This transcript has been lightly edited for clarity. I think that’s the big question for a lot of crypto right now, and I really appreciated Jonah coming on the show to talk it over with me. The biggest question I had was why did they need this technology to achieve their goal. There’s a lot to this story that hasn’t really been told yet - and I think it’s a really useful look at the tension between the promise of crypto technologies, like smart contracts and DAOs, and the reality of getting a bunch of people together to do. I asked Jonah to come on and explain how ConstitutionDAO got started, what happened with the auction, what the actual plan to handle one of the only remaining copies of the Constitution was if they’d won, and what happens to all the money now. And this attempt to raise money was extremely successful: ConstitutionDAO raised something like $47 million and verified enough funds with Sotheby’s to participate in the auction. In exchange, they’d get the right to vote on what to do with this copy of the Constitution and what the organization should do in the future. Jonah and around 30 other people formed the DAO and then offered people around the world the ability to donate to it using the Ethereum blockchain. But most of the crowdfunding we’re used to happens through a central service: Kickstarter, or GoFundMe, or Indiegogo.īut the DAO in ConstitutionDAO stands for decentralized autonomous organization. Raising money on the internet is a pretty familiar idea - there are crowdfunding campaigns for everything from new products to movies to scientific research to politics. Jonah Erlich is one of the core members of a group called ConstitutionDAO, a group that raised money to try to buy one of the original copies of the United States Constitution at an auction held by the high-end auction house Sotheby’s.
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