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In the cryptocurrency space, a decentralized autonomous organization (DAO) is a governing entity within a crypto project that distributes authority among members who hold governance tokens. Operating on a community-driven model, a DAO adopts a bottom-up structure. The members of the DAO hold governance tokens that grant smart contract voting rights on various matters related to the entity. The DAO’s governing activities and votes are recorded via smart contracts to preserve integrity and transparency.
ConstitutionDAO was a decentralized autonomous organization whose specific one-time purpose was to purchase an official document for preservation. It played a pivotal role in influencing future projects that utilize DAOs for crowdfunding, despite ultimately falling short of its intended goal.
Key Takeaways:
ConstitutionDAO was a crowdfunding DAO with the goal of purchasing a rare copy of the 1787 version of the U.S. Constitution.
While ConstitutionDAO failed to achieve its purpose, it demonstrated the potential influence DAOs hold in the mainstream online space.
ConstitutionDAO’s native token, PEOPLE, can be purchased on Bybit as a Spot pair or USDT Perpetual contract.