- Aimed at buying fast-food restaurants, quick meal shops, and similar. Calls itself a “decentralized social experiment”.
- Tokens do not give ownership rights, but gives governance rights.
A DAO going by the name FriesDao has revisited the definition of fast food chains by revamping it in a crypto-crazy world. With the aim of buying fast food restaurants, it has raised a staggering amount of $5.4 million in crypto format in a bid to decentralize the idea of the hospitality sector.The DAO calls itself as a “decentralized social experiment, the place a crypto neighborhood builds and governs a fast-food franchise empire.” By raising funds till February 20, the group has distributed tokens called FRIES to all the participants.
Although the tokens do not give out ownership rights or profit shares of the restaurants but it gives them the inclusion in the decision-making vote procedures of the restaurants’ operations. The participants then can further acquire KCHUP tokens from the FRIES which are used to buy the NFTs which will in turn, hold more benefits. The DAO seeks to “negotiate with franchise homeowners and similar types of businesses to purchase well-known quick meals shops utilizing the Fries DAO neighborhood treasury.” By following this, they plan to buy one fast food restaurant of their own within the first day. If they fail to do so, the money raised would be returned to the people. The first restaurant on the DAO’s agenda is a branch of Subway which is a popular sandwich giant worldwide, as per a post of their Discord.
DAOs, one of the latest buzz terms in the realm of crypto, stands for Decentralized Autonomous Organization. Run by a team, they aim to make decisions with the cooperation of all the token holders who vote on proposals, granted by the company’s tokens that they hold.