ConstitutionDAO (PEOPLE) is a decentralized autonomous organization (DAO) that aimed to purchase a copy of the US Constitution at a Sotheby's auction in 2021. The project raised $47 million in Ethereum (ETH) but was outbid by billionaire Ken Griffin. Despite the loss, the DAO demonstrated the power of blockchain-based crowdfunding and community-driven governance. The project's token, PEOPLE, is still traded on decentralized exchanges (DEXs) and can be redeemed for ETH at a rate of 1 ETH = 1,000,000 PEOPLE.
ConstitutionDAO (PEOPLE) is a decentralized autonomous organization (DAO) that leveraged blockchain technology to crowdfund the purchase of a rare copy of the U.S. Constitution. The $PEOPLE token served as a means of exchange, governance, and ownership within the ConstitutionDAO ecosystem. Here are the key ways the token was used:
Governance: Token holders could vote on proposals related to the ownership and management of the Constitution copy, ensuring a decentralized and democratic decision-making process.
Ownership: The token represented fractional ownership of the rare asset, allowing multiple individuals to own a part of the Constitution copy.
Fundraising: The token was used to contribute to the auction of the Constitution copy, with the goal of collectively purchasing the document.
Voting Power: The more tokens held, the more weight a user's vote carried in the governance process.
Security: The token leveraged Ethereum's security to provide peer-to-peer transactions globally.
Despite the project's unsuccessful bid to purchase the Constitution, the $PEOPLE token remains an interesting use case for DAO asset ownership and governance.
You can store ConstitutionDAO (PEOPLE) tokens in various digital wallets. Some options include:
- Trust Wallet
- MetaMask
- Solfare
- Backpack
- Phantom wallet
- KuCoin account
- Non-custodial wallets.
To buy ConstitutionDAO (PEOPLE) tokens, follow these steps:
Choose a Crypto Exchange: Select a reputable cryptocurrency exchange that supports PEOPLE tokens, such as KuCoin, Binance, CoinEx, OKX, Bybit, gate.io, or MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features for your needs.
Create an Account: Register for a free account on the chosen exchange. Provide the required personal information, including your name and email address. Some exchanges may require KYC verification to increase withdrawal limits and unlock additional features.
Fund Your Account: Deposit funds into your exchange account using a supported method. This can be done by:
- Depositing Crypto: Transfer digital assets from a crypto wallet to your exchange account. Ensure you use the correct address for the supported crypto.
- Bank Deposit: Use supported fiat currencies like USD, EUR, or GBP. Check if the exchange supports your local currency.
- Credit/Debit Card: Buy Bitcoin with fiat on Binance (or Kraken for US residents) and then transfer it to KuCoin to trade, as KuCoin does not support direct credit/debit card purchases.
Search and Select PEOPLE: In the exchange's marketplace, search for "ConstitutionDAO" (PEOPLE) and select it for purchase.
Set the Transaction Amount: Enter the desired amount of PEOPLE tokens you want to buy.
Place the Buy Order: Confirm your purchase by placing the buy order. The PEOPLE tokens will be added to your exchange account.
- Store Your PEOPLE Tokens: You can store your PEOPLE tokens in your exchange account or transfer them to a non-custodial wallet for added security.
Remember to research the exchange's fees, security features, and supported currencies before making a purchase. Additionally, consider your investment approach, crypto storage, and other aspects of buying and trading ConstitutionDAO.