Crypto Auction To Purchase US Constitution Print Raises Over $40m

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Crypto Auction To Purchase US Constitution Print Raises Over $40m
Crypto Auction To Purchase US Constitution Print Raises Over $40m

A crowd-funded initiative to buy a rare 1787 copy of the United States constitution at auction has reportedly generated more than $40 million (£29.6 million) in cryptocurrency donations.

“We want to put the constitution in the hands of the people,” says ConstitutionDAO.

Sotheby’s had predicted a sale price of up to $20 million at the auction on November 18th.

However, it is unclear how ownership will be divided if the deal is successful.

From a run of 500 copies printed after the wording was resolved during the Constitutional Convention in Philadelphia, Pennsylvania, only 13 copies are known to have survived.

According to Sotheby’s, the copy for sale is one of just two not in a museum’s collection.

The group wants to make the document available to the public.

DAO is the acronym for “decentralised autonomous organization.”

The concept is to allow people to come together to make purchases and share ownership, with their transactions and operating rules being recorded on the blockchain – the same technology that underpins cryptocurrencies like Bitcoin and Ethereum.

ConstitutionDAO, which began barely a week before the auction, is raising funds to purchase the document in Ethereum.

The group claims on its website that it is “pooling together money to win this auction”.

The website says there will be “refunds” should the auction bid be unsuccessful.

However, the largely unregulated world of cryptocurrency brings with it many risks.

The FAQ warns of the possibility of hacking or of theft of money, although it says “we have made everything as secure and foolproof as possible given the time constraints”.

The cryptocurrency money for the purchase is held in a wallet managed by 13 key contributors, with nine of them required to authorise transactions.

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