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A new proof of concept decentralized autonomous organization, or DAO, called FriesDAO wants to democratize\u00a0access to the fast food industry.\u00a0Cointelegraph spoke to FriesDAO advisors Brett Beller and Bill Lee about their mission to be a “part of something that will connect crypto and virtual ownership to real-world assets.\u201d<\/p>\n
FriesDAO aims to acquire and scale fast food restaurant franchises like Popeye’s, Burger King and Taco Bell by inviting FRIES token holders to run a decentralized network of Quick Service Restaurants, or QSR. Starting with Subway franchise owners, the FriesDAO team hopes to guide their partners about the blockchain space. What \u201cstarted as a joke\u201d turned into a serious proposition when they realized there \u201cwas a hole for people that were ready to run DAOs more like a business.\u201d<\/p>\n
Lee clarified that FriesDAO does not directly own any of the stores due to legal reasons. Rather, the governance model allows members of the DAO to have a say in is how the treasury funds are spent, and which stores are going to be acquired.\u00a0They also plan to provide nonfungible token (NFT) membership cards with perks, such as free food or discounts at FriesDAO network stores.<\/p>\n
At time of publication, the DAO has raised $5.4 million according to its website, exceeding their minimum $5 million goal.\u00a0<\/p>\n
\nFriesDAO raise closes with $5.4M! $FRIES<\/a> claiming is expected to be this Tue\/Wed.<\/p>\n
As a Wyoming DAO LLC, a Notice of Intent to issue tokens is being filed this Monday.<\/p>\n
An Operating Agreement has also been released, which recognizes all $FRIES<\/a> holders as co-owners of the DAO. pic.twitter.com\/ehyF5sSRq7<\/a><\/p>\n