The online group trying to buy the US Constitution, explained

ConstitutionDAO is trying to crowdfund a purchase of the US Constitution. It might just work.

Source: Getty Images

The online group trying to buy the US Constitution, explained

Nic Cage once stole the Declaration of Independence and kidnapped the president.

Along those lines, tomorrow, the online group ConstitutionDAO will attempt to buy the last privately owned, 1st-edition printed copy of the US Constitution and put it “in the hands of The People.”

This specific copy was first bought by a real estate developer, the late S. Howard Goldman, in 1988 for $165k. His wife put it up for sale, and proceeds will go to a charitable foundation.

But first, WTF is a DAO?

Investor Cooper Turley likens a decentralized autonomous organization (DAO) to an “internet community with a shared bank account.”

DAOs are blockchain-based, member-owned groups that can quickly and easily raise funds, manage projects, or make investments.

To raise funds for ConsitutionDAO…

… backers can contribute ether cryptocurrency in exchange for $PEOPLE tokens, which give them the ability to advise on:

  • Where the copy of the Constitution should be displayed
  • How it should be exhibited
  • The mission and values of ConstitutionDAO

Of course, memes have played a major role

If you’ve been on tech Twitter at all this week, you may have noticed:

  • Nic Cage
  • A new icon in many profiles (📜, 📜)
  • “Wagbtc,” which stands for “we’re all gonna buy the constitution”

In his newsletter, Not Boring, Packy McCormick highlights the importance of memes in helping ConstitutionDAO build cohesion and spread the mission to new members.

The excitement has fueled $6m+ in funding so far — but with the text expected to go for $15m-$20m, ConstitutionDAO has a ways to go.

Even if it falls short, the project will have shown a glimpse of the utility of blockchain technology, and, more importantly, given us a much-needed dose of Nic Cage from his “National Treasure” glory days.

Topics: Government

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