This decentralized autonomous organization raised over $40 million to buy the US Constitution

The decentralized organization, ConstitutionDAO has successfully raised over $40 million US Dollars in ETH to bid for a copy of the US Constitution that is going up for auction on Sotheby’s platform. ConstitutionDAO is running with the tagline, “We’re buying the constitution and it will be governed by the people”, given that if they win the bid, then everyone who donated will acquire a governance token providing them with the ability to advise on where the Constitution should be displayed, how it should be exhibited, and the mission and values of ConstitutionDAO. However, it does not imply a fractionalized ownership, rather the ownership of the constitution’s copy with remain with the decentralized organization itself.

“Decentralization and cryptocurrency (web3) have created structures that allow people to self-govern with unparalleled levels of autonomy and freedom. It’s fitting that we use this technology to honor and protect the greatest historical tool for human governance: the U.S. Constitution.”

ConstitutionDAO addresses Security & Compensation concerns

Given the trending ‘hack-a-thon’, ConsititutionDAO mentioned that they are using a Gnosis Safe wallet with 13 signers to securely deposit incoming and past funds. The platform added that the identities of the signers can be viewed on the same page, listed at the end, noting that “this multi-sig is only going to be used to submit the funds to Sotheby’s, or return the funds to Juicebox for refunds should we lose.”

Furthermore, on the issue of how the platform employees will get compensated and whether they will receive any token in return, the platform explained that their core team did not pre-mint any tokens, and following the purchase of the Constitution, ConsitutionDAO plans on submitting a proposal to be voted on by the community determining compensation. Additionally, the funding platform noted that it is for the first time in thirty-three years, that one of thirteen surviving copies of the Official Edition from the Constitutional Convention is going up for a public auction by Sotheby’s.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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