Discussions around ConstitutionDAO and PEOPLE took over almost all social media the other day. From the 27th to the press date, we can see from Footprint’s data that the price of PEOPLE has gone through a roller coaster of skyrocketing and plummeting, falling from the highest point of $0.16 to $0.04, a drop of up to 70%. Its popularity also gradually dissipated as the currency price dropped.
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Review of ConstitutionDAO
ConstitutionDAO is a community organization initiated by several cryptocurrency enthusiasts and established on November 11, 2021 (Singles’ Day), aiming to raise funds through DAO, trying to buy the last one at Sotheby’s auction Privately owned first printed copy of the U.S. Constitution – one of only 13 copies of the U.S. Constitution currently in existence, preventing wealthy individuals from owning it alone.
As of the auction day on the 19th, ConstitutionDAO crowdfunded nearly 11,000 ETH on JuiceBox. According to the currency price at that time, it was close to more than 45 million US dollars, which was more than twice the estimated transaction price of 20 million US dollars at that time.
Unfortunately, ConstitutionDAO lost the auction! The copy of the Constitution was successfully bid by an unknown Citadel CEO Ken Griffin!
Five days after the auction ended, ConstitutionDAO, which lost its target, has been in a state of turmoil. After heated discussions, the core organization contributors of the organization announced on the 24th that they would close ConstitutionDAO and refund contributors indefinitely. It stands to reason that at this time PEOPLE token (successfully donated wallet can automatically get PEOPLE token, 1 ETH is equivalent to 1 million PEOPLE) as the governance token of DAO should not have any practical use, but its currency price is in the community users Under the impetus, I experienced the ups and downs mentioned in the opening paragraph.
What are DAOs?
What are DAOs?
DAO is the abbreviation of Decentralized Autonomous Organizationd, that is, decentralized autonomous organization. Generally, such organizations have common goals or consensus, and have clear core values. Its democratic voting mechanism determines the direction and mode of operation of the organization.
From the perspective of organizational form: ConstitutionDAO brings together a group of ordinary people and subverts the traditional organization! Communicating through Internet communities such as Discord and Twitter does not require face-to-face gatherings, and completes this seemingly magical thing quickly and efficiently.
From the point of view of the organization's consensus: let the constitution return to the people. This group of avant-garde cryptocurrency enthusiasts chose DAO as a way to respect and protect the first constitution in the history of the United States, believing that it should be shared by all people.
From the perspective of organizational rights: rights return to community members. If their bid is successful, the members of ConstitutionDAO can vote on whether to put this precious copy of the constitution on public display, putting it "in the hands of the people." If the auction fails, it is also for community members to discuss and decide where the funds go.
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ConstitutionDAO is not the first organization driven by the community to do similar social charity, such as the well-knownMEME cointext
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References:
References:
ConstitutionDAO is dead, but PEOPLE lives on constitutiondao fails to win the auction but its token is here to stay
ConstitutionDAO terminated, and PEOPLE went up 240% to a new high! Is WTP suspected to be the cause?constitutiondaos-people-token-hits-all-time-high-days-after-shutting-down
This User Mistakenly Transferred $3.6 Million to ConstitutionDAO, Here’s What Happened
ConstitutionDAO PEOPLE Token Continue To Rise Amid DAO Closure
Hetu Block Finance‖In-depth analysis of People's historical moments, how can DAO change the world?！
