According to the Wall Street Journal, a group of seventeen thousand investors contributed approximately fifty million dollars within five days to ConstitutionDAO (a Decentralized Autonomous Organization) with the primary goal of purchasing the last remaining privately-owned copy of the US Constitution.
It was the first time Sotheby's, the 277-year-old storied auction house, denominated several assets in the cryptocurrency Ether (ETH).
Moreover, it was the largest crypto-based crowdfunding project to date. Investors from Budapest to Bangladesh contributed on average two hundred dollars in ETH to finance the purchase of a document that gave birth to the longest-running democracy on earth.
The entire project was managed over the internet in a trustless-and-permissionless framework via a decentralized app (Dapp).
Unfortunately, ConstitutionDAO lost the auction to billionaire financier Ken Griffin. But, after contributing to the DAO and witnessing the electrifying spectacle of the auction, the primary sentiment felt by all the participants was: if we can do this, what else can we achieve if we combine our resources again?
This is the galvanizing power of the blockchain and decentralized systems. It offers tremendous opportunities to everyone willing to participate.
I've always known that blockchain technology, though still in its infancy, has the power to transform the world as we know it. That's why I am incredibly bullish that a blockchain-based venture capital investment model will change startup investing forever.