Rare US Constitution Raises Millions From Crypto Pool To Be Owned By The People
Image via Sotheby’s
ConstitutionDAO, a cryptocurrency group, said it has crowdfunded over US$13 million in an effort to bid for a rare 1787 copy of the US Constitution. In total, it hopes to raise at least US$20 million “to put the constitution in the hands of the people.”
The 1787 copy is one of only 13 copies known to have survived from the 1787 printing, when 500 were originally created after the details were agreed upon at the Constitutional Convention in Philadelphia, Pennsylvania. The auction, hosted by Sotheby’s, will take place this week.
Interestingly, the group, which gets the “DAO” in its moniker from “decentralized autonomous organization”—meaning a group of individuals who collective make purchases and share ownership of transactions recorded on blockchain—was only formed a week ago.
At first, its website stated that contributors would be purchasing “fractional ownership and governance,” and that each individual “will own a piece of the constitution based on how much you contribute.”
However, it now says contributors won’t receive ownership of the constitution. Instead, the group has amended the terms to say that they will only be getting “a governance token, not a fractionalized ownership.”
According to the BBC, this “governance token” will enable contributing members to have a say in “where the constitution should be displayed, how it should be exhibited, and the mission and values of ConstitutionDAO,” though not much more is elaborated.
In the case the group is outbid, it will refund the cryptocurrency donations, though it has informed contributors that because the industry remains new and unregulated, there’s a risk that funds could be hacked or stolen. It promised that it will make “everything as secure and foolproof as possible given the time constraints.”
Going forward, should ConstitutionDAO win the bid, they will look for “an esteemed partner” to help display the collectible.
“The eventual home must have the expertise to properly house, store, and maintain the artifact. Additionally, the community has expressed strong preferences for institutions that are free to the public and willing to cover the costs associated with housing the document,” it said.
[via BBC, cover image via Sotheby’s]
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