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Important Legal Info
By contributing to the friesDAO treasury, you acknowledge and agree to the following:
- 1.Contributions are donations and you have no expectation of profit or any material exchange. Donating to friesDAO is NOT an investment.
- 2.Any FRIES tokens provided to you are symbolic recognition of your contribution, not as an exchange for your donation, and have no intrinsic or monetary value.
- 3.Any FRIES tokens provided to you may provide you with membership participatory rights or governance rights in a non-binding manner for various friesDAO community endeavors but is subject to peer decision-making, proposals, and voting from which the resulting outcome might not successfully be realized.
- 4.Any FRIES tokens provided to you do not grant you any ownership rights, equity, dividend, or share in any restaurants that are acquired by the DAO or parties contracted by the DAO.
- 5.Any FRIES tokens provided to you may be illiquid or highly volatile if you choose to trade the token on any DEX or secondary market. Any losses incurred shall be of no responsibility of friesDAO or its members, organizers, agents, advisors, employees, contractors, and/or affiliates.
- 6.This endeavor is a research-driven social experiment intended to explore and understand the capacity of a decentralized community in engaging with real world businesses.
Other Legal Considerations
- The DAO's main objective is as a research group to test whether a decentralized community can "run" a fast food enterprise successfully.
- The DAO will enter into two types of agreements:
- External companies ("contract operators") to help acquire fast food companies on behalf of the DAO.
- Aspiring franchisees who need financing including existing quick service restaurant owners, general restaurant owners looking to enter the quick service restaurant space, and brand new first-time owners entering the food service industry.
- Contract operators will assist the DAO in connecting data (IoT, MachineFi, etc.) of sales and logistics to an on-chain platform to improve the DAO's efficiency and governing process, thereby creating utility as well as catalyzing a greater DeFi ecosystem by allowing other protocols to integrate with said data or its derivatives, possibly in some sort of tokenized form.
- Aspiring franchisees who wish to acquire a restaurant can receive merchant cash advances from the DAO treasury (upon successful governance vote) at low to no interest rate, and are subject to providing friesDAO community members (NFT holders) to food perks as well as an obligation to acquire friesDAO tokens for a period of time to build their network tie as a key community member.
- As the above effectively makes it a social experiment, the DAO can be characterized as a research organization and thus it should be in our mission that we share our experiences, performance, and findings through a regular (i.e., annual) report with other non-DAO members in order to promote blockchain-based governance of real world businesses.
- The DAO's initial organizing team is effectively advisory and should not be construed as a core team, but rather as peer community members that happen to provide initial organizing guidance into a reproducible framework to be used and governed by other members as a pathway to further decentralization.
- Store operating revenue from contract operator owned restaurants will flow into a multisig wallet owned by the contracted companies to create clear separation of "expectation of profit", but can be governed by the DAO to influence improvement and expansion of stores.
- Contributing to the treasury in the raise is a donation without any expectation of profit. You will receive symbolic recognition via tokens which also entitle you to have participatory rights of governance in shaping the DAO's endeavors in franchising.
- friesDAO will form as a Wyoming DAO LLC, allowing the DAO to enter into legally recognized agreements.
Last modified 3mo ago
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Other Legal Considerations