a secondary distribution mechanism through market transactions, allowing new participants to acquire tokens without having contributed to the original fundraising effort.

Long-term Allocation Implications

The PEOPLE token distribution represents a fascinating case study in decentralized fundraising and community governance. While the original mission failed, the token's continued existence and trading activity demonstrate the lasting impact of the ConstitutionDAO experiment on cryptocurrency and DAO development.

ConstitutionDAO (PEOPLE) Utility and Use Cases

ConstitutionDAO (PEOPLE) Use Cases and Applications

ConstitutionDAO emerged as a groundbreaking decentralized autonomous organization that aimed to collectively purchase an original copy of the United States Constitution at a Sotheby's auction. Although the initial mission was unsuccessful, the PEOPLE token has evolved to serve various purposes within the cryptocurrency ecosystem.

Governance and Community Participation

The primary application of PEOPLE tokens revolves around decentralized governance. Token holders can participate in community decisions, vote on proposals, and influence the direction of future projects. This democratic approach allows thousands of participants to have a voice in collective decision-making processes, demonstrating the power of blockchain-based governance systems.

Collectible and Historical Significance

PEOPLE tokens serve as digital collectibles representing participation in a historic crypto movement. Many holders view these tokens as commemorative assets that capture a significant moment in cryptocurrency history when a decentralized community attempted to purchase one of America's founding documents.

DeFi Integration and Trading

The token has found utility in various decentralized finance protocols. Users can trade PEOPLE on decentralized exchanges, provide liquidity in automated market makers, and participate in yield farming opportunities. This integration into the broader DeFi ecosystem provides practical utility beyond its original purpose.

Community Building and Social Coordination

PEOPLE tokens facilitate community coordination for future collective actions. The token serves as a rallying point for individuals interested in participating in similar crowdfunding initiatives or collaborative purchases of historically significant items.

Educational Tool

The ConstitutionDAO experiment serves as an educational case study demonstrating how blockchain technology can enable large-scale coordination and fundraising, showcasing both the potential and limitations of decentralized autonomous organizations in real-world applications.

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!