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): History and Background

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

Origins and Formation

The project began when a group of crypto enthusiasts and history buffs discovered 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 realized that blockchain technology and decentralized finance could enable thousands of people to pool their resources and collectively bid on this historic document.

Rapid Growth and Community Building

What started as a small idea quickly snowballed into a massive movement. Within just one week, ConstitutionDAO attracted over 17,000 contributors who collectively raised more than 47 million dollars worth of Ethereum. The project gained significant media attention and celebrity endorsements, becoming a cultural phenomenon that extended far beyond the cryptocurrency community.

The Auction and Aftermath

Despite raising substantial funds, ConstitutionDAO was ultimately outbid at the Sotheby's auction by billionaire Ken Griffin, who purchased the Constitution for 43.2 million dollars. Following the unsuccessful bid, the DAO announced it would cease operations and allow contributors to claim refunds of their contributed Ethereum, minus gas fees.

PEOPLE Token Legacy

The PEOPLE token, originally created as a governance token for the DAO, continued to trade on various cryptocurrency exchanges even after the project's conclusion. The token became a symbol of decentralized collective action and remains actively traded, representing the historical significance of this groundbreaking experiment in decentralized fundraising and governance.

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 at a Sotheby's auction.

The core organizing team included several prominent figures from the crypto and DeFi space. Jonah Ehrlich, a web3 investor and entrepreneur, played a significant leadership role in coordinating the effort. Austin Cain, who had experience in cryptocurrency projects, also contributed to the organizational structure. Additionally, Alice Ma and Graham Novak were among the key contributors who helped establish the DAO's framework and operational procedures.

The project gained massive traction through social media platforms, particularly Twitter, where crypto influencers and community members rallied support. The ConstitutionDAO represented a novel experiment in collective ownership and decentralized governance, allowing thousands of individual contributors to pool their resources toward a common goal.

Within just a few days, the DAO successfully raised over $47 million worth of Ethereum from more than 17,000 contributors. Contributors received PEOPLE tokens in proportion to their donations, which were intended to represent governance rights in the DAO if the auction bid was successful.

Although ConstitutionDAO ultimately lost the auction to billionaire Ken Griffin, the project demonstrated the power of decentralized organizing and community-driven fundraising. The PEOPLE token continued to trade on various cryptocurrency exchanges even after the failed bid, maintaining value as a memento of the historic crowdfunding experiment.

The creators emphasized that ConstitutionDAO was designed as a temporary organization with the specific purpose of acquiring the Constitution. The project showcased how blockchain technology and DAOs could potentially democratize access to historically significant artifacts and enable collective ownership models that were previously impossible.

How Does ConstitutionDAO (PEOPLE) Work?

ConstitutionDAO (PEOPLE) Overview

ConstitutionDAO was a decentralized autonomous organization created in November 2021 with the ambitious goal of purchasing an original copy of the U.S. Constitution at a Sotheby's auction. The project operated as a crowdfunding initiative using blockchain technology and cryptocurrency mechanisms.

Token Mechanism and Structure

The PEOPLE token served as the primary mechanism for participation in ConstitutionDAO. Contributors could send Ethereum to the project's smart contract and receive PEOPLE tokens in return, representing their contribution amount. These tokens were designed to provide governance rights rather than ownership shares of the Constitution itself. The token distribution was proportional to the amount of ETH contributed by each participant.

Governance and Decision Making

PEOPLE token holders were intended to have voting rights on key decisions regarding the Constitution's management, including where it would be displayed, insurance arrangements, and other operational matters. The governance structure followed typical DAO principles, where token weight determined voting power in community decisions.

Fundraising Process

The project raised over 11,600 ETH (approximately $40 million at the time) from more than 17,000 contributors within just one week. The fundraising occurred through a simple smart contract mechanism where users could contribute ETH and receive PEOPLE tokens representing their stake in the project.

Auction Outcome and Aftermath

Despite raising significant funds, ConstitutionDAO was outbid at the Sotheby's auction by billionaire Ken Griffin. Following the failed bid, the project offered refunds to contributors, though many chose to hold their PEOPLE tokens. The tokens subsequently gained speculative trading value on various cryptocurrency exchanges, transforming from governance tokens into meme-like digital assets with community-driven value.

ConstitutionDAO (PEOPLE) Key Features

ConstitutionDAO (PEOPLE) Core Features

ConstitutionDAO represents a groundbreaking experiment in decentralized autonomous organization governance, built around the ambitious goal of collectively purchasing an original copy of the United States Constitution. The PEOPLE token serves as the native cryptocurrency that embodies the project's democratic ideals and community-driven approach.

Decentralized Governance Structure

The primary feature of ConstitutionDAO is its fully decentralized governance model. Token holders possess voting rights proportional to their PEOPLE holdings, enabling democratic decision-making processes. This structure eliminates traditional hierarchical management, allowing the community to collectively determine the organization's direction and resource allocation.

Historical Significance and Purpose

ConstitutionDAO gained global attention for its unique mission to crowdfund the purchase of one of the few remaining original copies of the U.S. Constitution. This initiative demonstrated blockchain technology's potential for organizing large-scale collective action around culturally significant objectives, transcending traditional fundraising limitations.

Community-Driven Tokenomics

The PEOPLE token operates on a community-centric economic model where value derives from collective participation and shared ownership. Token distribution occurred through contributions to the constitutional purchase fund, creating a direct relationship between financial commitment and governance influence within the ecosystem.

Transparency and Accountability

All transactions, decisions, and fund movements are recorded on the blockchain, ensuring complete transparency. This immutable record-keeping system provides unprecedented accountability levels, allowing participants to verify how their contributions are utilized and track the organization's financial activities in real-time.

Cultural Impact and Legacy

Beyond its immediate objectives, ConstitutionDAO established a new paradigm for combining cryptocurrency technology with cultural preservation efforts. The project demonstrated how decentralized organizations can mobilize resources for purposes beyond traditional financial speculation, creating lasting cultural and technological significance.

ConstitutionDAO (PEOPLE) Distribution and Allocation

ConstitutionDAO (PEOPLE) Distribution and Allocation Overview

ConstitutionDAO was a decentralized autonomous organization that raised funds to purchase an original copy of the U.S. Constitution at a Sotheby's auction in November 2021. The project issued PEOPLE tokens to contributors, representing their participation in this historic crowdfunding effort.

Initial Token Distribution

The PEOPLE token distribution was based on the amount of Ethereum (ETH) contributed by participants during the fundraising period. Contributors received PEOPLE tokens proportional to their ETH contributions, with the exchange rate determined by the total amount raised and the total token supply. The project successfully raised over 11,600 ETH from more than 17,000 contributors within just one week.

Post-Auction Distribution Mechanics

After losing the auction to hedge fund billionaire Ken Griffin, ConstitutionDAO announced that contributors could either claim a refund of their ETH contribution or keep their PEOPLE tokens. Those who chose refunds would forfeit their tokens, while those who retained tokens became part of the ongoing community. This created a natural redistribution mechanism where the circulating supply was determined by community participation rather than predetermined allocations.

Token Utility and Governance

PEOPLE tokens were initially designed to represent governance rights in the DAO if the Constitution purchase had been successful. After the failed bid, the tokens evolved into a community token representing shared participation in the historic attempt. The tokens carry no inherent utility beyond community membership and potential future governance decisions regarding the DAO's direction.

Current Distribution Status

The final distribution of PEOPLE tokens reflects those community members who chose to remain involved rather than claim refunds. This self-selecting mechanism created a distribution among committed participants who believed in the project's symbolic value beyond the original Constitution purchase goal.

ConstitutionDAO (PEOPLE) Utility and Use Cases

ConstitutionDAO (PEOPLE) Use Cases and Applications

ConstitutionDAO emerged as a groundbreaking decentralized autonomous organization that attempted to collectively purchase an original copy of the U.S. Constitution. Although the initial mission was unsuccessful, the PEOPLE token has evolved into various use cases within the cryptocurrency ecosystem.

Governance and Voting Rights

PEOPLE tokens serve as governance tokens, allowing holders to participate in decision-making processes related to the DAO's future direction. Token holders can propose and vote on various initiatives, including community projects, treasury management, and strategic partnerships. This democratic approach enables decentralized governance where community members have direct influence over the organization's activities.

Community Building and Social Movement

The token represents participation in a historic crowdfunding experiment that demonstrated the power of decentralized communities. PEOPLE holders are part of a movement that showcased how blockchain technology can mobilize thousands of individuals toward a common goal. This social aspect creates value through community membership and shared identity.

Speculative Trading and Investment

Like many cryptocurrencies, PEOPLE tokens are actively traded on various exchanges for speculative purposes. Traders and investors buy and sell tokens based on market sentiment, news events, and technical analysis. The token's historical significance and media attention contribute to its trading appeal.

Educational Tool and Historical Artifact

PEOPLE serves as an educational example of DAO mechanics, crowdfunding capabilities, and blockchain innovation. It demonstrates both the potential and limitations of decentralized organizations, making it valuable for studying cryptocurrency adoption and community coordination.

Future Utility Development

The community continues exploring new applications, including potential partnerships, educational initiatives, and blockchain-based projects that align with the original mission's spirit of democratizing access to historical artifacts and promoting civic engagement.

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!