Constitution The DAO will close after the BTC Peers did not buy the US constitution

ConstitutionDAO, a decentralized autonomous body that was working on the U.S. Constitution, will leave last week after failing to purchase a rare copy of the document at Sotheby’s auction house.

Despite not fulfilling its first mission, organizers believe the DAO “still made history” in its efforts to purchase a decentralized community historical document. According to them, their efforts have “educated a whole cohort of people from all over the world, from museum curators and art directors to our grandmothers, when they ask us what ETH is about when they read about us in the news.”

The ConstitutionDAO was able to raise $ 48.9 million from more than 17,000 people to buy the Constitution. However, Kenneth Griffin lost millions in hedge fund offerings.

Graham (NYSE 🙂 Novak, according to ConstitutionDAO organizer, “has done all the organized actions to fulfill the community.” As a result, the team has announced that it will close.

How about the funds raised? Well, the big question remains what will happen with the nearly $ 49 million raised. Although there were discussions to keep the project running and focus on a new idea or organization, the main goal of the group was to win the US Constitution.

“Ultimately, we have made the decision to continue without a unifying mission to buy the constitution, establish a more official government and embark on a new chapter that is not something we accept as a core group,” the group said. he said in a tweet.

From now on, the DAO has promised to return the donations to its community. However, some members are concerned about how much it would return.

For clarity, donations are stored in a multi-signature portfolio controlled by the 13 “main collaborators” of the ConstitutionDAO. Nine out of 13 contributors must sign a transaction before transferring funds. The same method of return of funds will be used.

After carefully reviewing the feedback from our community members and partners, we decided to return the donations through the same Juicebox mechanism that originally collected the donations, instead of trying to immediately launch a new government plan and token at the same time. return.

This may not be as easy as it seems, with accusations already circulating. On sunday Nike (NYSE 🙂 Bax has accused major aides of “making internal decisions that are causing insane volatility.”

@ConstitutionDAO core group is incompetent or evil. They are making internal decisions that cause crazy volatility. The kind that interiors can easily exchange. Does anyone know what a chain analyst should look for? https://t.co/V8dAxTeHOS pic.twitter.com/afQu1tKmkL

– Nick Bax (@ bax1337) November 22, 2021

Bax further explains that a photo of the group’s government token, PERSON, was taken on a specific blockchain on Friday (around 6:12 UTC), although Juicebox warned against the downsides of the approach.

Shortly afterwards, some PEOPLE owners threw a token at Ethereum, and the value of the token for ETH dropped by more than 82% within minutes. As expected, the former owners of PEOPLE believed that there was no need to continue holding tokens, as a photo was taken. When the value went down, the speculators went to buy the token. The group later announced that it was rejecting the photographic method.

It is noteworthy that donors will still have to pay gas fees to claim their ETH. According to Dune Analytics, the donors spent nearly $ 200 ETH or $ 866,918 in fees. At this rate, they will not be able to recoup the original investment. It’s even worse for smaller investors because the cost of the fees may be worth more than the contribution to the current transaction costs of the Ethereum network.

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