LONDON, April 19, 2021 /PRNewswire/ — MUNCH is a new, DeFi and ethereum based cryptocurrency launched on 04/14/2021, has upturned traditional finance models to distribute wealth back to its users and to people that need it.
MUNCH ($MUNCH) is a digital currency that replaces the ‘bite’ taken by traditional financial systems and distributes it to community-chosen causes and in rewards to its users. By collecting transaction fee from all Munch transactions, rewards are distributed evenly between our community and an accredited charitable cause, decided by the community.
After just 96 hours, the project has generated over 100ETH in donations to the GiveWell charity — which equates to $300,000, at the time of writing.
Instead of collecting a transaction fee, MUNCH collects a 10% fee and distributes 5% of every transaction to charity and 5% back to other holders of MUNCH.
The community then decides the direction it supports. As part of the contract design, the community can vote monthly on the charity that will receive the donated fees. This allows every holder of MUNCH to have a say in the causes they support and the future direction of MUNCH.
GiveWell was selected as the first charity to support as it helps others make more informed decisions on causes to support. As our community will decide on future accredited charities, having the most informed starting point was a priority.
A major differentiator of MUNCH is that all fees to be distributed and donated are collected and converted to ETH at the point of the transaction. No funds are ever held in a wallet owned by MUNCH and no funds are sent to charities in MUNCH. This means the currency can continue to operate regardless of ownership, and the charity-based model can never be disrupted or diverted.
In addition to the trustless model, all donations are converted to Ethereum which has a more stable value than low market cap coins, such as MUNCH. Should MUNCH collect all fees in the MUNCH token, converting them to a fungible currency would deflate the value almost instantly, losing value for the charity,
This is a brand-new financial model that has delivered results in days. The lead developer of MUNCH is Rodrigo Silva, CEO of a technology company.
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