ConstitutionDAO loses offer to buy original constitution project – Winners paid $ 47 million by DailyCoin
ConstitutionDAO loses offer to purchase original draft constitution – Winners paid $ 47 million
Since the Constitution was drafted in 1787, there has not been so much drama surrounding a single document.
A Sotheby’s auction on Thursday night saw a group of private collectors clash against a blockchain-based gang of 18,000 crypto fans. They all wanted to bid on one of the original 13 drafts of the U.S. Constitution still in effect. It was 1 of 2 not yet secure in a collection.
The aforementioned collective of investors was called the ConstitutionDAO, which stands for Decentralized Autonomous Organization (DAO). A DAO is built on a blockchain and all decisions are made through an automated computer programming system to remove emotions and corruption from human decision making. However, DAO members also invest in the system to earn “governance tokens” which gives those acquired members the right to contribute gestalt through crowdsourcing.
The ConstitutionDAO managed to raise $ 40 million in a matter of weeks to meet its goal of purchasing its own first edition of the Constitution, but that was not enough to secure the deal. Since the DAO lost the auction, the aggregate funds are supposedly still held by the ConstitutionDAO digital vault. It is not clear how or if these funds will be reallocated to donors.
On the reverse
- While this is an impressive display of solidarity around a single vision, it raises the question of whether this type of construction could be used for evil.
- Could terrorist states or dissident cells unite to buy weapons of mass destruction of deadly biologicals?
- These are potential unintended consequences of an otherwise unpretentious technology.
Why should you care?
DAOs could possibly be programmed to respond to a negative crowd mentality as easily as to a selfless charity. This is one aspect of blockchain that we should all be paying attention to.
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