FriesDAO, a decentralized autonomous organization, is probing into the possibility of an open community running a real-world, fast food enterprise successfully, Invezz learned from a press release.
Community members started donating to the treasury on January 29. The fundraising initiative will continue until the middle of February. The amount of $1.469 million was raised in 2 days.
Funds invested in franchise acquisition and operation
The funds will be used to contract traditional enterprises to acquire and run well-known fast food franchises on behalf of friesDAO.
Members who want to participate in the DAO can donate to its treasury. In return, they will receive membership tokens, which represent governance rights for the DAO’s future growth and processes.
Creating blockchain utility
By developing on-chain protocols that can access logistics, sales, and store operation data, FriesDAO can create additional blockchain utility, integrate into other DeFi protocols, and improve the efficiency of decentralized governance.
Launch Code Capital partner and crypto veteran Bill “Swo” Lee and Drizly co-founder Brett Beller are among the key members helping with initial community organization as advisors. Lee commented:
The future of businesses could very well be run by DAOs powered by a strong and intelligent community, but only if they have clear and measurable goals and a nimble governance system. 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.
Other advisors who have joined the cause include DeFi developer vfat, the renowned creator of vfat.tools and Horizen Labs advisor Rowan Stone, who also works for a major cryptocurrency exchange.
DAO governance embodies the spirit of franchising
DAO governance is very suitable for the fast food industry. With a franchise success rate of more than 90%, it has proven its capabilities to achieve results. Thanks to its unique governance structure, friesDAO is uniquely positioned to help major chains utilize the potential of the crypto space.
The DAO offers such companies a novel opportunity to gain quick access to a wide crypto audience and a first-mover advantage.
The post FriesDAO community raises $1.47M in 2 days appeared first on Invezz.
from Blockchain – Invezz
