Today, we’re going to take a deep dive into an amazing and once-famous cryptocurrency called People Token. What’s unique about it is that it doesn’t have a haloed founder, a grand vision or a stellar resume. So what is so unique about People?
Origin of People
The story of People Token originates from an organization called ConstitutionDAO. This story begins in November 2021. A website in the United States that specializes in public auctions of luxury goods plans to auction a "Copy of the United States Constitution." This copy has an extraordinary origin. It is the "official version" of the 1787 United States Constitution and one of the first printed versions of the constitutional text. It is still owned by a private collector.
A netizen named YoungMoney narrated the origin of this incident on the Internet and shared the experience of his friend Austin. Austin wanted to participate in the auction and created ConstitutionDAO to do so. This organization plans to raise funds through crowdfunding, believing that this copy of the Constitution should not be owned solely by capitalists, but should belong to the general public.
The miracle of crowdfunding
ConstitutionDAO's fund raising uses the blockchain platform Juicebox, which is exchanged at the exchange rate of 1ETH = 1 million PEOPLE, with the goal of raising US$20 million. Once the news was released, it attracted the attention of more than 2,600 people. 2,611 people participated in the discussion on the Discord platform, and major media outlets also reported it.
As of November 16, 2021, the crowdfunding amount has reached US$5.4 million. Although only 27% of the goal has been completed, it is still exciting. As time passed, things took a surprising turn. On November 17, ConstitutionDAO’s fundraising surged to $12 million, and exceeded $40 million on the sixth day. All this makes people look forward to whether they can successfully photograph a copy of the Constitution.
The cruelty of reality
However, there is often a gap between ideals and reality. Although ConstitutionDAO’s crowdfunding results were impressive, they ultimately failed to withstand the power of capital. On November 19, the auction results were announced, and ConstitutionDAO suffered a bidding failure. Although it was officially announced that refunds would be issued, the moment the dream was shattered was extremely emotional.
ConstitutionDAO announced on its platform that the refund amount will be in proportion to the original donation and all funds will be returned to the Juicebox contract. Although he failed to successfully bid for a copy of the Constitution, this incident caused the price of the People token to rise from US$0.004, and even exceeded US$0.02 at one time, which became a miracle.
The spirit of People Token
As the proverb goes: "What you lose is what you gain." Although ConstitutionDAO failed to successfully acquire a "copy of the U.S. Constitution," it inadvertently opened a new door. Many people connect People with the spirit of DAO and Web3.0, and believe that People is the spiritual leader of DAO and Web3.0.
In the "Copy of the Constitution" that the ConstitutionDAO team strives for, there is a classic saying: "Now, the people have an opportunity to own We the People." This coincides with the spirit advocated by People Token and emphasizes the power of the people.
JuiceboxDAO and the Economic Mechanism of People Token
People tokens are issued through Juicebox, and the economic mechanism behind People involves JuiceboxDAO. JuiceboxDAO focuses on developing DAO treasury management software, and its program code and design files are open source.
The economic mechanism of Juicebox can be divided into several levels. Level 0 is the simplest form, based on the Juicebox project, implementing crowdfunding and refund functions. For example, if I pay 5 ETH, I get 5,000,000 tokens. There are a total of 10,000,000 tokens in the vault and I can redeem half of them to get half of the total vault.
Level 1 introduced a retention rate, which allocates a percentage of the minted token supply to a pre-programmed list of addresses. This mechanism ensures that the DAO's multi-signature address can obtain a certain number of tokens, thus enhancing the sense of participation of the entire community.
Market Performance of People Token
Although People Token and related organizations faced some difficulties after the auction of a copy of the Constitution failed, they still survived. The name of the People token contains many interesting mottos, such as "People do not divide people" and "People are for the people". These concepts make People Token unique in the field of digital currency.
Currently, People tokens have been successfully listed on a number of well-known exchanges, among which the 24-hour trading volume on Binance has reached approximately 66 million yuan, and the current price remains at approximately US$0.02. Recent market performance has been mildly choppy, demonstrating its staying power in the cryptocurrency market.
Conclusion
The story of People Token is not only about the failure of an auction, but also about the display of people’s power and community spirit. In the field of digital currency, technology is important, but spirit also plays an important role. The rise of People Token is the best proof of this concept.
No matter what the future holds, the story of People Token will continue to inspire countless people who pursue innovation and change, becoming an indispensable symbol in the field of cryptocurrency.