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ConstitutionDAO will shut down after losing bid for Constitution

The organizers behind ConstitutionDAO have determined to shut the group down after raising $47 million in cryptocurrency after which failing to win an auction for a uncommon copy of the US Constitution.

Many members of ConstitutionDAO had expressed hope that the group might dwell on, albeit with some various objective on condition that there are at the moment no different well-known copies of the Constitution at public sale. Group leaders initially floated launching a brand new token for members who needed to participate within the group’s continuation, known as We The Folks tokens, however later backtracked, saying they need to have given it extra consideration. It was by no means made clear what, precisely, the group would possibly give attention to if it had been to proceed.

Now, 5 days after the public sale, group organizers say they’re shutting down ConstitutionDAO for good. “The group has taken all actions that it was organized to perform,” Graham Novak, a ConstitutionDAO organizer, wrote within the group’s Discord. The Discord channel will stay operational for the following two weeks, then shift right into a read-only mode.

“We’ve decided that constructing and sustaining an ongoing challenge shouldn’t be one thing that we as a core crew are in a position to assist, given the technical and administrative necessities of doing it correctly,” Novak wrote. He mentioned there will be “no time restrict” on claiming refunds for those that contributed Ether for the public sale.

Organizers didn’t say how a lot cash has been returned through refunds but, however there’s been concern that contributors could get again a lot lower than they put in. Fuel charges — the transaction charge you need to pay to perform issues on the Ethereum community — are pretty excessive, even for one thing as primary as sending cash to a different celebration. So somebody who despatched their cash to ConstitutionDAO and now requests it again could discover themselves with quite a bit much less after paying for the round-trip journey.

Novak calls ConstitutionDAO a “landmark occasion” that confirmed the ability of “web3.” The group organized quickly over the course of per week in an try to win an early printing of the US Constitution at an public sale at Sotheby’s. The group ultimately lost to Ken Griffin, a billionaire hedge fund CEO, who purchased the doc for $43 million. ConstitutionDAO organizers later mentioned spending extra would have left too little cash to care for the doc.

“It’s our honest hope that this challenge will spark many others,” Novak writes.
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