ConstitutionDAO: The failed project that shook the crypto world
In 2016, the world watched as Ethereum’s original founder Vitalik Buterin’s project exploded on the scene. The next year saw other projects like EOS and Tron come to life, but none of them would manage to eclipse Ethereum when it comes to market capitalization or token usage in daily transactions.
The “constitution dao price” is a project that was created by the team at constitution.io. The project has been abandoned and has failed as of now.
ConstitutionDAO is a genuine underdog tale that demonstrated what DAOs, a new kind of blockchain-based community, might do in the future.
Here’s what occurred, for those who aren’t acquainted with the story.
What exactly is the ConstitutionDAO?
ConstitutionDAO was founded on November 11 by a group of crypto enthusiasts with the goal of using the DAO to collect cash to purchase the first printed form of the US Constitution, which is now up for auction at Sotheby’s.
This is the final privately held copy of the Constitution—there are only 13 in total—and ConstitutionDAO planned to transfer it to communal ownership rather than a single affluent person.
On JuiceBox, a community financing platform for individuals and projects, ConstitutionDAO had collected approximately 11,000 ETH, or slightly over $45 million, by Nov. 19, more than double the expected selling price of $20 million.
Citadel CEO Ken Griffin was auctioned off, but ConstitutionDAO did not win.
ConstitutionDAO was in disarray five days after the auction closed. Following numerous heated disagreements, the organization’s primary donors declared on the 24th that ConstitutionDAO would be shut down and that payments would be refunded automatically.
ConstitutionDAO’s $PEOPLE token, which was distributed to donors at a rate of 1 ETH to 1 million $PEOPLE, would be useless as a governance token for the DAO. Footprint Analytics data, on the other hand, revealed that the token’s price has been influenced by community members’ ups and downs.
PEOPLE Token Price: Footprint Analytics
In all, 20,000 people contributed to the projects.
What exactly is a DAO?
Decentralised Autonomous Organization is abbreviated as DAO. A DAO is characterized by a shared objective of consensus and well-defined core principles. Its democratized voting system dictates the organization’s direction and operations.
The DAO of ConstitutionDAO was defined as follows:
Constitutional form of organization On the internet, DAO drew together a collection of regular individuals. They interacted through Discord, Twitter, and other online networks, and their efficiency allowed them to come close to achieving an exceedingly tall objective.
Organizing consensus: Replacing the Constitution with a People’s Constitution. DAO was chosen by this group of cryptocurrency aficionados as the greatest approach to uphold and safeguard the spirit of the Constitution, which they believe should be shared by everyone.
Returning rights to community members: Organizing the transfer of rights. If ConstitutionDAO succeeds, DAO members will be able to vote on whether or not to display this valuable copy of the Constitution in public, placing it “into the hands of the people.” If the bid is unsuccessful, community members may debate where the funds will be spent.
These are some of the major characteristics that distinguish DAOs from other types of organizations.
The most major benefit of a DAO is its permissionless, global nature. It uses blockchain technology to overcome the issue of interpersonal trust. Every line of protocol follows the original code exactly and cannot be changed.
How the ConstitutionDAO shook up the blockchain world
DAOs will expand at a breakneck pace, thanks to the rapid improvement of blockchain technology and the rising number of decentralized apps. They will become more important as they assume more and more duties.
We are pleased to see that DAO has risen to prominence as a result of the rise and fall of ConstitutionDAO, and that more and more people are becoming aware of and understanding DAO, which will be a historic event!
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