FriesDAO, a decentralized autonomous organization, is putting its open community to the exam by running a real-world fast food business and raising $9.69 million to run the fast-food franchise. With FriesDAO, real-world assets are connected to blockchain governance and DeFi.
Members who give to the DAO’s treasury will obtain tokens that will act as governance tokens for the DAO’s future growth and for voting on corporate procedures. It is intended that friesDAO would use established enterprises who have extensive experience in the fast-food industry to purchase and operate franchises of well-known fast-food chains. DAO governance can influence how operating revenues are spent, even though the contract organization holds them. As a result, the DAO may offer more blockchain usefulness, increase decentralized governance, and link into other DeFi protocols by establishing on-chain protocols that can access store operating data from sales to logistics.
Drizly co-founder Brett Beller and Launch Code Capital partner and crypto veteran Bill “Swo” Lee are key individuals working to organize the ecosystem as advisors. Horizen Lab’s adviser Rowan Stone, who also works for a large cryptocurrency exchange, and DeFi developer vfat, famous author of vfat.tools, are among the other advisors who have embraced the DAO’s cause. FriesDAO has also enlisted the expertise of franchise veterans Olivier Meyer and Jean-Clauder Meyer, who co-founded and operate a 170+ quick-service chain of restaurants to advise and monitor shop operations.
Bill Swo Lee said that:
FriesDAO is essentially a decentralized research group to experiment as the first crypto community to run real retail businesses in a successful, scalable manner and set an example for future DAOs.
Fast food outlets run by the DAOs adhere to the original concept of franchising. The fast-food business is an excellent candidate for DAOs governance since it has shown to be incredibly profitable, with a franchise success rate of over 90%. Because of their governance structure, DAOs are ideally positioned as a partner for large food chains looking to capitalize on the crypto space’s potential.
The Rise and Rise of DAOs
DAO (decentralized autonomous organization) is a structure used by many crypto projects. Typically DAOs require key actions such as treasury assets or changes to the project code to be proposed and approved by token holders.
The structure of a DAO is inherently open and accountable, a forcing function to share value with the participants who create it. Otherwise, other DAOs will out-compete them, or their participants will leave for other opportunities.
DAOs as open economies will power the X-to-earn trend, making work more flexible, fluid, and playful than the 9-5s we are accustomed to. The openness of these crypto economies will allow people to participate in several DAOs and crypto-networks, mixing and matching different income streams and ownership returns. People’s income will be a mix of things we already currently do in our lives (e.g., play games), things we think of as traditional work (e.g., bounties/contracts), and things that are currently accessible to only a small percentage of the population (e.g., investing, passive income). To think of it another way, DAOs will expand the type and quantity of opportunities open to various kinds of participants, including token holders, bounty hunters, and core contributors.
Share the story and don’t forget to like the story!
