The idea of creating a decentralized autonomous organization (DAO) has grown increasingly popular in recent years, with a plethora of DAO concepts emerging. Fries DAO, a new DAO committed to buying fast-food establishments, has raised more than $5.4 million toward its objective.
The creators of the Fries DAO envision a “DAO-Governed Fast-Food Franchise Empire. The Denver Broncos football franchise is being purchased by a newly formed DAO for $4 billion. Since the Genesis DAO in 2016 and the following hack, DAO concepts have increased in prominence, and security appears to have improved.
A DAO is essentially an automated decentralized, and community-run blockchain governance structure. The native token of a DAO is often used as a stake in governance voting processes, as well as to pay for goods, services, and future goals.
Fries DAO, a recently created DAO, is seeking to use the DAO concept to purchase fast food establishments. The initiative is a “decentralized social experiment in which a crypto community establishes and administers a fast-food franchise empire,” according to the website.
The DAO has raised over $5.4 million in funding, and FRIES tokens will be used to manage it. The project distributed FRIES tokens to participants after building a treasury. The Fries DAO community treasury will be used to “negotiate with franchise owners and brands to buy well-known fast food outlets.”
The main purpose of the initiative is explained on the Fries DAO website:
What is the big picture? Imagine a big fast-food chain opening in every major city as a result of your vote. Get that free burger by going to one near you and flashing your barcoded Fries DAO NFT. Give that dude next to you a fist bump for doing the same. Tell him how much you enjoyed his FRIES Defi strategy, which he shared on Discord the other day. We’re going to change the world.
FRIES Tokens Reward Stakers With KCHUP Coins
Many DAO techniques have been implemented in recent months, such as the group that sought but failed to purchase a rare copy of the United States constitution. The DAO wants to buy the One Bel Air 105,000-square-foot megamansion in Los Angeles.
Ross Ulbricht’s non-fungible token (NFT) art collection was recently acquired by a DAO, which fractionalized Ulbricht’s NFTs. In addition, over the last year, a large number of DAOs have been launched by crypto initiatives and blockchain platforms.
Non-fungible token memberships are planned by FriesDAO. The project’s website explains, “We’re attempting to evolve NFT membership cards, complete with gorgeous art and varied features, into rewards such as food or discounts at our FriesDAO network stores.”
Community members first planned to acquire a Subway fast-food restaurant, according to people debating the Fries DAO on the team’s Discord channel. Furthermore, FRIES coin holders can stake their coins for further benefits and KCHUP currency prizes. The website explains that “each FRIES token is a symbolic appreciation of each donation of 0.023088 USDC.”
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