First of all, why is it so magical? Because unlike the various tokens we have introduced before, People is not supported by various projects, nor does it rely on technological innovation to attract attention. Its uniqueness lies in the lack of a high-profile founder, a grand vision or a dazzling resume, etc. So, what is so unique about People?
The origins of People can be traced back to an organization called ConstitutionDAO. The story begins with a website in the United States that specializes in public auctions of luxury goods. The website originally planned to auction a "copy of the United States Constitution" on November 18, 2021. This copy has a very distinguished origin. It is one of the "official versions" of the United States Constitution in 1787, one of the earliest printed versions of the Constitution, and one of the 11 existing copies of the Constitutional Convention. Even more unique is that it is the only copy still owned by a private collector.
At this time, a netizen named YoungMoney shared this story on the Internet and shared the experience of his friend Austin. Austin contacted YoungMoney two days ago and expressed his desire to participate in the auction to buy the Constitution and created an organization called ConstitutionDAO, hoping to raise funds through crowdfunding. They believe that this only copy of the civil constitution should no longer be monopolized by capitalists, but should belong to the wider public.
In terms of project vision, the idea is also quite grand.
Funds were raised on the blockchain platform juicebox, with an exchange rate of 1ETH = 1 million PEOPLE, aiming to raise $20 million. Once ConstitutionDAO posted the news on Twitter, it quickly attracted the attention of more than 2,600 people. Community members started discussing it, and 2,611 people participated in the discussion on ConstitutionDAO's Discord platform at the time. At the same time, major media outlets also reported on it.
As of November 16, 2021, the entire event has been brewing for 4 days. Although the crowdfunding amount has only reached 27% of the target, it is still worth more than 5.4 million US dollars. Although some progress has been made, there is still a big gap from the original goal.
However, the whole story took a major turn on November 17. After several days of brewing, the story experienced a remarkable development and reversal. In just one night, ConstitutionDAO's fundraising doubled to $12 million. By the sixth day, the number of Ethereums raised exceeded 6,000, and the total value exceeded $40 million.
The news brought a great deal of excitement to the people. With such a huge amount of money, it seemed that they were only one step away from successfully bidding for a copy of the Constitution. This seemed to be a model of unity among the people and for the people.
However, ideals are always full of hope, while reality is cruel. Although the crowdfunding results of ConstitutionDAO are impressive, the dream ultimately failed to withstand the powerful force of capital. As of November 19, the auction results were announced, and ConstitutionDAO failed to win the auction.
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