The crypto community is uniting around the idea of owning the Constitution. Crypto enthusiasts formed a decentralized autonomous organization CostitutionDAO to raise funds and acquire a rare 1787 copy of the original Constitution of the United States which goes on sale from today’s auction on Sotheby’s. Using Juicebox crowdfunding platform, Constitution DAO has so far received 9,914 ETH worth over $42 million.
The newly formed DAO promises to launch its governance token with a ticker PEOPLE with a ratio of 1 million to one Ether donated. So the buyers of the Constitution will not be considered fractionalized owners of the document but rather part of the decentralized community with voting power to have a say on any future aspects of storing and exposing it. According to a crypto journalist Colin Wu, the ratio was already met and the token has been added to Uniswap in a PEOPLE/ETH pair. The current price of PEOPLE is $0.00409 and the trading volume reaches $236.87k.
According to their website, DAO members have yet to decide where to keep the document after acquiring it. For that, ConstitutionDAO has announced it seeks “an esteemed partner to publicly display the Constitution.”
The project received high aclaim among crypto enthusiasts in Twitter.