The decentralized organization, ConstitutionDAO has successfully raised over $40 million US Dollars in ETH to bid for a copy of the US Constitution that is going up for auction on Sotheby’s platform. ConstitutionDAO is running with the tagline, “We’re buying the constitution and it will be governed by the people”, given that if they win the bid, then everyone who donated will acquire a governance token providing them with the ability to advise on where the Constitution should be displayed, how it should be exhibited, and the mission and values of ConstitutionDAO. However, it does not imply a fractionalized ownership, rather the ownership of the constitution’s copy with remain with the decentralized organization itself.
“Decentralization and cryptocurrency (web3) have created structures that allow people to self-govern with unparalleled levels of autonomy and freedom. It’s fitting that we use this technology to honor and protect the greatest historical tool for human governance: the U.S. Constitution.”
ConstitutionDAO addresses Security & Compensation concerns
Given the trending ‘hack-a-thon’, ConsititutionDAO mentioned that they are using a Gnosis Safe wallet with 13 signers to securely deposit incoming and past funds. The platform added that the identities of the signers can be viewed on the same page, listed at the end, noting that “this multi-sig is only going to be used to submit the funds to Sotheby’s, or return the funds to Juicebox for refunds should we lose.”
Furthermore, on the issue of how the platform employees will get compensated and whether they will receive any token in return, the platform explained that their core team did not pre-mint any tokens, and following the purchase of the Constitution, ConsitutionDAO plans on submitting a proposal to be voted on by the community determining compensation. Additionally, the funding platform noted that it is for the first time in thirty-three years, that one of thirteen surviving copies of the Official Edition from the Constitutional Convention is going up for a public auction by Sotheby’s.
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
