Today we continue to work on an interesting project, because I saw a lot of fans leaving messages saying that they wanted to talk about people, and the voice was quite high, so today I spent some time sorting out its information. Let’s take a look at this project. What it does, in fact, what we probably know is that it bid for a "U.S. Constitution" and then spontaneously formed a DAO organization. Those who are familiar with the blockchain should know what form the DAO organization is. The most popular organizational structure at present, let's introduce it. people project, its current market value is 47 million US dollars, ranking around 300+.
Introduction
On November 14, 2021, Sotheby's auction house is preparing to auction one of only 13 official copies of the United States Constitution.
When users send money to ConstitutionDAO's contract address, a certain percentage of PEOPLE coins will be automatically returned. A few hours before the auction, ConstitutionDAO raised more than $49 million in Ethereum donations through Juicebox. ConstitutionDAO crowdfunded nearly 11,000 ETH on JuiceBox. A total of 17,437 users participated in donations.
But unfortunately, the last unknown Citadel CEO Ken Griffin paid a higher price and bought the collection. Subsequently, ConstitutionDAO tweeted that it would refund these donation users.
Five days after the auction ended, ConstitutionDAO, which lost its target, has been in a state of turmoil. After intense discussions, the organization's core organizational contributors announced on the 24th that they would close ConstitutionDAO and refund contributors indefinitely. Logically speaking, at this time, PEOPLE token (wallets that successfully donate can automatically obtain PEOPLE token, 1 ETH is equivalent to 1 million PEOPLE), as the governance token of DAO, should have no practical use, but its currency price is higher than that of community users. Driven by it, I experienced the ups and downs mentioned in the beginning.
Regardless of the final direction of PEOPLE, this time ConstitutionDAO can gather close to 20,000 people from all over the world to work towards the same, achievable goal, which is also a feat in the history of DAO!
Although the U.S. Constitution was not successfully photographed, the first autonomous DAO on cryptocurrency raised a huge amount of tokens in a short period of time. Isn’t this a value?
ConstitutionDAO said: Although this is not the result we hoped for, we still made history tonight.
ConstitutionDAO
The amount of ETH donated before was not listed online, and you can continue to donate until the end of the project. Of course, now that this crowdfunding project has ended, PEOPLE will not be returned if you send money there again, which means that the number of PEOPLE has been fixed.
If you want to return the coins, you can still do so. For example, if you send 1 ETH and return 1 million PEOPLE, you can exchange the 1 million PEOPLE for 1 ETH.
But it is obviously not the best approach now, because PEOPLE has increased five or six times, and the current price is at $0.009375. The current value of 1 million people is about 9,000 U.S. dollars, which is much higher than the current Ethereum price of more than 1,600 U.S. dollars, so it is Some people are unwilling to switch to Ethereum, but sell them directly.
From the perspective of organizational form: ConstitutionDAO brings a group of ordinary people together and subverts organizations in the traditional sense! Communicating through Internet communities such as Discord and Twitter eliminates the need to gather face to face and accomplish this seemingly magical thing quickly and efficiently.
Judging from the consensus of the organization: return the constitution to the people. This group of avant-garde cryptocurrency enthusiasts chose DAO as a way to respect and protect the first Constitution in American history, believing that it should be shared by all people.
Viewed from the perspective of organizational rights: Rights return to community members. If their bid is successful, members of ConstitutionDAO can vote to decide whether to put this precious copy of the Constitution on public display and "put it into the hands of the people." If the auction fails, community members will discuss and decide where the funds will go.
The operation method is to enter juicebox, link the wallet, and then you enter the number of people in your wallet to exchange for Ethereum.
Token
Currently, because the project has been announced to be disbanded, the number of people has been fixed. The total number is currently 5,060,137,335 PEOPLE. And because people are bound to ETH, people have a minimum price, which is the current price of Ethereum divided by 1 million. Also, people are deflationary, because they can only be exchanged for ETH through people, so their number will become less and less.
People's value
Although the Constitution DAO project failed because it announced it would cease operations after the auction failed. "But this project is a landmark event, showing the world that a group of netizens can harness the power of web3 to face a seemingly insurmountable goal and achieve incredible results on an impossible timeline. We It is my sincere hope that this project will inspire many others who draw from the passion and achievements of everyone involved to use the power of web3 to make a positive impact on the world."
Finally, we conclude that this project is very interesting and reflects the power of consensus in the web3 world. We know that the most important thing in the blockchain is consensus. With consensus, we can reduce the useless pie from 10,000 Buying a pizza now costs tens of thousands of dollars. Including many useful innovations, such as DEFI, which is actually very difficult to use compared with centralized and smooth products, but we still believe that DEFI will definitely grow in the future, including various applications and chains. We have a small consensus, and then we continue to condense into a big consensus. Then the people project is the same. It did a very interesting thing. Although it was not successful, it is currently hosted by the project party and has become a MEME coin, but it has a deflation mechanism and story capabilities, so I think there will still be people speculating on this currency in the future.
