September 28, 2022

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How Crypto Group Almost Bought US Constitution

A crypto project called ConstitutionDAO recently tried to buy one of the rarest and most...

A crypto project called ConstitutionDAO recently tried to buy one of the rarest and most valuable historical treasures of the US – a rare surviving original copy of the US constitution. According to its website, the project managed to raise over $40 million in less than a week towards the endeavor. However, it failed.

It Was Still A Success

During the duration of the project, the founders attempted to bid for one of the 13 surviving original copies of the US constitution. While they failed to clinch the purchase during the auction, the project was still a success in many ways. It demonstrated the ability of a decentralized organization powered by blockchain technology and its ability to raise funds.

ConstitutionDAO managed to raise over $40 million from 17,437 investors in less than a week, with each person contributing an average of over $200. It was secured by the Ethereum blockchain where its smart contract was stored. The attempt demonstrated the power of the blockchain in helping to power crowdfunding campaigns while ensuring that how the proceeds would be used was protected.

An Important Demonstration Of A New Governance Model

Discussing the failed bid, Will Papper, a co-creator of the project said it helped to demonstrate a new type of governance model. A decentralized autonomous organization (DAO), functions just like a company or charity with investors, rules, managers, assets, and a common goal. However, it does not require traditional business structures. Instead, everything is programmed using code secured on the blockchain and it runs autonomously.

Papper pointed to several ambitious DAO projects that were in development. He gave the example of CityDAO, which is buying land in Wyoming to launch a new city. Papper said the failed bid to buy the constitution demonstrated the ability of large, disparate groups to work together aided by the blockchain to achieve a common goal.

He noted that despite being a fairly huge organization, the participants did not need to spend time and resources creating a formal organization or creating complex contracts. The reason for this is that all aspects of the organization are guaranteed using code secured on the blockchain. He also noted that they had onboarded thousands of people onto Web3.0 who had never used crypto before.

About The Copy Of The Constitution

The copy of the constitution that was on auction was a rare first-edition print copy, which was adopted in 1787 by the founding father of America. It was estimated to be worth $15-$20 million by Sotheby’s. It last went on sale in 1988, and it sold for $165,000 to the late S. Howard Goldman, of New York. Goldman was a real estate developer and a prolific collector of American documents, manuscripts, and autographs.

According to Sotheby’s the winning bid was $41 million and the final price was $43.2 million, which included overhead and other costs. The proceeds from the sale will go to a charitable foundation to further the public understanding of democracy that is in the name of Dorothy Tapper Goldman, Goldman’s wife.

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Source: visionary-finance.com