Cryptocurrency lovers fail to purchase the US Structure

A “financial quick mob” attempted to bid for a rare copy of the US Constitution over the weekend. Blockchain enthusiasts raised $47 million for this purpose – HOPE: Change the digital world forever through the “ConstitutionDAO” campaign. But the contract went to someone else.

Rare US Constitution Auction

The ultimate target: the US Constitution – or at least a rare edition of it. The story goes back to 1787 when the Founding Fathers of the United States, including George Washington and Benjamin Franklin, agreed on the text of the Constitution and the distribution of 500 copies. Only 13 of these copies survive today.

One of these rare copies has now been offered for sale by Sotheby’s – the first such event in more than 30 years. Bids were expected from wealthy Americans who wanted a chance to own a true artifact of American history.

Collective of the constitution?

But soon another buy-in candidate emerged: “ConstitutionDAO” – a spontaneously founded digital organization that made it its goal to bid for a copy of the Constitution “in the name of the people” and make it available for viewing at admission – a free-to-hand museum.

The name ConstitutionDAO is made up of the English word for “constitution” and “DAO” – the name for a decentralized digital organization that uses blockchain technology and cryptocurrency. DAOs are currently a popular topic in the crypto industry – and this wasn’t the first time such a group had purchased such a valuable item. For example, the only extant copy of the infamous “Wu-Tang Clan” hip-hop album was recently owned by the DAO – and thus by several people organizing themselves within the DAO at the same time.

What are DAOs?

DAOs are like digital communities, similar to Internet forums and chat rooms. However, the DAO usually manages a common pool of cryptocurrencies made up of member deposits. Many DAOs use crypto technology to collectively invest in assets whose purchase price would be too high to afford alone: ​​when a DAO invests, all members invest at the same time – and they all benefit from the potential profits.

However, in the case of ConstitutionDAO, it was not about the investment. Instead, the crypto enthusiasts behind the event were hoping to be able to demonstrate the power of digital communities by buying the constitution — and also to advance blockchain technologies, also referred to as “Web 3” in crypto circles.

It will be a signal to the general public that Web 3 can be a force for good,” wrote investor and crypto supporter Bucky McCormick. “Who would want to argue with a group of people who come together to buy the constitution and return it to the people by displaying it publicly?”

McCormick’s enthusiasm was a symptom of the group that rallied around ConstitutionDAO in the days leading up to the auction. The hope of presenting crypto technologies in a positive light is close to the heart of many crypto enthusiasts, and also because of the sometimes questionable reputation of Bitcoin and Co. Purchasing a copy of the Constitution and issuing it free of charge would likely bolster the image of the crypto landscape—even if McCormick didn’t mention that an original copy of the Constitution could actually be on display at the National Archives in Washington, DC.

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