DOM Chain X DAOs
There’s a new movement brewing in the world… that movement is the creation of DAOs.
Put simply, DAOs (Decentralized autonomous organizations) are decentralized organizations that are governed by its members, with no centralized authority.
Recently, a DAO called the Constitution DAO was formed to purchase one of the 13 copies of the U.S. constitution.
There were only 13 copies of the U.S. constitution ever made, with two of them owned by private collectors.
A couple of weeks ago, one of the private collectors decided to put it up for auction at a Sotheby’s live auction event.
The Constitution DAO ambitiously was formed to fundraise for the sole purpose of purchasing the U.S. Constitution. The motivation behind it was that the Constitution should be owned by the people and not by a centralized entity or person.
Members of the DAO would be granted voting rights on the storage location of the U.S. Constitution, once it was acquired.
The DAO raised over $45M dollars from 15k+ people!
The crazy part is the Constitution was projected to go between $15–20M dollars and was sold for $43.2M!
The Constitution DAO was developed on the Ethereum blockchain, which forced the 15k+ participants to pay an exorbitant amount of gas fees on it.
If the Constitution DAO was developed on DOM Chain, the DAO would have had a much higher chance to purchase the Constitution because the gas fees took away a lot of the contributions.
Let that be a lesson to all future projects looking to build on Ethereum or non-DOM Chain protocols!
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