ConstitutionDAO set to buy the US constitution again with private multisig Christian Nwobodo · 1 hour ago · 1 min read
ConstitutionDAO claims that the transparency of the Ethereum blockchain undermined its first bidding effort. In the second attempt, it will participate in the Sotheby’s auction via a private multsig wallet.
Cover art/illustration via CryptoSlate
ConstitutionDAO has resurfaced to push through its mission of purchasing the last original printed copy of the U.S. constitution which is set to be auctioned by Sotheby’s on Dec. 13.
About a year ago, ConstitutionDAO took the crypto community by storm after it raised nearly $47 million in an attempt to purchase the first printed version of the U.S. Constitution. But, unfortunately, it lost the auction to Citadel CEO Ken Griffin.
In retrospect, the DAO noted that the transparency of the Ethereum blockchain undermined its bidding effort, as Ken Griffin reportedly knew how much it was bidding. As a result, ConstitutionDAO placed about $40 million for the auction, while Griffin bought the historical document for $43.2 million.
With the lessons learned from its first attempt, founding members of ConstitutionDAO have resurfaced and rebranded as ConstitutionDAO2. The new DAO collates thirteen DAOs, including PeopleDAO, Juicebox, and Aztec Network.
Sotheby’s announced earlier on Nov. 1 that it will auction the last originally printed copy of the U.S. Constitution held in private hands by Dec. 13.
ConstitutionDAO2 said it would create private multisigs to conceal its fundraising efforts. Donors can choose to donate publicly via Juicebox or privately through Nucleo.
ConstitutionDAO2 wants to buy the printing from Sotheby’s so that it can start a collection of civic artifacts that are totally run by the people. We are going to teach the world about democratic innovations found in history and on web3.
— ConstitutionDAO2 (📜,📜) (@WAGBTC) December 7, 2022
If ConstitutionDAO2 successfully wins the auction, all donors will earn a voting right to govern how the Constitution is managed. On the other hand, if the auction is lost, all funds will be returned to the donors over the refund period.