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): Historical Background and Development

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

Genesis and Formation

The initiative began when a group of cryptocurrency enthusiasts and blockchain advocates recognized that one of the thirteen 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 founding team, led by prominent figures in the DeFi space, decided to harness the power of decentralized finance to democratize ownership of this historic document.

Rapid Community Growth

What started as a small group quickly evolved into a massive movement. Within days, ConstitutionDAO attracted over 17,000 contributors who collectively raised approximately 47 million dollars worth of Ethereum. The project utilized a novel crowdfunding mechanism where contributors received PEOPLE tokens in proportion to their donations, representing their stake in the potential acquisition.

The Auction Outcome

Despite raising substantial funds, ConstitutionDAO was ultimately outbid at the Sotheby's auction in November 2021. The winning bid of 43.2 million dollars came from Citadel CEO Ken Griffin. However, the project's failure to secure the Constitution did not diminish its historical significance in demonstrating the potential of decentralized coordination and collective action.

Legacy and Token Evolution

Following the unsuccessful bid, ConstitutionDAO officially disbanded, allowing contributors to claim refunds. However, the PEOPLE token continued to exist and trade on various cryptocurrency exchanges, evolving into a meme token that represents the spirit of decentralized collective action and constitutional ideals within the crypto community.

Who Created ConstitutionDAO (PEOPLE)?

ConstitutionDAO (PEOPLE) was created by a collective group of cryptocurrency enthusiasts and decentralized autonomous organization (DAO) 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 cryptocurrency and Web3 space. Jonah Ehrlich served as one of the key coordinators and public faces of the project. Alice Ma was another significant contributor who helped organize the fundraising efforts. Graham Novak and Austin Cain were also among the founding members who played crucial roles in establishing the DAO's structure and operations.

The project was essentially a community-driven initiative that leveraged the power of decentralized finance and collective action. Contributors from around the world pooled their resources by purchasing PEOPLE tokens, which represented their stake in the DAO and their contribution toward the goal of acquiring the historic document.

ConstitutionDAO raised approximately $47 million in Ethereum within just a few days, demonstrating the incredible mobilizing power of decentralized communities. The funds were collected through smart contracts, and contributors received PEOPLE tokens in return for their ETH donations.

Although the DAO ultimately lost the auction to billionaire Ken Griffin, who bid $43.2 million for the Constitution copy, the project became a significant milestone in DAO history. It showcased how decentralized organizations could quickly mobilize resources for specific objectives and demonstrated the potential for collective ownership of valuable assets.

Following the failed auction attempt, contributors were given the option to claim refunds of their original ETH contributions, minus gas fees. However, many chose to hold onto their PEOPLE tokens, which continued to trade on various cryptocurrency exchanges as a memento of this historic crowdfunding experiment.

How Does ConstitutionDAO (PEOPLE) Work?

ConstitutionDAO (PEOPLE) Overview

ConstitutionDAO was a decentralized autonomous organization created specifically to purchase an original copy of the U.S. Constitution at a Sotheby's auction in November 2021. The project operated through a unique crowdfunding mechanism that demonstrated the power of decentralized finance and community coordination.

Operational Mechanism

The DAO functioned by allowing participants to contribute Ethereum (ETH) to a shared treasury. Contributors received PEOPLE tokens in return, which represented their proportional contribution to the collective fund. The token distribution was structured so that larger contributions received slightly better rates, incentivizing bigger donations while still allowing small contributors to participate meaningfully.

Governance Structure

PEOPLE token holders gained voting rights within the DAO ecosystem. The governance model allowed the community to make decisions about the Constitution's management, including where it would be displayed, how it would be preserved, and other operational matters. However, contributors would not own fractional shares of the physical document itself due to legal complexities.

Fundraising Success and Auction Outcome

ConstitutionDAO successfully raised over 11,000 ETH (approximately $40 million at the time) from more than 17,000 contributors within just one week. Despite this impressive fundraising achievement, the DAO was ultimately outbid at auction by billionaire Ken Griffin, who purchased the Constitution for $43.2 million.

Post-Auction Token Utility

After the auction failure, PEOPLE tokens transformed from governance tokens into community meme tokens. Contributors could either claim refunds of their original ETH contributions or retain their PEOPLE tokens. Many chose to keep their tokens, leading to continued trading activity and community engagement around the ConstitutionDAO brand and mission.

ConstitutionDAO (PEOPLE) Key Features

ConstitutionDAO (PEOPLE) Core Features

ConstitutionDAO represents a groundbreaking decentralized autonomous organization that emerged with the ambitious goal of purchasing an original copy of the U.S. Constitution at Sotheby's auction in November 2021. The project's native token, PEOPLE, embodies several distinctive characteristics that set it apart in the cryptocurrency landscape.

Governance Token Functionality

PEOPLE serves as a governance token, originally designed to enable community members to participate in decision-making processes regarding the Constitution purchase and subsequent management. Token holders were intended to have voting rights on crucial matters affecting the DAO's operations and the historical document's future.

Community-Driven Initiative

The project exemplifies true decentralized governance, where thousands of contributors pooled resources through cryptocurrency donations. This grassroots approach demonstrated the power of blockchain technology in mobilizing collective action for cultural and historical preservation purposes.

Fractional Ownership Concept

PEOPLE tokens were designed to represent fractional ownership or governance rights over the Constitution copy. This innovative approach would have allowed ordinary individuals to participate in owning a piece of American history, democratizing access to rare historical artifacts.

Transparent Fund Management

All transactions and fund movements were recorded on the Ethereum blockchain, ensuring complete transparency in how contributed funds were managed and allocated. This transparency built trust among participants and showcased blockchain's potential for accountable fund management.

Cultural Impact and Legacy

Despite not winning the auction, ConstitutionDAO created significant cultural impact, demonstrating how decentralized communities can organize around shared goals. The project highlighted the intersection between traditional historical preservation and modern blockchain technology, inspiring similar initiatives in the cultural sector.

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 issued PEOPLE tokens to raise funds for this historic acquisition attempt.

Initial Token Distribution Model

The PEOPLE token distribution followed a crowdfunding approach where contributors received tokens proportional to their Ethereum contributions. The initial allocation was straightforward: participants who sent ETH to the DAO's smart contract received PEOPLE tokens at a 1:1 ratio with their contribution amount. This created a fair distribution mechanism based on community participation rather than predetermined allocations to founders or early investors.

Fundraising Results and Allocation

ConstitutionDAO successfully raised over 11,600 ETH from approximately 17,000 contributors within just one week. The total supply of PEOPLE tokens was determined by the amount raised, creating a finite supply tied directly to community participation. Large contributors included both individual crypto enthusiasts and notable figures in the blockchain space, demonstrating broad community support for the initiative.

Post-Auction Distribution Changes

After losing the auction to billionaire Ken Griffin, ConstitutionDAO faced a critical decision regarding token utility and distribution. The organization announced that contributors could claim refunds by burning their PEOPLE tokens, effectively reducing the total supply. However, many holders chose to retain their tokens, believing in potential future value or as a memento of the historic crowdfunding attempt.

Secondary Market and Current Distribution

Following the auction's conclusion, PEOPLE tokens began trading on various cryptocurrency exchanges, creating a secondary market. The token's distribution became more dispersed as original contributors sold their holdings while new investors purchased tokens based on speculation about future utility or collectible value. This secondary distribution phase transformed PEOPLE from a utility token into a community-driven asset with cultural significance in the crypto space.

ConstitutionDAO (PEOPLE) Utility and Use Cases

ConstitutionDAO (PEOPLE) Use Cases and Applications

ConstitutionDAO was originally created as a decentralized autonomous organization with the specific goal of purchasing 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 in the cryptocurrency ecosystem.

Governance and Voting Rights

PEOPLE token holders can participate in governance decisions related to the future direction of the DAO. This includes voting on proposals for community initiatives, treasury management, and strategic partnerships. The token serves as a representation of voting power within the decentralized organization structure.

Community Building and Social Coordination

The token acts as a tool for building and maintaining a community of individuals interested in historical preservation, decentralized governance, and collective ownership models. PEOPLE holders form a network of like-minded participants who share common values regarding democratic participation and historical artifacts.

Educational Initiatives

The community has pivoted toward educational projects focused on constitutional law, American history, and blockchain technology. PEOPLE tokens can be used to fund educational content, workshops, and research projects that align with the organization's mission of promoting constitutional awareness.

Trading and Investment

As with many cryptocurrency tokens, PEOPLE serves as a tradeable asset on various decentralized and centralized exchanges. Investors and traders use the token for speculation, portfolio diversification, and as a store of value within the broader cryptocurrency market.

Future Historical Acquisitions

The DAO community continues to explore opportunities for acquiring other historically significant documents or artifacts, leveraging the collective purchasing power of PEOPLE token holders for future preservation efforts.

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 behaviour.

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!