ConstitutionDAO (PEOPLE) Cryptocurrency Market Data and Information

What is ConstitutionDAO (PEOPLE)?

ConstitutionDAO was a decentralized autonomous organization (DAO) that emerged in November 2021 with the ambitious objective of acquiring an original copy of the United States Constitution at a Sotheby’s auction. This initiative was driven by a collective of cryptocurrency enthusiasts and investors who envisioned leveraging blockchain technology to democratize ownership of historically significant artifacts. The DAO aimed to empower a community to collectively manage and govern a rare asset, marking a novel application of decentralized finance (DeFi) principles. The group raised millions of dollars to bid on the U.S. Constitution, but fell short in the final bidding process. After the attempt, ConstitutionDAO effectively disbanded after the auction results, but the PEOPLE token continued to trade, reflecting a speculative interest in the project’s legacy and potential future iterations. Despite the unsuccessful acquisition, ConstitutionDAO remains a noteworthy case study in the potential and challenges of DAOs in acquiring and managing tangible assets.

How Does ConstitutionDAO (PEOPLE) work?

ConstitutionDAO operated on a decentralized governance model, where participants contributed Ether (ETH) in exchange for $PEOPLE tokens. These tokens represented fractional ownership and voting rights within the DAO. The more $PEOPLE tokens an individual held, the greater their influence in decision-making processes. The fundraising process was crucial for pooling capital, which was then used to bid on the Constitution. After contributors exchanged their ETH for PEOPLE, the DAO then used this Ether to try to purchase the Constitution.
The DAO employed a transparent and auditable system built on blockchain technology. Proposals and votes were recorded on the Ethereum blockchain, ensuring immutability and accountability. This system allowed token holders to propose, discuss, and vote on crucial decisions related to the DAO’s operation, including bidding strategies and post-auction plans. However, the project was rushed as the fundraising and auction were timed tightly. The original intention was that if the DAO had been successful, it would have worked with established museums and historical organizations to safely store and display the historical document. The DAO operated using smart contracts on the Ethereum blockchain.
Following the unsuccessful bid, the DAO faced the complex task of returning funds to contributors, a process hampered by gas fees and logistical challenges. The DAO ultimately refunded the contributors while allowing them to keep their PEOPLE tokens.

ConstitutionDAO (PEOPLE) Key Features and Technology

ConstitutionDAO’s key features and technology revolved around its decentralized structure, its reliance on blockchain for transparency and governance, and its tokenized fractional ownership model. The $PEOPLE token served as a governance token, granting holders voting rights on proposals related to the DAO’s activities. Key features included:

• Decentralized Governance: Token holders could propose and vote on key decisions, promoting a democratic and community-driven approach to managing the DAO’s assets and operations.
• Tokenized Ownership: The $PEOPLE token represented fractional ownership in the asset the DAO aimed to acquire, making it possible for a large number of individuals to collectively own a piece of history.
• Smart Contracts: ConstitutionDAO utilized smart contracts on the Ethereum blockchain to automate and enforce rules related to fundraising, token distribution, and governance, ensuring transparency and security.
• Transparency and Auditability: All transactions and decisions were recorded on the blockchain, providing a public and auditable record of the DAO’s activities.
• Community-Driven: The DAO fostered a strong community of enthusiasts and investors who were passionate about the project’s mission.

The underlying technology was primarily the Ethereum blockchain, chosen for its robust smart contract capabilities and widespread adoption within the cryptocurrency community. The ERC-20 standard was likely used for the $PEOPLE token.

What is ConstitutionDAO (PEOPLE) used for?

The original purpose of ConstitutionDAO was to facilitate the collective purchase and management of a rare copy of the U.S. Constitution. By pooling resources through the issuance of $PEOPLE tokens, the DAO sought to democratize access to and ownership of a historically significant artifact. $PEOPLE tokens acted as voting rights. After the unsuccessful auction, the token lost its primary function, but it continues to exist and trade on various exchanges, albeit with no direct utility tied to the U.S. Constitution.

However, the legacy of ConstitutionDAO extends beyond its initial goal. It demonstrated the potential of DAOs to mobilize capital and coordinate efforts towards ambitious goals. It also highlighted the challenges associated with managing a DAO, including navigating regulatory uncertainties, coordinating a large and decentralized community, and executing complex transactions within the constraints of blockchain technology. Ultimately, ConstitutionDAO served as a valuable case study in the emerging field of decentralized governance, illustrating both the promise and the limitations of DAOs in the real world. The use case changed from collective ownership and governance of a historical artifact to largely speculative trading of the PEOPLE token, reflecting the dynamic nature of the cryptocurrency market.

How Do You Buy ConstitutionDAO (PEOPLE)?

While ConstitutionDAO no longer actively operates, the $PEOPLE token can still be traded on various cryptocurrency exchanges. To acquire $PEOPLE, you would typically need to follow these steps:

1. Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange that lists $PEOPLE. Popular exchanges that have supported $PEOPLE trading include:
   • Binance
   • OKX
   • Huobi
   • KuCoin
2. Create an Account: Register an account on the chosen exchange, providing the necessary information and completing the verification process.
3. Deposit Funds: Deposit funds into your exchange account. Typically, you would deposit a major cryptocurrency like Bitcoin (BTC) or Ethereum (ETH), or a stablecoin like Tether (USDT) or USD Coin (USDC).
4. Trade for $PEOPLE: Navigate to the trading pair for $PEOPLE, such as PEOPLE/USDT or PEOPLE/ETH. Place a buy order for the desired amount of $PEOPLE at the current market price or a limit price.
5. Secure Your $PEOPLE: Once you have acquired $PEOPLE, it is recommended to withdraw them from the exchange and store them in a secure wallet that you control.

How Do You Store ConstitutionDAO (PEOPLE)?

Securing your $PEOPLE tokens is essential to protect them from potential threats such as hacking or theft. Since $PEOPLE is an ERC-20 token, it can be stored in any Ethereum-compatible wallet. Here are some popular options:

• Hardware Wallets: Hardware wallets are physical devices that store your private keys offline, providing the highest level of security. Popular hardware wallets include:
  • Ledger Nano S/X
  • Trezor Model T
• Software Wallets: Software wallets are applications that you can install on your computer or smartphone. They are more convenient than hardware wallets but less secure. Popular software wallets include:
  • MetaMask
  • Trust Wallet
  • Exodus
• Exchange Wallets: While not recommended for long-term storage, you can store $PEOPLE on the exchange where you purchased them. However, this carries the risk of the exchange being hacked or experiencing other security breaches.

When choosing a wallet, consider the trade-offs between security, convenience, and cost. Hardware wallets offer the best security but are more expensive, while software wallets are free and convenient but less secure. Always back up your wallet’s seed phrase or private keys to ensure that you can recover your funds if your device is lost or damaged.

Future Outlook and Analysis for ConstitutionDAO (PEOPLE)

The future outlook for $PEOPLE is highly speculative. Given that the original objective of ConstitutionDAO was not achieved and the DAO has essentially disbanded, the token’s value is primarily driven by community sentiment and speculative trading. The initial surge of interest in the project demonstrated the power of DAOs to attract attention and mobilize capital, but also highlighted the challenges of coordinating a large and decentralized community around a specific goal. While $PEOPLE retains some residual value, its long-term viability depends on the emergence of new use cases or community-driven initiatives.

Potential future developments could include repurposing the token for other community-driven projects or leveraging the ConstitutionDAO brand for educational or charitable endeavors. However, the token’s association with an unsuccessful endeavor may limit its appeal to new investors. The token itself has the potential to be used in many different ways and for many different purposes, though no actions have yet been taken by anyone to pursue these use cases. It’s imperative for anyone investing in $PEOPLE to conduct thorough research and understand the risks involved, as its value is subject to significant volatility and uncertainty.

ConstitutionDAO serves as a valuable case study in the cryptocurrency space, demonstrating the potential and limitations of DAOs in the real world. While its initial mission was not successful, it has spurred interest in decentralized governance and the collective ownership of assets. As the DAO landscape evolves, it is possible that $PEOPLE could be revived or repurposed, but its future remains uncertain.

References

• CoinGecko: https://www.coingecko.com
• CoinDesk: https://www.coindesk.com