In a crypto-backed excursion into the realm of hospitality, a DAO hoping to acquire fast food businesses and offer its community a vote in how they’re operated has raised $5.4 million.
The group, known as FriesDAO, collected the cash throughout the week of February 20 and distributed FRIES tokens to everyone who participated. These tokens will not grant holders ownership of the restaurants or a percentage of their revenues, but they will be used to vote on proposals affecting how they run.
According to a post on the DAO’s Discord server, the first business the DAO has expressed interest in is Subway location. The DAO started as a joke about how losing crypto investors can be compelled to work at places like McDonald’s.
According to a news release, former Domino’s Pizza president Kory Spiroff is an advisor to the initiative, and the community includes numerous people with fast food business expertise.
What exactly is the DAO?
DAOs are the newest trend in cryptocurrency fundraising. They’re supposed to be automated organisations completely run by code, and they’re abbreviated for Decentralized Autonomous Organization.
The DAO, the first notable example of a DAO, collapsed in 2016 owing to a fault in its programming. Then, in early 2019, there was a rebirth of DAOs with Spankchain CEO Ameen Soleimani’s MolochDAO. DAO was established to assist Ukrainian groups suffering as a result of the current Russian invasion.
