What is ConstitutionDAO? All You Need to Know About $PEOPLE

What is ConstitutionDAO?

ConstitutionDAO was a decentralized autonomous organization (DAO) created to purchase a rare copy of the US Constitution. The DAO was a community-driven initiative that allowed individuals to pool their resources and collectively purchase a rare asset that would otherwise be inaccessible to the average person. Its main goal was to leverage the power of blockchain technology to create a transparent and decentralized platform for the ownership and management of rare assets.

History of ConstitutionDAO ($PEOPLE)

The project was launched in November 2021 by a group of cryptocurrency enthusiasts and investors, aiming to purchase one of only 13 surviving copies of the US Constitution printed in 1787. The document is considered one of the most important historical documents in the world, and the rareness of that copy made it inaccessible to the public for many years.

Trent Griffin, a popular cryptocurrency investor on Twitter, first proposed the idea of purchasing this rare copy of the US Constitution. His proposal gained traction, and soon, a group of investors and cryptocurrency enthusiasts came together to form Constitution DAO, which launched its first fundraising round on November 15, 2021. It quickly gained momentum in the cryptocurrency community.

Within 24 hours of the launch, the DAO had raised over $1 million in funds from over 17,000 individual investors. The campaign continued to gain momentum, and by November 18, 2021, the DAO had raised over $47 million in funds through the sale of $PEOPLE tokens, the native token of Constitution DAO. These tokens were sold to investors in exchange for their contribution to the fundraising.

The DAO’s campaign was met with controversy, as it raised questions about the legality of owning a rare historic document through a decentralized platform. The US government had previously blocked the sale of a rare copy of the Magna Carta through a similar platform, citing concerns about the protection and preservation of the document.

Despite the controversy, Constitution DAO participated in the auction run by Sotherby’s on November 19, 2021. The DAO’s bid was amongst the highest, but unfortunately, they could not purchase the document. Despite having enough funds for a larger bid, the organization had concerns about the upkeep and conservation of the document and was unable to outbid the winner’s $43.2 million bid on November 19, 2021.

Despite not being successful in purchasing this copy of the United States of America Constitution, the Constitution DAO’s effort in the field of decentralized asset ownership has become a prominent example in the cryptocurrency community, gaining recognition for its innovative approach to governance, inspiring similar projects focused on the ownership of rare assets.

Overall, Constitution DAO has made history as the first DAO to successfully fundraise for the purchase of a rare historic document through a decentralized platform. The project’s success has demonstrated the potential of blockchain technology and decentralized platforms to revolutionize the ownership and management of rare assets, even if the actual acquisition did not prove a success.

The DAO disbanded after the auction and provided refunds to those who donated, minus the transaction costs in the Ethereum network.

How did ConstitutionDAO work?

ConstitutionDAO was a decentralized autonomous organization (DAO) operating on the Ethereum blockchain. It was designed to provide a transparent and decentralized platform for the ownership and management of rare assets, such as historical documents and cultural artifacts, namely the rare copy of the Constitution it was originally intended to buy.

To participate in the efforts for the auction and decision-making for ConstitutionDAO, individuals had to purchase $PEOPLE tokens, the native token of the DAO, which gave holders voting rights and decision-making powers within the community. Each $PEOPLE token represented a fractional ownership in the asset that the project would hold.

The governance of ConstitutionDAO is based on a community-driven model, where members can propose and vote on decisions related to the ownership and management of the assets held by the DAO. These decisions can include the acquisition of new assets, the sale of existing assets, and the management of the assets held.

The decision-making process in ConstitutionDAO was supposed to be based on a liquid democracy model, where members of the community can delegate their voting power to other members or vote directly on proposals, allowing for a more efficient and effective decision-making process, as well as greater participation from members of the community.

ConstitutionDAO’s Main Features: Decentralized Ownership, Community-Driven Governance and Preservation of Rare Assets

ConstitutionDAO’s main features were designed to provide a transparent and decentralized solution for the ownership and management of historical documents and cultural artifacts. Some of the main features of this project include:

Decentralized Ownership

ConstitutionDAO allowed for the decentralized ownership of a rare asset through blockchain technology. This means that multiple individuals can own fractional shares of an asset held by the DAO, and these ownership rights are secured by smart contracts on the Ethereum blockchain.

Community-Driven Governance

The decision-making process in ConstitutionDAO was based on a liquid democracy model, where community members could delegate their voting power to other members or vote directly on proposals. This community-driven governance model ensures that decisions related to the ownership and management of the assets held by the DAO would be made transparently and democratically.

Preservation of Rare Assets

ConstitutionDAO was committed not only to owning but also to the preservation of a rare asset, the rare copy of the Constitution, through a set of rules and protocols for the management of its assets, which are programmed into smart contracts on the Ethereum blockchain. These rules and protocols ensured that the assets held by the DAO were protected and preserved for future generations.

What is the $PEOPLE Token?

The $PEOPLE token was the native token of ConstitutionDAO, which served as a means of exchange, governance, and ownership in the ConstitutionDAO ecosystem, as well as a way to contribute to the fundraising for the auction of the Constitution copy they were to make.

The $PEOPLE token gained significant attention in the cryptocurrency community due to its unique use case and the success of ConstitutionDAO’s initial fundraising project to purchase a rare copy of the US Constitution. Despite its end goal not being met, the token’s purpose is an interesting use case for DAO asset ownership. In essence, its value would largely be driven by the demand for ownership in rare assets held by the DAO, as well as the potential for governance and decision-making in the ConstitutionDAO ecosystem.

Disbanding of ConstitutionDAO

Despite not being successful in purchasing this copy of the United States Constitution, Constitution DAO’s efforts in the field of decentralized asset ownership have become a prominent example in the cryptocurrency community, gaining recognition for its innovative approach to governance and inspiring similar projects focused on the ownership of rare assets.

The DAO disbanded after the auction, and the organization refunded those who donated, minus the transaction costs in the Ethereum network.

The People’s NFT - Lux Expression

Source: Lux Expression

Lux Expression, or The People’s NFT, is a digital collective that designs unique experiences. The goal of Lux Expression is to create an immersive collectibles ecosystem that centers around community, gamification, and innovation. The mission of Lux Expression is to create thrilling, unique, and collaborative experiences for its members. By harnessing the power and utility of Blockchain Technology and Non-Fungible Tokens, Lux Expression aims to create a new level of immersion for collectors and the community that has never been seen before.

Lux Expression offers a variety of different digital assets to collectors. Many NFTs crafted by Lux Expression have special traits, utility, flexibility, and innovative ownership rights. These include Utility NFTs, Trading Cards, Audio Tokens, 1 of 1 Collectibles, Community NFTs, and Membership NFTs. Lux Expression strives to do things differently, with the member’s experience always being the priority. This is achieved through Token Burns, Low NFT Royalties, Quality Standards, Innovative Approaches, Community Roles, and Decentralization.

The Lux Expression web3 application aims to create an unparalleled collector’s experience. Once the web3 framework is built, Lux Expression plans to ideate a range of new roles and achievements that collectors can aspire towards. As the NFT space evolves, and transaction fees progressively lower, numerous opportunities exist to create innovative and interactive events that inspire creativity and community-building.

Lux Expression plans to enter the physical world, with plans for physical merchandise and NFT integration. The vision of Lux Expression is collective and is inspired by the community’s thoughtful input. Lux Expression is actively listening, polling for roles/features, and implementing ideas that the community brings forward.

The Reward System is an integral part of the Lux Expression experience. By leveling up, gaining new roles, and achieving various goals, members can stack their rewards and increase their weekly airdrops. Special Roles are acquired by doing a special task or owning one of a LUX Utility NFT. Community Roles are awarded to members who participate in the Lux Community Discord. Every message sent awards the member with a certain amount of experience points. Over time, members who participate will naturally progress levels.

Collector Roles can be achieved by collecting Lux Expression NFTs. Holding a certain number of Lux Tokens will make you eligible for the Token Roles. The tokens must remain in your connected wallet to redeem the weekly rewards. Lux Expression constantly adds new functions, utilities, and roles to enhance the user experience.

PeopleDAO

PeopleDAO was born from a web3 movement to buy a private copy of the US Constitution. When the project failed in its mission, the developers burned control of the $PEOPLE token contract, sunsetting their involvement. Community members formed PeopleDAO and adopted $PEOPLE as its governance token, impressed by the meme coin’s decentralization, capped supply, and inspiring history.

PeopleDAO incubates subDAOs and projects that further web3 and social good because they believe blockchain technology can promote a freer, more prosperous, and more vibrant world. Market activity around the $PEOPLE token acts like an engine for spreading their message. With every new incubation, they build out a constellation of communities and protocols aligned around the same mission: let’s invest in the alpha that will preserve our planet and advance humanity.

PeopleDAO has incubated two subDAOS, PandaDAO and LanguageDAO, and one community project, Constitution Fractionalized. They continue to strengthen the structure and operations of the DAO while also incubating new opportunities. They use the $PEOPLE token for voting in DAO decision-making. The token has a capped supply and will be slightly deflationary if holders continue to redeem the token on Juicebox, in return for the underlying ETH.

PeopleDAO is an accelerator for subDAOs and community projects. They provide seed funding, product development, strategic direction, marketing boosts, and consulting around governance. PeopleDAO and its subDAOs are committed to building an ecosystem around this token. In practice, this has looked like offering a free NFT to token holders, or airdropping $PANDA token to wallets holding the token.

PeopleDAO formed after a Snapshot vote on December 6, gathering together individuals from across the world. Members have many visions for the $PEOPLE token oriented around furthering social good and web3. They agree to use a metaDAO structure and incubate DAOs addressing different causes. ConstitutionDAO relinquishes ownership of the $PEOPLE token contract (confirmed in later audits by Hacken and TRUSTLOOK). ConstitutionDAO shuts down its Discord, closing the first chapter of the $PEOPLE token.

Was ConstitutionDAO ($PEOPLE) a Good Investment?

While the project did gain significant attention and support in the cryptocurrency community, there were a number of important things to consider before committing to it in the form of investment.

The value of the $PEOPLE token was largely driven by demand for ownership in rare assets that the DAO would hold had the project gone forward, as well as the potential for governance and decision-making in the ConstitutionDAO ecosystem. The appeal of this project was mostly ideological for those who contributed - a whole community of individuals would be able to own one rare and emblematic asset, reflecting more power to the people.

While the purchase of a rare copy of the US Constitution gained significant attention and support, the dismantling of the DAO meant that token holders could have a refund for their donation, except for the Ethereum Network transaction fees, which proved to be a problem to some contributors.

The rise of ConstitutionDAO was a testament to the power of collective action and the influence of meme culture in the cryptocurrency community. Much like the “Reddit vs Wall Street” saga, it showcased the potential of decentralized groups to challenge traditional power structures and make a significant impact. However, unlike the GameStop saga, the victory was claimed by traditional capitalists, highlighting the challenges that decentralized movements face when competing in established markets.

Despite the unsuccessful bid, the grassroots movement sparked by ConstitutionDAO was a significant event in the crypto space. It demonstrated the potential of DAOs to mobilize resources quickly and effectively, and it galvanized a community around a shared goal. The symbolic significance of a decentralized group attempting to purchase a physical symbol of democracy cannot be understated.

The lessons learned from ConstitutionDAO are manifold. They underscore the importance of strategic planning, regulatory clarity in crypto crowdfunding, and the potential of DAOs to democratize access to capital. The event also provided valuable insights into the dynamics of meme culture and community building in the crypto space. Despite the outcome, ConstitutionDAO was a watershed moment that will continue to inspire and inform future decentralized initiatives.

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