PEOPLE is a token fueling the Constitution DAO, a project running on the Ethereum blockchain. Constitution DAO was created in November 2021 with the brave goal of collecting money to purchase the United States Constitution. In total, they managed to raise $47 million USD from around 17,000 enthusiasts in one week. The PEOPLE tokens gave their holders the opportunity to vote for what actions the project should take in the future. Although the project technically had enough money to win the Sotheby’s auction, it couldn’t afford to take proper care of the document in case of winning.
After the Constitution DAO lost the auction the team said that they would close the project and refund contributions minus the Ethereum system fees. As a result, some of the investors had to face disappointment due to market volatility. In addition, the Ethereum fees remain pretty high at the time of writing. Therefore, many project supporters lost a considerable percentage of their contributions.
Constitution DAO was a decentralized autonomous organization, where people gathered together around a joint community and a shared resource. Holders make decisions by voting. For example, the Constitution DAO project supporters were supposed to vote on what text would be displayed together with the copy of the US Constitution or what organization to give this document. A more detailed discussion of the constitution governance model was supposed to take place after the project would have won the auction.
To provide on-chain custody of the US Constitution and to make a bid on behalf of Sotheby’s, the Constitution DAO relied on the services of a non-profit organization Endaoment. All the money was preserved in an FTX account that Sotheby’s used for the proof of funds verification. At this, many contributors gave their consent for their names to be published on the Constitution DAO website, so the credibility of the project increased.
PeopleDAO was formed after a Snapshot vote on December 6, 2021. The project participants agreed to use a metaDAO structure with the purpose of building an ecosystem around the PEOPLE token. During the same month, the Constitution DAO project relinquished ownership of the PEOPLE token contract. PeopleDAO was designed to fill the gap in the market by providing financial help to public goods and various services for new projects.
The supply of the PEOPLE token is limited and, in fact, slightly deflationary as its holders continue redeeming it on Juicebox in return for the Ethereum token at the time of writing.
The PeopleDAO didn’t stop functioning after the auction, though. It serves as an incubator for subDAOS and community projects and provides new projects with funding and marketing. In addition, it helps them with product development and guides them on governance issues. Among such projects, PeopleDAO has PandaDAO, LanguageDAO, CFRAC, and The Lost Children of Benin City.
PeopleDAO’s subDAOs fulfill socially important functions. For example, LanguageDAO was designed to lower language barriers in web3 by providing its users with translation, interpretation, education, and advocacy. The Lost Children of Benin City was initiated by a Nigerian director Existential Zoomer for producing a three-part docu-series raising awareness about human trafficking in Nigeria and exploring web3’s ability to make a difference. PandaDAO is a Chinese blockchain project aiming to reduce the control that centralized entities have over end-users’ information and thus “break the web2's grip on human resources”, as the project claims on its official website. Other project operating under the supervision of PeopleDAO also pursue noble goals similar to those mentioned above.
The PeopleDAO general treasury is responsible for safekeeping PeopleDAO’s funds. It uses Gnosis Safe multi-signature wallet(s) for this purpose. This means that the project has implemented a multi-signer/holder system in order to reduce the possibility of treasury integrity problems. The members of the PeopleDAO choose 9 multi-signers by voting. The project also has the PeopleDAO Teams, which were created to deal with minor issues related to the system’s functioning. Members of each Team communicate with each other via special Discord chats.
PeopleDAO as a metaDAO can create a subDAO in order to achieve some specific goal. After a subDAO launch, 5% of the governance token supply and 5% of the funds raised will be issued to PeopleDAO so as it has a stake in a subDAO governance.
As mentioned earlier, PEOPLE tokens are based on the Ethereum blockchain. Those who hold PEOPLE tokens get two main opportunities. First, they can vote in the Snapshot. Second, they can attain a Verified Member status in the project’s Discord, which provides access to activities, POAPs, and whitelist spots.
PEOPLE tokens can be viewed on Etherscan, bought on OKEx, and exchanged on Uniswap. As the token runs on Ethereum, it can be stored on any compatible wallet such as Metamask, Coinomi, or MyEtherWallet. Those who want to hold it long-term can select hardware wallets such as Ledger Nano or Trezor.
Constitution DAO team
The Constitution DAO team consisted mostly of professional software engineers. One of the core members was Jonah Erlich. In Constitution DAO, he took part in the marketing of the project and in making some strategic decisions. Erlich also specialized in newbie onboarding, which consisted in teaching people who are new to cryptocurrency how to deal with crypto safely. At the moment of writing, he is a founder of Den, which helps crypto-native teams build and sign on-chain transactions fast. He also works with start-ups and invests in early-stage crypto projects via 3SE Holdings.