ConstitutionDAO (PEOPLE)

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Use Case of ConstitutionDAO

ConstitutionDAO was created to pool funds from many people to try to buy a rare copy of the U.S. Constitution. Its main use was to let people collectively own a share in this historic document by contributing money through tokens. These tokens represented a stake in the group’s effort and gave holders a voice in decisions about the document if the purchase succeeded.

Pros

• ConstitutionDAO showed the power of community crowdfunding, raising $47 million in Ethereum from over 17,000 donors in just a few days.
• It allowed decentralized ownership and participation through the $PEOPLE token, giving many people a chance to be part of a historic cause.
• The project demonstrated how blockchain and DAOs can organize large groups quickly without a central leader.
• $PEOPLE tokens could be redeemed for Ethereum at the original contribution ratio, providing a clear exit option.
• The DAO sparked a viral movement and increased awareness of crypto and decentralized governance.

Cons

• ConstitutionDAO did not win the auction for the Constitution, so the main goal was not achieved.
• The $PEOPLE token lost its governance and utility after the project ended, limiting its long-term value.
• Contributors faced Ethereum gas fees when donating and redeeming tokens, which sometimes were high relative to donation amounts.
• The DAO had to form complex legal and financial structures to participate in the auction, showing challenges in bridging crypto with traditional systems.
• Since the DAO dissolved, the tokens no longer represent ownership or control over the Constitution or any asset.

For more details, visit the official website: constitutiondao.com

Founders and Core Team

ConstitutionDAO was started by a small group of web3 enthusiasts and crypto community members who quickly organized on platforms like Discord and Twitter. The founding group included people like Alice Ma, Jonah Erlich, and Graham Novak, among others. They acted as the initial organizers who helped launch the project and coordinate the fundraising effort.

Formation and Organization

The DAO was formed rapidly in November 2021 to crowdfund the purchase of a rare original copy of the U.S. Constitution at a Sotheby’s auction. The founders set up legal structures and partnered with platforms like Juicebox to manage the funds and bidding process.

Community-Driven Effort

While there were a few key organizers, ConstitutionDAO was largely a decentralized and community-driven project with thousands of contributors participating in the effort.

For more details, you can visit the official website: constitutiondao.com

Investors in ConstitutionDAO

• Community Contributors: Over 17,000 individual crypto investors contributed to ConstitutionDAO, pooling around $47 million in Ethereum (ETH) within a week.
• Crypto Enthusiasts: The investors were mainly web3 and crypto community members motivated by a shared goal to collectively buy a rare copy of the U.S. Constitution.
• Decentralized Group: There was no single big investor; instead, the funding came from many small to medium contributions, with a median donation size of about $206.
• Collaborations: ConstitutionDAO partnered with a crypto exchange to convert ETH to dollars for the auction and worked with a non-profit to place bids on behalf of the DAO, enabling participation despite auction rules.

The investors were united by the idea of decentralized ownership and governance through the DAO structure, receiving PEOPLE tokens proportional to their contributions.

Halal Status of ConstitutionDAO

• Yes or No: No clear, definitive ruling is publicly available on whether ConstitutionDAO is halal.
• Reason: Halal compliance depends on Islamic finance principles such as avoiding interest (riba), excessive uncertainty (gharar), and involvement in prohibited activities. ConstitutionDAO is a decentralized autonomous organization (DAO) focused on collective ownership and governance of a historic artifact, not a financial product designed with explicit Shariah compliance. There is no specific certification or scholarly consensus confirming its halal status.
• Summary: Without formal Islamic finance review or certification, ConstitutionDAO cannot be confirmed as halal.