ConstitutionDAO (Wormhole) (PEOPLE) Cryptocurrency Market Data and Information

What is ConstitutionDAO (Wormhole) (PEOPLE)?

ConstitutionDAO (Wormhole), represented by the token PEOPLE, emerged as a decentralized autonomous organization (DAO) with the ambitious goal of purchasing an original copy of the United States Constitution at a Sotheby’s auction in November 2021. While the DAO ultimately failed to win the auction, losing to billionaire Ken Griffin, the project garnered significant attention and participation, demonstrating the power of collective action within the cryptocurrency space. PEOPLE, initially conceived as a governance token to allow contributors to vote on proposals related to the ConstitutionDAO’s mission, continues to exist as a token within the cryptocurrency ecosystem. The project’s initial aim was to democratize access to historically significant artifacts. After the failed bid, participants could redeem their PEOPLE tokens for ETH. However, many chose to retain their PEOPLE tokens, leading to its continued trading and speculation within the cryptocurrency markets. ConstitutionDAO is a compelling example of how a community can form rapidly around a shared goal, leveraging blockchain technology for fundraising and governance, even if the initial objective is not achieved.

How Does ConstitutionDAO (Wormhole) (PEOPLE) work?

ConstitutionDAO, in its original form, operated on the principles of decentralized governance and collective fundraising. The core mechanism revolved around the PEOPLE token, which served as a representation of a user’s contribution to the DAO’s treasury. Individuals contributed Ether (ETH) to the DAO’s wallet in exchange for PEOPLE tokens. These tokens granted voting rights within the DAO, allowing holders to participate in decisions related to the auction bid. The more PEOPLE tokens a user held, the greater their influence on proposals. Smart contracts facilitated the automated exchange of ETH for PEOPLE and ensured transparency in the fundraising process. Following the unsuccessful bid, the DAO offered contributors the option to redeem their PEOPLE tokens for ETH, minus gas fees. However, a substantial number of token holders opted not to redeem their tokens, indicating a belief in the potential future value or utility of PEOPLE, or simply choosing to retain them as a memento of their participation in the historic event. As the DAO effectively dissolved after the auction, the continued existence and value of PEOPLE is now driven by market forces, community interest, and speculative trading. The DAO’s structure was relatively simple, but it demonstrated the potential for DAOs to mobilize significant capital and coordinate collective action toward a common goal.

ConstitutionDAO (Wormhole) (PEOPLE) Key Features and Technology

While ConstitutionDAO no longer functions as an active DAO with a specific operational purpose, the underlying technology and initial features of the PEOPLE token remain relevant. Key aspects include:

• Decentralized Governance: The PEOPLE token was initially designed to facilitate decentralized decision-making, enabling token holders to propose and vote on matters related to the ConstitutionDAO’s operations, specifically the auction bid strategy.
• Smart Contract Functionality: Smart contracts on the Ethereum blockchain automated the exchange of ETH for PEOPLE tokens, ensuring transparency and immutability in the fundraising process. These contracts also managed the token redemption process after the unsuccessful auction.
• Community-Driven Initiative: ConstitutionDAO highlighted the power of community-driven initiatives in the cryptocurrency space. The project quickly attracted a large number of contributors united by a shared interest in acquiring a historical artifact.
• Wormhole Integration: The “(Wormhole)” designation in the token name indicates that PEOPLE has been bridged across different blockchains using the Wormhole protocol. This allows the token to be traded and utilized on various blockchain networks beyond Ethereum, increasing its accessibility.
• ERC-20 Token Standard: PEOPLE adheres to the ERC-20 token standard on Ethereum. This standard ensures compatibility with a wide range of wallets, exchanges, and decentralized applications (dApps).

The project’s focus on speed of execution and community engagement was a key factor in its initial success. The DAO structure allowed for quick decisions and efficient resource allocation, although in this instance it didn’t lead to a successful outcome.

What is ConstitutionDAO (Wormhole) (PEOPLE) used for?

Initially, PEOPLE was designed for governance purposes within the ConstitutionDAO. Token holders could vote on proposals regarding the bidding strategy, budget allocation, and other crucial decisions. However, with the DAO’s dissolution following the failed auction bid, the practical utility of PEOPLE has shifted. Currently, PEOPLE primarily functions as a speculative asset traded on various cryptocurrency exchanges. Its value is determined by market sentiment, supply and demand dynamics, and broader cryptocurrency market trends. Some individuals may hold PEOPLE as a symbolic representation of their participation in the ConstitutionDAO movement, while others may view it as a potential investment opportunity. The token’s continued existence and trading volume suggest a level of ongoing interest within the cryptocurrency community. It is crucial to understand that PEOPLE no longer holds governance rights within an active DAO, and its value is largely speculative.

How Do You Buy ConstitutionDAO (Wormhole) (PEOPLE)?

Purchasing PEOPLE involves a process common to most cryptocurrencies, requiring an account on a cryptocurrency exchange that lists the token. Here’s a general outline:

1. Choose a Cryptocurrency Exchange: Select a reputable exchange that offers trading pairs for PEOPLE. Popular options include (but are not limited to): Binance, Kraken, KuCoin, Gate.io, and decentralized exchanges (DEXs) like Uniswap or PancakeSwap. Always conduct thorough research on an exchange before using it.
2. Create an Account: Register for an account on the chosen exchange. This typically involves providing personal information, verifying your email address, and completing KYC (Know Your Customer) procedures, which may include submitting identification documents.
3. Fund Your Account: Deposit funds into your exchange account. Most exchanges accept deposits in fiat currencies (e.g., USD, EUR) via bank transfer or credit/debit card. Alternatively, you can deposit other cryptocurrencies (e.g., Bitcoin, Ethereum) if you already hold them.
4. Purchase PEOPLE: Once your account is funded, navigate to the trading pair for PEOPLE (e.g., PEOPLE/USDT, PEOPLE/ETH). Place an order to buy PEOPLE at the desired price. You can choose between a market order (executed immediately at the current market price) or a limit order (executed only when the price reaches your specified level).
5. Secure Your Tokens: After purchasing PEOPLE, it’s recommended to withdraw them from the exchange and store them in a personal cryptocurrency wallet for enhanced security.

Before buying, always check the current PEOPLE price, trading volume, and the exchange’s liquidity to ensure a smooth and cost-effective transaction. Be aware of the risks involved in cryptocurrency trading, including price volatility and the potential for loss.

How Do You Store ConstitutionDAO (Wormhole) (PEOPLE)?

Storing PEOPLE securely is crucial to protect your investment. As an ERC-20 token, PEOPLE can be stored in any wallet that supports the Ethereum blockchain. Here’s a breakdown of different wallet types:

• Hardware Wallets (Cold Storage): These are physical devices that store your private keys offline, providing the highest level of security. Popular options include Ledger Nano S/X and Trezor Model T. Hardware wallets are highly recommended for long-term storage of significant amounts of PEOPLE.
• Software Wallets (Hot Storage): These are applications installed on your computer or smartphone that store your private keys. While convenient, they are generally less secure than hardware wallets because they are connected to the internet. Examples include:
  • Desktop Wallets: Exodus, Trust Wallet (desktop version).
  • Mobile Wallets: Trust Wallet, MetaMask (mobile app).
  • Web Wallets: MetaMask (browser extension), MyEtherWallet.
• Exchange Wallets: Storing your PEOPLE on a cryptocurrency exchange is the least secure option, as you are entrusting your private keys to the exchange. It is generally recommended to only keep small amounts of PEOPLE on an exchange for active trading purposes.

When choosing a wallet, consider factors such as security, ease of use, and compatibility with other cryptocurrencies you may hold. Always back up your wallet’s seed phrase (a set of words used to recover your wallet) and store it in a safe and secure location. Enable two-factor authentication (2FA) for added security whenever available.

Future Outlook and Analysis for ConstitutionDAO (Wormhole) (PEOPLE)

The future outlook for PEOPLE is highly speculative. Unlike projects with ongoing development and utility, PEOPLE’s value is primarily driven by market sentiment, trading volume, and its historical significance as a token associated with the ConstitutionDAO. Several factors could influence its future trajectory:

• Community Sentiment: The level of interest and engagement within the PEOPLE community will play a crucial role. Continued community support and potential future initiatives could positively impact its value.
• Market Trends: Broader cryptocurrency market trends and the overall sentiment towards meme coins and community-driven tokens will influence PEOPLE’s price. Bull markets tend to favor speculative assets, while bear markets can lead to significant price declines.
• Listings on Major Exchanges: Securing listings on additional major cryptocurrency exchanges could increase PEOPLE’s accessibility and trading volume, potentially boosting its price.
• Novel Use Cases: While unlikely, the development of new and innovative use cases for the PEOPLE token could revitalize interest and provide tangible utility. This would require significant community effort and development resources.
• Regulatory Environment: Changes in cryptocurrency regulations could impact the trading and adoption of PEOPLE. Unfavorable regulations could negatively affect its value, while favorable regulations could provide support.

Investing in PEOPLE carries significant risks due to its speculative nature and lack of inherent utility. Potential investors should conduct thorough research, understand the risks involved, and only invest what they can afford to lose. It’s crucial to approach PEOPLE as a high-risk, high-reward investment and exercise caution. While its historical significance might attract some investors, its long-term sustainability remains uncertain. The story of ConstitutionDAO is an interesting chapter in crypto history and PEOPLE serves as a reminder of this story.

References

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