London, April 20, 2021 (GLOBE NEWSWIRE) — MUNCH ($MUNCH) is a digital currency that replaces the ‘bite’ taken by the 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