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They Raised $40M Globally in 6 Days to Buy the US Constitution

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In mid-November, Sotheby's, the world's top auction house, will auction off an official first-print copy of the U.S. Constitution, the only surviving copy in the hands of a private collector, with an estimate of $15 million to $20 million.

Written by: 0x13, Rhythm BlockBeats

"Bought for my mom!" said a person with the domain name freewill.eth Then, he transferred 1 ETH worth $4,300 to a DAO that was raising funds. At this time, there was less than 0.2 ETH left in his Ethereum wallet.

Each DAO (Decentralized Organization) was established either because of the same hobby, or to do one thing together, and this DAO is to buy the US Constitution, its name It is called "Constitution DAO (ConstitutionDAO)".

In mid-November, Sotheby's, the world's top auction house, will auction an official first edition of the U.S. Constitution, which is the only existing one in private collections Copies in the hands of many collectors, Sotheby's valued it at between $15 million and $20 million. The last time the copy was in circulation was in 1988, when it was purchased by a late New York real estate developer for $165,000. The proceeds from Sotheby's auction this time will also be donated to a charitable foundation established in the name of his wife to further raise public awareness of democracy.

In just a few days, ConstitutionDAO has successfully crowdfunded over 10,000 ETH, or about $43 million, through the Juicebox fundraising platform. Gemini, Coinbase, a16z and other well-known institutions have promoted it. In addition, since the auction at Sotheby’s needs to use fiat currency to participate, FTX US President Brett Harrison said that FTX is also willing to provide cryptocurrency and fiat currency exchange services for ConstitutionDAO.

After people donate ETH to a ConstitutionDAO, they will get a corresponding amount of PEOPLE tokens. According to the official ConstitutionDAO, PEOPLE will be the governance token of ConstitutionDAO rather than the constitutional ownership token , users who hold PEOPLE will jointly decide the future development of ConstitutionDAO, including the constitution's exhibition venue, exhibition method and so on.

The auction of the US Constitution at Sotheby’s will be held at 7:30 on November 19th, Beijing time. If ConstitutionDAO successfully wins the auction, it will Placed on display in a safe place, donations will be returned if the auction is not won.

In the United States, people think that the Constitution is a product of popular sovereignty, and more and more people think that the most important thing in their country is the Constitution, and the beginning of the Constitution The three words "We the People" have also become the most commonly used phrase in Americans. Today, the DAO from the Crypto world is preparing to bid for the constitution, which has also set off a new wave of memes around the world. Not only Americans, but Crypto residents from all over the world have donated to ConstitutionDAO, helping ConstitutionDAO to successfully win the auction.

On November 17, CNBC columnist Taylor Locke interviewed Alice Ma, Tina, Anisha Sunkerneni, Adrienne Young and Brian Wagner, the founders of ConstitutionDAO. The content of the interview is translated as follows.

Taylor Locke: How did you come up with this DAO?

Alice Ma: We saw the news on social media that Sotheby’s will auction the Constitution, Some netizens started suggesting on Twitter, "Hey, why don't we buy it together!", so we decided to team up. After we had a few long talks throughout the night, the joke turned into serious thinking, and we decided we were really going to participate in the auction.

Taylor Locke: People are donating more and more funds, and more and more people are paying attention to you. How does it feel?

Tina: To be honest, this was completely beyond our expectations, it surprised us, and also Inspired us deeply. But we don't have time to celebrate, we need to work around the clock to move this community in the right direction, make sure what we do is legal, make sure we get donations, and keep doing the advocacy work so that everyone Anyone who wants to join can join us.

Taylor Locke: For participating in this event, what will people gain the most?

Anisha Sunkerneni: It's especially exciting for us (and our contributors) The great thing is that those who participate in our DAO will be able to visit and consult this constitution, knowing that they participated in this historic moment and have a say in its development. It's nothing like the experience of viewing documents at the National Archives.

In the Web3 ecosystem, many new governance models are being created. For us, using these new tools and ideas, It is only fitting that this document (which also establishes a novel and enduring governance system) be brought into this new world.

Alice Ma:It is also very surprising that many donors told us that this is the first time they have joined DAO, or even buying or transferring cryptocurrencies for the first time. It really makes us happy because we are part of their story and our community is a beginner village for them where they can actively learn.

Taylor Locke: If the auction fails, what is your next plan?

Adrienne Young: The road is long and difficult, but the road is coming. Our current plan is to return donations if we don't win the auction, and we're ready with the Juicebox platform to either accept donations or return donations. We are also a DAO, and our future is governed by the community, so it is also possible to choose another path, such as bidding for another historical relic or donating money to charity.

Taylor Locke: If you win the auction, what are your next steps?

Brian Wagner:The most basic step is to make sure that the copy of the Constitution is kept securely and Take it safely from the auction house to a safer place. We'll keep it well and allow DAO members to decide where to put it on display. It may be exhibited everywhere, or it may be kept in one place for a long time. I really don't know what will happen next, and I am also proud and excited because of this uncertainty.

Besides, the development of DAO depends on everyone's participation. The proposals we will make, the holders of the governance tokens will determine the future of the DAO.

Tina: For us and for the community, this copy of the Constitution The important thing is that the Constitution was written for the people, and this Constitution is the only copy that is truly run by the people. Depending on the decision of the DAO, it may be exhibited across the country, and everyone who contributes can have a say in where and when it is exhibited.