FriesDAO, a decentralized autonomous organization, is putting its open community to the test by running a real-world fast food business.
FriesDAO is the outcome of like-minded individuals who believe that regular businesses can accommodate blockchain-based governance. Its goal is to connect real-world assets to DeFi and on-chain platforms. Members that give to the DAO’s treasury will obtain membership tokens, which will also act as governance rights for the DAO’s future growth and processes. On January 29, community members began donating to the treasury, and the campaign is expected to go until mid-February.
The community treasury funds will be used to hire traditional corporations to acquire and operate franchises of well-known fast food restaurant brands on friesDAO’s behalf. Despite being held by the contract organization, any operating revenues can be influenced by DAO governance for use in-store renovations or the expansion of more stores.
Furthermore, the DAO can provide additional blockchain usefulness, increase the efficiency of decentralized governance, and integrate into other DeFi protocols by developing on-chain protocols that can access store operation data from sales to logistics.
Drizly co-founder Brett Beller, as well as Launch Code Capital partner and crypto veteran Bill “Swo” Lee, are key members who are helping to organize the community as advisors. Horizen Lab’s adviser Rowan Stone, who also works for a large cryptocurrency exchange, and DeFi developer vfat, renowned 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 restaurant chain, to advise and monitor shop operations. As part of a path to decentralization, the community intends to develop a gold standard operational structure with its initial few stores, which any future members can easily replicate.
Fast food restaurants run by the DAO adhere to the original spirit of franchising. The fast-food business is an excellent candidate for DAO governance since it has shown to be incredibly profitable, with a franchise success rate of over 90%. Because of its governance structure, friesDAO is ideally positioned as a partner for large food chains looking to capitalize on the crypto space’s potential.
FriesDAO offers a unique chance for such businesses to gain access to a large crypto audience while also taking advantage of being a first-mover.
“DAOs fueled by a strong and knowledgeable community might very well run the future of enterprises,” Lee added, “but only if they have clear and measurable goals and a nimble governance framework.” “FriesDAO is essentially a decentralized research group that aims to set an example for future DAOs by becoming the first crypto community to run real retail enterprises in a successful, scalable manner.”
The community aims to provide annual updates on its performance, discoveries, and experience in its franchising activities as a DAO as part of its research objective, which can assist boost legitimacy in the crypto ecosystem.