CHEYENNE, WY /ACCESSWIRE/January 28, 2022/ FriesDAOa decentralized autonomous organization is testing whether an open community can successfully run a real-world fast food business.
With the intention of connecting real-world assets to DeFi and on-chain platforms, friesDAO is the result of like-minded individuals who believe that traditional businesses can adapt to blockchain-based governance. Members who wish to participate in the DAO can donate to its treasury and receive membership tokens which also serve as governance rights for the future growth and processes of the DAO. Community members begin donating to the treasury on January 29, and the increase intends to continue through mid-February.
Funds raised from the community treasury will be used to contract traditional businesses to acquire and operate franchises of well-known fast food brands on behalf of friesDAO. Any operating profit, although owned by the contracted organization, may be influenced by DAO governance to be used for store improvements or expansion of additional stores. In addition, the creation of on-chain protocols capable of accessing store operations data from sales to logistics enables the DAO to create additional blockchain utility, improve the efficiency of decentralized governance, and integrate with other DeFi protocols.
Key members helping to initially organize the community as advisors include Drizly co-founder Brett Beller, as well as Launch Code Capital partner and crypto veteran Bill “Swo” Lee. Other advisors who have joined to help the DAO cause include Horizen Labs advisor Rowan Stone who also works for a major cryptocurrency exchange and DeFi developer vfat, renowned creator of vfat.tools. FriesDAO also identified franchise veterans Olivier Meyer and Jean-Clauder Meyer who co-founded and ran a quick service restaurant business of more than 170 people to help advise and oversee store operations. The community hopes to eventually establish a baseline operational framework with its first stores so that all future members can easily replicate it, as part of a path towards decentralization.
DAO-governed fast food restaurants cater to the original franchise spirit. The fast food industry is an ideal target for DAO governance as it has proven to be extremely successful with a franchise success rate of over 90%. The governance structure means that friesDAO is in a unique position as a partner to large restaurant chains wishing to exploit the potential of the crypto space. FriesDAO offers a new opportunity for these companies to gain rapid access to a large crypto audience and gain first-mover advantage.
“The future of businesses could very well be managed by DAOs powered by a strong and smart community, but only if they have clear, measurable goals and an agile governance system,” Lee said. “FriesDAO is essentially a decentralized research group to experiment as the first crypto community to run real retail businesses in a successful and scalable way and to set an example for future DAOs.”
As part of its research mission, the community intends to publish annual reports on its performance, findings, and experience in its franchise endeavors as a DAO, which can help promote the legitimacy of the crypto space.
About DAO Fries
FriesDAO is a decentralized autonomous organization that democratizes access to the fast food industry, giving the crypto community the opportunity to participate in community-governed restaurant franchises. By acquiring franchises and building on-chain utility around them, friesDAO will gradually expand its footprint to operate a multitude of restaurants under its governance model while enabling unique on-chain data integration between restaurants and protocols based on the blockchain. To follow https://twitter.com/friesdao to keep abreast of developments in the DAO.
THE SOURCE: FriesDAO
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