We The People: ConstitutionDAO
Brief and Vague History of the U.S. Constitution
A group of people during the 18th century got together, deliberated, and coordinated with one another on how best to accomplish a common goal. This group had a wide range of ages, backgrounds, and perspectives. They came together with a common purpose, which was agreed upon as necessary and nearly impossible to achieve. Those on the outside believed this group was delusional in attempting to accomplish their goal. That is, the mission of creating a more perfect union.
A few inspiring figures and their respective ages at the time of the creation of the U.S. Constitution:
Deborah Sampson – 15
Alexander Hamilton – 21
Thomas Jefferson – 33
Benjamin Franklin – 70
The signers of the U.S. Constitution were on average 44 years old, a dozen of them 35 or younger. Yet age did not hinder them from codifying a document that would live on and govern over the longest standing democracy in the history of the world. An objectively impressive feat for the hodge podge of ideals and personalities that accomplished what they set out to do.
U.S. Constitution is on sale
I, too, was unaware that original copies of our most important governing document were available for purchase. Being the only U.S. Constitution in private hands, this is potentially one of the rarest collectors items in the world. Artifacts of this caliber of rarity are commonly reserved for only the most well-capitalized of collectors.
That is why the story of one bidder, ConstitutionDAO, is such an interesting one.
ConstitutionDAO is a decentralized autonomous organization focused on one thing, buying the U.S. Constitution at Sotheby’s auction on Thursday.
DAOs are communities with a shared treasury. Decentralization and cryptocurrency have created structures, such as DAOs, that help align people to self-govern. It’s fitting that a DAO, which is as much a technological tool as it is a social one, can orchestrate the purchase of the greatest example of human governance: the U.S. Constitution.
Just five days before the first bid, online strangers and Constitution enthusiasts from around the world set out to achieve what seems like a preposterous mission, purchasing the U.S. Constitution. A founding member of the ConstitutionDAO, Munam Wasi, mentioned, “Purchasing the Constitution thanks to crypto is actually the easy part, the fact we have a real chance to do it so quickly is what is actually hard to believe.” Should they be successful, a document for the people by the people will also be owned by the people.
ConstitutionDAO highlights why DAOs can be considered one of the most innovative tools in the history of human coordination. The “D” and “A”, which stand for decentralized and autonomous, are the main reasons why this organization was able to happen, and happen so quickly, in the first place.
Decentralized means that anyone in the world is able to take part in this historic bid for the U.S. Constitution. In addition to the interest from thousands of everyday people who are simply fans of the oldest governing document. Members of the team informed me they’ve had interest from various institutional bidders and long-time collectors willing to contribute to the ConstitutionDAO’s treasury. The autonomous nature of collecting funds is also why this organization was made possible. If the bid is somehow unsuccessful, all participants will automatically have their contributions set aside to be returned in-full.
In my opinion, DAOs are one of the most important trends to pay attention to in crypto right now. Empowering like-minded communities to do things they love, together. Allowing DAO participants to share the risks and rewards of what their community sets out to accomplish. Governing your own organization with voting rights that are fairly distributed to each stakeholder. In many ways, the U.S. Constitution is the ideological predecessor of the decentralized organizations that will govern the future. I would find nothing more beautiful than if the U.S. Constitution was owned by the trailblazers of our decentralized world.
Regardless of the outcome, this is a cultural watershed moment for the promise of a decentralized future.
Bonus: Who is selling the Constitution?
It is important to highlight the generosity of the owner and what the purchase of this historic document will mean for her. Dorothy Goldman is the current owner of this Constitution. Her late husband, S. Howard Goldman, was a collector of historical American books and manuscripts. Howard purchased this Constitution back in 1988 for $165,000.
As the current owner, Mrs. Goldman has always made this document available for the people by lending it to a variety of public institutions across the United States. Dorothy Goldman’s actions during her custodianship show that it truly is a document for the people, by the people, and that should be shared with all people.
Proceeds of the auction will benefit The Dorothy Tapper Goldman Foundation. The Foundation focuses on advancing the principles of America’s founding documents through educational programs for students across all media. It is the hope that with this Foundation we can further the understanding of why the acts of all citizens can truly make a difference.
The opinions expressed in the CrossTower Classroom are those of the author(s) and not necessarily that of CrossTower. We appreciate diverse perspectives of our employees and we thank them for having a voice.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.
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