PEOPLE currency is a donation certificate given by ConstitutionDAO to contributors. Therefore, before understanding PEOPLE currency, we need to briefly introduce ConstitutionDAO.
Ever since Laszlo Hanyecz used Bitcoin (BTC) to purchase two pizzas from Papa John’s in 2010, people have been using cryptocurrencies for real-world purchases. While there are theoretically no limits to what can be bought and sold using virtual currencies, one of the boldest attempts to use cryptocurrencies occurred in late 2021.
ConstitutionDAO (Decentralized Autonomous Organization) came on the scene when it was learned that Sotheby's auction house would be auctioning an original copy of the U.S. Constitution in November 2021.
ConstitutionDAO was launched by several cryptocurrency enthusiasts and was established on November 11, 2021. It aims to raise funds in the form of a DAO in an attempt to buy the last privately owned first printed copy of the U.S. Constitution at Sotheby's auction - one of only 13 copies of the U.S. Constitution currently in existence. One, thus preventing the rich man from owning it all to himself. When someone donates Ethereum, the donor will receive People tokens, which can be used to participate in future decisions such as the presentation of this constitution.
As of the auction day on the 19th, ConstitutionDAO had crowdfunded nearly 11,000 ETH on JuiceBox. According to the currency price at the time, it was close to more than 45 million U.S. dollars, which was already more than twice the estimated transaction price of 20 million U.S. dollars at the time.
But in the end, ConstitutionDAO lost the auction, and the copy of the Constitution was successfully bid by an unknown Citadel CEO Ken Griffin.
Although the bidding failed, this constitutional auction can also be regarded as a challenge to traditional capital by decentralized organizations.
Compared to the squid game currency Squid, which was purely created to make money (the project owner ran away), and the meme currency GM, which purely embodies the culture of American netizens, the People of ConsultationDAO is much more serious in terms of the reason for its birth. On the other hand, the status of the U.S. Constitution in the hearts of Americans is self-evident, so the people will naturally receive much more support#people创新高 #PEOPEL $PEOPLE