Decentralized organization ConstitutionDAO has managed to raise more than $40 million in ETH in a bid for a copy of the US Constitution that is being auctioned at Sotheby’s.
ConstitutionDAO came up with the motto “We’re buying the constitution and it will be governed by the people,” meaning that if the organization wins the auction, every person who has donated to the cause will acquire a governance token that offers them the option of advising on where the Constitution should be displayed, how it should be displayed, plus the mission and values of ConstitutionalDAO.
Still, while some were obviously hoping for a fractionalized ownership deal, that doesn’t seem to be the case – instead, the ownership of the constitution will remain with the organization.
“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.”
Because of the current “hack-a-thon,” ConstitutionDAO revealed that it is using a Gnosis Safe wallet with 13 signers for safely depositing incoming and past funds. The platform also mentioned that the identities of the signers are available for viewing on the same page, listed at the end, commenting 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.”
On top of that, regarding the problem of how the employees of the platform would get compensated, or if they would receive any token in return, ConstitutionDAO declared that the core team didn’t pre-mint any tokens and that after the Constitution is acquired, ConstitutionDAO wants to submit a proposal to be voted on by the community determining compensation.
Furthermore, the platform also said that this is the first time in 30 years that one of the 13 surviving copies of the Official Edition from the Constitutional Convention is up for a public auction by Sotheby’s.