The group uses blockchain and NFT to buy a rare copy of the US Constitution The future of money
2 min read
The original US Constitution will be auctioned off by Sotheby’s this Friday (Alexi Rosenfeld / Contributor / Getty Images)
The owner of one of the 13 copies of the first edition of the U.S. Constitution decided to sell this product and change the Internet and the crypto market. Now, the group of activists Cryptocurrencies Attempts to get the piece at auction using technology mobilized the US Blockchain.
The American Constitution was written in 1787 and its text guides the nation to this day. During its creation, 500 copies of the original text were produced, 13 of which are still known. Of these, only two are privately owned and one is offered for sale.
Dorothy Goldman, the widow of the man who bought her in 1988 for $ 165,000, decided to auction off her original piece, setting the price at $ 15 to $ 20 million and donating it to charities.
For example, American citizens have a different relationship with their constitution than Brazilians. It is the oldest constitution in the world and has been altered only 27 times in the 232 years since it came into force. Brazil, on the other hand, has seven constitutions from the Declaration of the Republic 132 years ago, and its latest version, since 1988, has already undergone 119 amendments in 33 years. Therefore, the interest of Americans in the auction is enormous.
So the group of people formed Constitution D.A.O., To raise funds to purchase the piece at auction. The acronym DAO stands for “Decentralized Autonomous System” (or “decentralized autonomous system”), and they want to win the auction using blockchain technology.
The group has created its own cryptoactive, which will be given to anyone who donates to the fund. Tokens guarantee the right to vote on project-related decisions, and if the panel wins the item, NFT Exclusive with clip pictures and videos. “We are going to buy the constitution and it will be managed by the people,” says the initiative’s website, with all other copies in the hands of the state – most in museums, universities or government offices.
The idea is that, if actually purchased, the original piece will be on display by a museum or group partner. “Eventually we must have experience in storing and maintaining historical documents at home. Our preference is for companies that are generally freely accessible and willing to accept the costs associated with storage,” the ConstitutionDAO text reads.
Within a week, the group had amassed 3,151 ethers, equivalent to $ 13.3 million, or nearly $ 75 million worth of rice. The goal is to reach $ 20 million and, in theory, to guarantee the purchase of the item. Auction organized by சோத்பியின், Scheduled for next Thursday, the 18th.
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