One of the largest crowdfunding events in cryptocurrency history was ConstitutionDAO, which successfully raised $47 million in just four days to purchase one of the 13 remaining copies of the 1787 U.S. Constitution, but ultimately did not succeed. Subsequently, ConstitutionDAO released the PEOPLE token. So, what is ConstitutionDAO? Is the PEOPLE token worth investing in? Let’s find out with AZC.News right now!

What is ConstitutionDAO?

ConstitutionDAO is a decentralized autonomous organization (DAO) established in November 2021 by a group of anonymous investors. The goal of the organization was to purchase one of the 13 remaining copies of the U.S. Constitution printed in 1787, which was auctioned at Sotheby’s on November 18, 2021. These Constitution copies are considered some of the most important historical documents in the world. The founders of the project believed that such documents should belong to the community, not any individual.

In the project’s name, we can see:

  • Constitution: The Constitution.

  • DAO (Decentralized Autonomous Organization): A type of organization that can operate independently without the intervention of any individual, entity, or organization. DAOs allow individuals to pool their resources and collectively purchase a rare asset that would otherwise be inaccessible to ordinary people.

Related: What is a DAO? Everything You Need to Know About DAOs!

The Birth of ConstitutionDAO and the PEOPLE Token

ConstitutionDAO was founded in November 2021 with the goal of purchasing a copy of the Constitution. They believed this Constitution copy should belong to the community. Once acquired, ConstitutionDAO planned to display the document in a public place and mint NFTs for its members. To achieve this, they needed a minimum of $20 million, a substantial sum.

However, in just four days, they raised $47 million, garnered 21,000 Discord members, and 42,000 Twitter followers. ConstitutionDAO’s Twitter saw over 1,200 tweets in November, mostly retweets from supporters, including notable figures like Jiho from Axie Infinity. ConstitutionDAO’s partners included FTX, Alameda Research, and Morning Brew.

Although they did not win the auction, which was won by Ken Griffin, Founder and CEO of Citadel, for $43 million, the ConstitutionDAO community continued to thrive, leaving behind the PEOPLE token.

How Does ConstitutionDAO Operate?

ConstitutionDAO operates on the Ethereum platform, providing a transparent platform for the ownership and management of rare assets such as historical documents or cultural artifacts. To participate in governance, individuals must purchase PEOPLE tokens, which grant them voting rights and decision-making power regarding the assets held by the DAO. The decision-making process is based on the Liquid Democracy model, where members can delegate their voting power to others or vote directly on proposals.

Project Team

ConstitutionDAO is a community collective, so there is no official representative. One of the core developers is Miguel Piedrafita, who is 22 years old.

Investors & Partners

The project raised over $40 million from the community in just four days in November. ConstitutionDAO’s partners include many well-known names like Syndicate, Morning Brew, and JuiceBox.

What is the PEOPLE Token?

Basic Information about the PEOPLE Token

  • Token Name: ConstitutionDAO

  • Ticker: PEOPLE

  • Blockchain: Ethereum

  • Token Standard: ERC-20

  • Contract: 0x7a58c0be72be218b41c608b7fe7c5bb630736c71

  • Token Type: Utility

  • Total Supply: 5,060,137,335 PEOPLE

  • Circulating Supply: 5,060,137,335 PEOPLE

With all PEOPLE tokens fully unlocked but without any specific use case, the token enjoys significant community support and is considered a memecoin.

Related: What Are Memecoins? Top 5 Most Promising Memecoins of 2024

Trading PEOPLE Tokens

PEOPLE tokens are currently traded on most major exchanges such as Binance, ByBit, and OKX.

Roadmap

ConstitutionDAO does not have a specific future roadmap.

Similar Projects

PEOPLE operates similarly to other memecoins like PEPE, DOGE, etc.

Project Information

  • Website

  • Twitter

Conclusion

Thus, I have introduced ConstitutionDAO and the PEOPLE token, providing detailed information about the project’s highlights and tokenomics. If you have any questions or contributions, please comment below, and I will support you right away!