A crypto community that stands behind FriesDAO – a decentralised autonomous organisation – has decided to try to collectively pool funds in order to acquire and govern fast-food franchise restaurants.
Coin Rivet spoke with Bill ‘Swo’ Lee, the initial organising advisor at FriesDAO and partner at Launch Code Capital who explained the organisation intends “to bridge real world assets into DeFi and on-chain platforms”.
“FriesDAO is the result of like-minded individuals who believe that traditional businesses can accommodate blockchain-based governance,” he said.
Lee added that “decentralisation allows rapid scaling of reproducible frameworks as members can self-organise into sub groups in the DAO and help the larger community expand its objectives”.
“The tokenisation process aligns member incentives and accelerates the discovery of experienced contributors of the relevant industry by bringing them all together,” he said.
“Furthermore, blockchain based decision-making allows for a level of transparency that traditional centralised companies don’t have.”
Lee explained fast food franchises generally have a consistent and reproducible business model with less variables that need to be managed on a nuanced basis.
“This consistency makes DAO-based governance much more viable without having to worry about minute details, thereby allowing us to focus on the macro strategy of growth and expansion,” he added.
“The primary goal is to have a friesDAO network restaurant in all major cities that become widely accessible to the majority of people, particularly to the friesDAO community members who had a say in the expansion process.”
When talking about the organisation’s general expectations, Lee noted that members who donate will receive FRIES tokens as “a symbolic representation of their contribution to this endeavour, giving them a say in the decision making process of shaping the community”.
“We are looking to secure the first store in 3-4 months followed by various expansion strategies including possible loans or cash advance strategies to seasoned owners who want to open additional stores under the friesDAO network,” he said.
“Staking FRIES tokens could eventually earn NFTs that can be used in these stores that include promo offers such as even free food.”
Lee explained that, initially, the company would be focusing in the US, “home of the most well known fast food franchise brands”.
“Given the strict securities regulations of the US, if we can achieve our goals successfully in a compliant manner then we can most likely reproduce this much more easily in other countries,” he elaborated.
“We have members in the community from all around the world so we foresee friesDAO having a global footprint with affiliated stores.”
He added that this was an exciting new endeavour that explores a new way to organise around business and real world operations.
“It is without question that crypto and blockchain have greatly impacted our society and it is only a natural step to explore innovative ways of operating as technology continues to evolve and advance, especially as the social aspect increasingly permeates our everyday lives,” he said.