Today, we’re going to look at a cryptocurrency that’s both amazing and once all the rage – People.
First of all, why do I call it magical? Because unlike the various tokens we explained before, People does not have various projects behind it, nor does its core rely mainly on technological innovation. What is unusual about it is that it lacks a founder with a halo, no grand and beautiful vision, no brilliant resume, etc. So, what is so unique about People?
The origin of People can be traced back to an organization called ConstitionDao. The story began with a website in the United States that specializes in public auctions of luxury goods. The website originally planned to auction a "Copy of the United States Constitution" on November 18, 2021. This copy has an illustrious origin, being the "official version" of the 1787 United States Constitution, one of the first printed versions of the final text of the Constitution, and one of 11 extant copies of the Constitutional Convention. Even more unique is that it is the only copy still owned by a private collector.
At this time, a netizen named YoungMoney told the origin of the incident on the Internet and shared the experience of his friend Austin. Austin contacted YoungMoney two days ago and expressed his desire to participate in the auction to purchase the Constitution, and created an organization called ConstitutionDAO for this purpose. They plan to raise funds through crowdfunding. They believe that this only copy of the Constitution circulating among the people should no longer be collected by capitalists alone, but should belong to the general public.
In terms of project vision, the idea is also quite ambitious.
The fund raising was carried out using the blockchain platform juicebox, and was exchanged at the exchange rate of 1ETH = 1 million PEOPLE, aiming to raise 20 million US dollars. Once ConstitutionDAO posted the relevant news on Twitter, it quickly attracted the attention of more than 2,600 people. Community members started discussions one after another. At that time, 2,611 people participated in the discussion on ConstitutionDAO's Discord platform, and major media also reported on it.
As of November 16, 2021, the entire event has been brewing for 4 days. Although the crowdfunding amount has only reached 27% of the target, it still exceeds the value of US$5.4 million. Although some progress has been made, there is still a large gap between the initial goals set.
However, the whole story took a major turn on November 17. After several days of preparation, the story has experienced eye-catching developments and reversals. In just one night, ConstitutionDAO’s raised funds doubled to $12 million. By the sixth day, the number of Ethereum raised exceeded 6,000, and the total value exceeded US$40 million.
After hearing this news, people were filled with excitement. With such a huge amount of money, it seems that we are only one step away from successfully photographing a copy of the Constitution. This seems to be an example of people working together and for the people.
However, the ideal is always full, but the reality seems cruel. Although the crowdfunding results of ConstitutionDAO are breathtaking, the dream ultimately failed to withstand the powerful power of capital. As of November 19, the auction results were announced, and ConstitutionDAO failed to bid.
The failure of ConstitutionDAO brought the whole story to an end. Although the official said that refunds would be issued, the moment the dream was shattered in reality still made people feel deeply emotional. ConstitutionDAO announced on its platform that the refund amount will match the original donation ratio, and all funds donated through juicebox will also be returned to the juicebox contract.
ConstitutionDAO announced the end of the project and failed to successfully bid for a copy of the constitution. However, despite the failure to sell, our ideas are avant-garde and the power of the people cannot be underestimated. After this incident, the price of people started at US$0.004 and rose all the way, even exceeding US$0.02 at one time. It was a miracle.
As the proverb goes: "What you lose is what you gain." Although the ConstitutionDAO team failed to successfully capture a "copy of the U.S. Constitution," it inadvertently opened a new door. Many people even associate people with the spirit of DAO and Web3.0, thinking that "people are the spiritual leaders of DAO and Web3.0."
Interestingly, there is a classic saying in the "Copy of the Constitution" that the ConstitutionDAO team strives for: "Now, the people have an opportunity to own We the People", and the "We the people" here is consistent with what the people token advocates. The spirit coincides.
Therefore, in the field of digital currency, technology is important, but spirit also plays an important role.
As mentioned just now, people is a token issued through Juicebox, and the economic mechanism behind People involves JuiceboxDAO.
The rapid popularity of People has brought JuiceboxDAO, the fundraising channel behind it, into the public eye and become the focus of heated discussions.
In summary, JuiceboxDAO is an organization focused on developing DAO treasury management software, and its code and design documents are open source.
The economic mechanism of Juicebox can be roughly divided into the following levels.
Level 0 is the simplest form, based on the Juicebox project, implementing crowdfunding and refund functions. To illustrate, I paid 5 ETH and received 5,000,000 tokens; you also paid 5 ETH and received 5,000,000 tokens. So, there are now 10 ETH in the vault, for a total of 10,000,000 tokens. I can redeem half of my tokens and get half of the total treasury. In other words, I can get a refund.
Level 1 introduced a retention rate that allocates a percentage of the minted token supply to a pre-programmed list of addresses. To illustrate with an example, the project sets a 10% retention rate that will be allocated to the multi-signature address of the DAO. I paid 5 ETH and received 4,500,000 tokens; you paid 5 ETH and received 4,500,000 tokens.
In this way, the DAO's multi-signature address can receive 1,000,000 tokens. Due to the retention rate, I can no longer redeem my tokens for a refund, I only get 90% of what I paid. With 100% retention, new contributors will not receive any tokens.
Of course, Juicebox also has a detailed 2345-level token distribution mechanism, which is suitable for various communities to issue tokens. I won’t introduce too much here, but friends who are interested can learn more about it.
Regarding the People Token, although the token and related organizations faced some difficulties after the auction of a copy of the Constitution failed, they still survived. This is like a new attempt by the crypto space to challenge traditional world organizations. The whole story is more fascinating than Dogecoin and Shiba Inu Coin, because the name of the People token contains many interesting mottos, such as "People do not cut off people" and "People are for the people".
Currently, People tokens have been successfully listed on a number of well-known exchanges, among which the 24-hour trading volume on Binance has reached approximately 66 million yuan, and the current price remains at around US$0.02. Recent market performance has been slightly volatile.
