The People project (or People DAO) can trace its origins to an organization called Constitution DAO, which was formed to raise funds to purchase a copy of the U.S. Constitution. Here is a detailed account of the origins of the People project:
1. Origin and Background
Goal setting: A netizen named YoungMoney shared his friend Austin's desire to participate in the auction to buy a copy of the U.S. Constitution and proposed to raise funds through crowdfunding. This copy of the Constitution has a distinguished origin. It is one of the "official versions" of the U.S. Constitution in 1787 and the only copy still owned by a private collector.
Organization established: Austin then created the Constitution DAO organization, which aims to return this copy of the Constitution to the public through crowdfunding, rather than continuing to be monopolized by capitalists.
II. Fund Raising
Platform selection: Constitution DAO chose the blockchain platform juicebox to raise funds, using the exchange rate of 1ETH = 1 million PEOPLE.
Progress was rapid: The project quickly attracted attention after being announced on Twitter, raising a large amount of funds in just a few days. Although the initial crowdfunding amount only reached 27% of the target, the funds then grew rapidly, eventually raising more than $40 million in Ethereum.
3. Auction Results
Auction Failure: Despite raising a significant amount of money, Constitution DAO failed to successfully bid for a copy of the Constitution. Competitors took advantage of the public transparency of the blockchain and outbid Constitution DAO with precise bids.
4. The Birth of the People Project
Subsequent developments: Despite the auction failure, Constitution DAO’s crowdfunding campaign attracted widespread attention and spawned the People project, which in part inherited the spirit of Constitution DAO and became a decentralized autonomous organization (DAO).
Community Support: The People project has received strong support from the community, with many believing it represents a challenge and rebellion against traditional sovereign governments in the crypto world.
5. Characteristics of People Project
Decentralization: As a DAO, the People project emphasizes decentralization and autonomy, with no centralized control agency.
Consensus-driven: The operation of the project relies on the consensus and collaboration of community members, rather than a centralized decision-making body.
Spiritual connotation: The People project is not just a blockchain project, but also carries a spirit and values, namely, people's pursuit and sharing of public resources.
In summary, the People project originated from a crowdfunding campaign by Constitution DAO to purchase a copy of the U.S. Constitution. Although the auction failed, the project gave birth to the People decentralized autonomous organization and received widespread support and attention from the community.
People is different from other tokens we 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, so People belongs to the people and will be the favorite of all people in the future. People will definitely become one of the greatest memes in history.
