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Bidding for the U.S. Constitution to raise ten thousand ETH

November 18, 2021
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Bidding for the U.S. Constitution to raise ten thousand ETH

At 16:00 on November 18, ConstitutionDAO has been scheduled for this Thursday. The auction of a copy of the U.S. Constitution raised more than 9900 ETH (still continuing to grow). About 42 million U.S. dollars. Far higher than the auction house Sotheby’s highest estimate of US$20 million.

The first edition of the Constitution still survives

There are still 13 copies of the rare first edition of the US Constitution. But on November 18th, Sotheby’s will auction one of the precious copies.

The agency claims that it is even rarer than the first edition of the Declaration of Independence. The estimated transaction price is around US$15-20 million.

At the same time, in order to participate in the bidding, a decentralized autonomous organization called ConstitutionDAO. Efforts are also being made to raise funds.

There are still 13 copies of the rare first edition of the US Constitution. But on November 18th, Sotheby’s will auction one of the precious copies.

The agency claims that it is even rarer than the first edition of the Declaration of Independence. The estimated transaction price is around US$15-20 million.

At the same time, in order to participate in the bidding. A decentralized autonomous organization called ConstitutionDAO. Efforts are also being made to raise funds.

Sotheby’s said. This lot was sold by real estate developer S. Howard Goldman in 1988 for US$165,000. But it is now held by Dorothy Tapper Goldman, the widow of Goldman Sachs. And the proceeds from this auction will benefit her foundation.

Sotheby’s has accepted the DAO to participate in the auction in ETH. FTX said that if ConstitutionDAO was successfully shot. Will help the DAO convert ETH into U.S. dollars to purchase a copy of the Constitution.

Contributors will receive the DAO token

If ConstitutionDAO wins the bid. Each contributor will receive a part of the governance token PEOPLE of the DAO. Holders can use the token to vote. Where to keep a copy of the Constitution and how to display the Constitution, etc.

ConstitutionDAO was founded only a week ago and uses the JuiceBox service to raise funds. These funds are deposited in the Gnosis Safe wallet with 13 signers. The multi-signature is only used to submit funds to Sotheby’s. Or return the funds to Juicebox for a refund after the bid fails.

Juicebox is an open protocol on Ethereum. 5% of all funds generated by the project are used to help pay for the maintenance and development of Juicebox itself. In exchange, the project will receive Juicebox tokens ($JBX). As the ecosystem develops, these tokens will become more valuable.

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