Portuguese launches cryptocurrency that bags US$400,000 in 6 days

One year ago Portuguese tech entrepreneur Rodrigo Resende Silva began investing in cryptocurrencies and now has launched his own.

$Munch, which has a doughnut as its symbol, covers a 10% charge of which 5% goes to a charitable institution.
The new token with Portuguese ADN works on blockchain on the Ethereum chain and each transaction levies a charge of 10% but 5% goes to those who already hold units in this cryptocurrency and the other 5% goes directly to an entity chosen by the community.
A this early stage, the beneficiary entity is the charitable institution, GiveWell, an international platform that is dedicated to distributing donations in the most effective way that brings the most impact.
In just six days, transactions with $Munch raised for this entity the equivalent of US$477,000 in cryptocurrencies.
And by April 22 it stated in its Twitter feed “we’ve donated over $750k in our first 8 days to @givewell! $Munch is about being kind to our planet and its inhabitants”.
According to Globe Newswire, $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 the 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 $US300,000, 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.

Unique Tokenomics

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.