- friesDAO test on open community ability to operate fast food enterprise in real-world is still in progress.
- The company aims to bridge real assets into DeFi.
- friesDAO claims that it has raised 1.3 million worth of USDC to its treasury as a donation in two days.
According to a document sent to CoinQuora, friesDAO is proactively experimenting with whether an open community can run fast food enterprise in the real world.
In the past two days, the program started, friesDAO claims to have raised 1.3 million worth of USDC to its treasury after it asked its community members to participate in the DAO by allocating their donation to earn a membership token.
friesDAO open community experiment initiative is to bridge real assets into DeFi and on-chain platforms with a belief that traditional businesses have what it takes to accommodate blockchain-based governance.
To expand its crypto portfolio and embrace new technologies, friesDAO mentioned that it will use the fund to build traditional companies and fascinating fast-food brands.
Top personalities including Drizly Co-Founder, Brett Beller, Launch Code Capital partner, and crypto veteran Bill “Swo” Lee, were the key advisors who organized the community. Additionally, Horizen Labs advisor Rowan Stone is also an inspired advisor helping the DAO.
Lee said,
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.
Apart from the aforementioned advisors, franchising veterans Olivier Meyer and Jean-Clauder Meyer also help the community by overseeing the general well-being of the community.
Any operating profits, despite being owned by the contract organization, can be influenced by DAO governance for use towards store improvements or expansion of additional stores. Moreover, building on-chain protocols that are able to access store operation data from sales to logistics allow the DAO to create additional blockchain utility, improve the efficiency of decentralized governance, and integrate into other DeFi protocols.
Establishing a gold standard operational framework with the stores to benefit users in a decentralized manner is friesDAO’s ultimate goal. The community has committed to releasing yearly reports based on its performance, findings, and experience in its franchising endeavors.