A DAO (Decentralized Autonomous Organization) is a computer-controlled organization that offers a community with automatic governance rules. A DAO is built on computer code, and its working principles are open to the public. It is not governed by any government.
DAO is a smart, complicated contract that is analogous to a decentralized venture capital firm that is implemented on the Ethereum blockchain. In a blockchain, which is a system for securely storing and transferring data that works without a central control authority, these laws are irreversible and clear.
Some of crypto's sharpest minds have chosen to build a decentralized autonomous organization (DAO) to purchase the US Constitution. Last Thursday, what began as a clear fantasy to organize a DAO to purchase on a print of the Constitution has grown into a full-fledged campaign with almost $4 million in contributions. Members from the "ConstitutionDAO" think there is a strong chance of success to potentially win Sotheby's upcoming auction.
Packy McCormick tweeted:
“We are going to buy the Constitution. ConstitutionDAO is not a moment, it's a movement.”
The following entity was started last Thursday, and already has about 8000 people in the discord, $3M raised for the project in just 12 hours, $10M+ in soft commits.
We look forward to seeing the results of this auction.
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