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The ConstitutionDAO project has "taken its course"



The team behind ConstitutionDAO has announced its plans to close the decentralized organization. She previously failed to acquire a rare copy of the US Constitution at auction at Sotheby's.

The group considered several options for the best route. In doing so, she has spread confusion and anger among the supporters. After careful consideration, the group has decided that it is best to stick to the original plan. This consisted of giving the donors their money back in case the auction was lost. A statement on the website states:

We believe this project has taken its course. We have come to the conclusion that we as a core team are not able to set up and maintain an ongoing project. The technical and administrative requirements for this are too high.

ConstitutionDAO was founded as a decentralized autonomous organization (DAO). The original goal was to raise enough funds to bid on a first edition of the US Constitution.

Problems with ConstitutionDAO

The group raised over $ 47 million worth of Ethereum (ETH) in less than a week but was outbid by Citadel LLC's hedge fund manager and CEO Ken Griffin. After the defeat at the auction, things went downhill for the ConstitutionDAO.

First, the donors were given access to a “governance token” called PEOPLE at a rate of 1 million tokens for every 1 ETH donated. If the group had won, the tokens would have dictated governance among those who contributed to the fund. So it would have been possible for them to vote on decisions to maintain the document.

However, when the DAO lost the bid, the group administrators announced that they wanted to give up the PEOPLE token and introduce a new token called "We the People" (WTP). "We did not acquire the constitution, and the explicit reason for PEOPLE's existence has expired," said a DAO employee.

There was a huge sell-off after the announcement. This resulted in the price of the PEOPLE token falling to near zero. Annoyance and confusion spread among the community, who argued that the team hadn't fully explained its plans.

As a result, the DAO decided to "go back to the original plan" and proceed with the refund.

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