Crypto Bid To Buy US Constitution Print Raises Millions

In a follow-up to Monday's story, "a crowdfunded effort to buy a rare 1787 copy of the U.S. constitution at auction claims to have received more than [$31 million] worth of cryptocurrency donations," reports the BBC. And this figure is only going to increase as there's more than 24 hours to go. From the report: The group, ConstitutionDAO, says it plans "to put the constitution in the hands of the people," and hopes to raise at least $20 million. But it is not clear how ownership will be arranged if the bid succeeds. There are 13 known copies to have survived from a run of 500 originally printed after the text was settled at the Constitutional Convention in Philadelphia, Pennsylvania. The copy for sale is one of only two not held in the collection of an institution, Sotheby's says. The group wants to put the document on public display. DAO stands for "decentralized autonomous organization." The idea is to enable individuals to come together to make purchases and share ownership, with their transactions and operating rules recorded on the blockchain - the same underlying technology on which cryptocurrencies like Bitcoin and Ethereum run. ConstitutionDAO launched just a week before the auction, and is soliciting money with which to buy the constitution document in Ethereum. On its website, the group says it is "pooling together money to win this auction." At first, the website told contributors they were buying "fractional ownership and governance. You will own a piece of the constitution based on how much you contribute." That has since been changed to say those who contribute will not get a share in owning the constitution. The question "Am I receiving ownership of the constitution in exchange for my donation?" is answered: "No, you are receiving a governance token, not fractionalized ownership." The "governance token," the website says, could be used to "advise" on "where the constitution should be displayed, how it should be exhibited, and the mission and values of ConstitutionDAO."

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