Posted 1 month ago | by Catoshi Nakamoto

Earlier this week, BitboyCrypto held an interview in the Bitsquad with Munch, a charity-based cryptocurrency. This writer interviewed both Rodrigo Silva the CEO and MIke Si the Chief Operating Officer of Munch. The pair discussed the future of the project and a charitable launchpad initiative that the team will integrate into Munch, allowing individuals to contribute to legitimate charities that are vetted. The team also answered difficult questions about their smart contract and has since locked up liquidity on Unicrypt until December 2022. You can read a full recap of the Telegram discussion below.

munchasz Bitsquad AMA: Munch - The Charity Project

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:04]
Welcome Munch team @rodresendesilva and @MS3081 to our AMA. We are happy to have you! Can you tell us a bit about the Munch project and what your goal is? As well as a bit about your guys background and previous experience?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:06]
I apologize I do have one thing to address before we begin. This AMA doesn’t constitute a partnership with Bitboy Crypto. It is only a question and answer session. I have to say that due to tweets that went out from Munch stating this was a formal partnership.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:07]
This AMA is not investment advice, and is meant to further educate the audience on projects to aid in DYOR (Doing your own research.) With that out of the way. Now lets begin!

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:09]
HI Cat and hello everyone in the channel, it is a pleasure to be here and being given the opportunity to talk about our project.

My name is Rodrigo and I’m a Portuguese living in London for the past 7 years. My background is in computer science, I moved to London to work as a developer and things escalated to the point where I created my own company. Since then, I’ve been dedicated to develop products from scratch and take them to market.

$MUNCH was born from other charitable tokens that I invested in, I really liked the idea and certainly they had a ‘feel good’ feeling, which I loved. I spent some time analysing the flaws of previous tokens and decided to create a token that would have a trustless donation system, where people wouldn’t have to trust the developers to actually donate the funds received on their wallets.
We also decided that the timing was better than ever due to the current state of the world, it would be nice to have something that brings people together to help the ones in need.

Mike, [10.05.21 15:10]
Hi everyone, pleasure to be here and thanks for hosting @JustAC4t . I’m Mike, Co-founder of Munch Project. We are a unique charity de-fi project that gives back to our community and society. In under 4 weeks we have donated over $2.2 million, in ether, to Givewell charity. Setting a record for any crypto charity project.

We are supported by an amazing and passionate Munch community.

On a personal note, I currently lead strategy, marketing and growth for Munch. Me and Rodrigo are good friends and I was convinced by his vision of building something that makes a real lasting impact. Prior to Munch, I’m a startup advisor, investor and have lead multiple product and development teams at global companies such as Barclays and American Express, and scaled growth at fintech unicorn companies ($1bn +) such as Curve and Monese.

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:10]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Let me personally apologise for that, those tweets were lost in translation and $MUNCH is known for the transparency we deal with the community, hence never intended to make any false claims

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:10]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Understand just had to address that.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:11]
Can you tell our audience a bit about how the project works?

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:11]
I can take that one

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:17]
Our project is an ERC20 token that charges a fee on each transaction (currently 10%, but decided by the community). From that fee, 5% reverts back to the holders and the remaning 5% are donated to the charity wallet in ethereum.
Many people don’t know, but the contract itself is an address, therefore capable of holding any kind of token. So what we did was, on each transaction, the charity fee is held in the contract itself and remains there up to a certain treshold, when that treshold is reached, we communicate with the uniswap’s router and perform the swap of our tokens for ethereum and simultaneously send them to the charity wallet.

This has many advantages:
– The swap never affects the price of the coin, because only a small portion of the transactions gets converted to ETH. This makes our coin stable
– This is an automatic process and we don’t have any control over it, so there’s no market manipulation by making the price drop
– This is trustless because when the transactions are done by the contract, they can be checked within the contract’s internal transactions section. People can easily match the address receiving ethereum with the address on GiveWell’s website in this case
– Last but not least, by performing the swap automatically, we don’t hold the value to donate in $MUNCH, so the amount is much less volatile

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:20]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Okay so i would like you to address something for me. According to the audit of your project, the owner of the contract can exclude and include users from transfer fees, update the maximum transaction amount, update the fee percentages and update how the fees are allocated. Why is so much power being given to the contract owner and who owns the contract and has all that power?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:21]
[ Photo ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:21]
Would you be willing to update this, and lock liquidity longer to ease these concerns?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:26]
[In reply to Rodrigo Silva * Don’t send me ETH *]
I will say besides my concerns this is a very interesting model and that is what attracted me to Munch was the large donation you gave to Givewell.

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:28]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Very good question. I own the contract and currently am the person with that power.

We do need to have that power exactly to provide the options that we’re claiming. So let’s address it one by one:

– “the owner of the contract can exclude and include users from transfer fees”
We need to do this because we have roughly 23% of the tokens locked. It was going to be initially for burning events, but we had to adapt and save some aside for liquidity, exchange fees and marketing. Locking these tokens means that they have to move back and forth from our wallet to the contract. Due to our current tokenomics, that would mean that 10% of each transaction would be both retained by the contract and donated (huge amount that would be taken of the liquidity) and redistributed. Summarising, we needed to be able to exclude the burning wallet and lock contract from fees.

-“update the maximum transaction amount”
This is pretty standard on contracts and was used to prevent huge purchases in the beginning as whales can ruin your project. That can be consulted and you’ll see that the maximum transaction amount is now the supply.

-“update the fee percentages and update how the fees are allocated”
This is exactly because we want to give our users the power of choice. Currently 10% fee works great, the rewards and donations are fantastic… but in the future, we will need to adapt to a more sustainable business model, when the daily volume goes up.

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:29]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Currently liquidity is locked for 6 months and we’re willing to lock for us long as the community want. We initially didn’t lock it for longer in case that was the need to change to Uniswap V3 which is in fact, another liquidity pool

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:30]
Just to add to that, we are not perfect, but aim to constantly improve and our community is amazing and bright… they’ve been doing a good job keeping us on our toes and we do listen to them actively. So yes, we’re willing to always do what works better for everyone

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:31]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
It was GiveWell’s largest donation ever in crypto, hope we will have the opportunity to develop on this later on

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:31]
[In reply to Rodrigo Silva * Don’t send me ETH *]
On the flip side of the argument though you can essentially just block any user from moving funds. That’s why I had to ask you and have you address that concern.

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:32]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Absolutely not, I can exclude a user from paying fees, I cannot block anyone from transferring funds

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:32]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Makes sense would you be wiling to lock a larger amount of liqudity if it meant doors opened for your project?

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:33]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Absolutely, as said, we locked the liquidity of what was pooled on uniswap, which was 45% of the total supply

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:33]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Yes my concerns regarding the contract have been addressed. Tell us a bit more about the Givewell donation and how the whole event transpired?

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:39]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Great thanks! We had everything ready to launch the project and the charity was being a bit challenging, we wanted to cause a more local impact initially because we were small and never though of being able to donate anywhere close to 2M in three weeks. With that said, most part of the small charities are not crypto ready so we needed to select a charity they obeyed these two criteria:
– Have a static ethereum address (because of our contract, if it changes on every transaction we will only donate once)
– That address needed to be publicly visible for everyone to be able to match with our internal transactions

We did a bit of research and found that GiveWell was the perfect candidate because they’re not a simple charity, they carry on extensive research and make sure that the funds are applied where they most needed. For example, donation for the malaria cause might not be as effective on certain times of the year (not accurate, just for example purposes).
The other aspect was that, due to this research, they would actually be able to share some numbers with us and we thought that it would be amazing to share that with the community… in our case, and can be consulted on GiveWell’s impact calculator, we know that our 2M donation will save up to 666 lives, a number like that certainly has an impact

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:41]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Might want to donate a few more dollars just to save more lives than the number of the beast.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:41]
[ 😛 Sticker ]

Mike, [10.05.21 15:42]
I’d like to emphasize the community driven aspect of our charitable donations; we intend to move towards a model that allows our community members to vote for new charities on a bi-monthly basis provided that they meet have stringent vetting requirements

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:42]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Mate I was actually thinking of that right now

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:42]
But it’s actually on their website 400-666

Mike, [10.05.21 15:42]
We look at financial efficiency, track record of the charity, how they allocate their funds, the credibility of the team etc. and ofcourse, having a fully transparent public wallet address so that any donations can be fully audited.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:43]
So is Munch registered as a 501C3 company, or how is that treated as you are allowing donations to charities and technically you would be the vehicle for donation through your platform?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:44]
[In reply to Mike]
The charities will be vetted that Munch supports? How will this vetting take place, do you have anyone who works with charities to do this vetting?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:44]
[In reply to Rodrigo Silva * Don’t send me ETH *]
[ 😂 Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:45]
[In reply to Mike]
Read my mind.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:45]
[ 🤔 Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:45]
Usually I am the mind reader in the AMAs.

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:45]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
I can see that, great host 🙂

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:48]
Getting several messages about being muted. Everyone is muted for the first part of our AMA. During the second part we will open the floodgates for Munch to answer questions, in about 5-10 mins. Please have some patience.

Mike, [10.05.21 15:50]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
At the moment we are not registered as a 501C3 company, we started as a community project and experiment with a goal to rally the crypto community to distribute its wealth to good causes. Since we’ve started just over 3 weeks ago, we’ve been absolutely blown away by the traction and impact Munch and its community was able to make. With our power to donate over $2million per month towards charitable causes, we are now increasingly cognisant of our responsibility as a trusted entity. We are looking at options in the coming weeks to establish an appropriate legal status to maximise the credibility and long term impact Munch project can bring.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:53]
[In reply to Mike]
Happy to hear it guys, after that is finalized make sure to reach out to me and ill help connect the project all around. I wish you best of success, 2 million per month is a lot even 1 million is more than enough for those in need. But the more people we can all help the happier the world we can all share.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:54]
Is there anything more you would like to highlight? I believe you had an announcement and typical tradition here, is you give the Bitsquad a preview of what you are working on? So have at it!

Mike, [10.05.21 15:54]
We appreciate your support @JustAC4t . and I will take you up on that offer in due course 😉

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:55]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Thanks for that the Cat, we will certainly be reaching out to you and to everyone who’s willing to help us further expanding our reach, impact and usability

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:56]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Mike, want to do the honours? 🙂

Mike, [10.05.21 15:56]
Sure

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:56]
[ 🥁 Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:56]
Wait that’s not drum roll please…

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:57]
[ GIF ]

Rodrigo Silva * Don’t send me ETH *, [10.05.21 15:57]
Michael will give the non-technical updates and I’ll jump in for the nerdy stuff

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:57]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Sounds good

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 15:57]
[ 👍 Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:02]
@MS3081 are you answering the non-technical details?

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:03]
Don’t know if he’s online, so I might progress with the technical updates to give him time to get the laptop charger 🙂

Mike, [10.05.21 16:04]
Sorry

Mike, [10.05.21 16:04]
I just posted

Mike, [10.05.21 16:04]
One second

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:04]
[In reply to Rodrigo Silva * Don’t send me ETH *]
[ 👨‍💻 Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:05]
[ 😡 Sticker ]

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:05]
It happens

Mike, [10.05.21 16:06]
My laptop connection disconnected so I am now using my phone.

Mike, [10.05.21 16:07]
First of all, I want to give the Munch and Bitsquad community a quick check-in on key milestones. Smashing donation targets is great, but the team has been working diligently to execute our near term roadmap:
– New website V2 will be ready before end of month
– Binance bridge is in development – we appreciate all the feedback from users that want to purchase Munch on BSC so we are making this our top priority.
– Voting/governance web app – development complete. Now in testing.
– Charity launchpad – architecture and design work is progressing extremely well.
– Exchange listings – we’ve engaged 3 exchanges so far and meet the requirements from key exchanges including: project credibility, financials, trading volume, community interest etc.

Lastly, we’ve designed a little surprise initiative to reward our Munch holders and future holders that I will share with you all now.

Mike, [10.05.21 16:07]
[ Photo ]

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:07]
Mike just stole my opportunity to give the technical updates ahah

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:08]
[In reply to Mike]
NO worries

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:09]
To add to that, we had a lot of questions so, here are some timelines:
– binance bridge will be complete in 2-3 weeks
– voting/governance portal will be live next week

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:09]
[In reply to Mike]
That reminds me I wanted to discuss what is a “charity launchpad” can you explain how this will work?

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:10]
[In reply to Rodrigo Silva * Don’t send me ETH *]
What will voting and governance entail for users?

Mike, [10.05.21 16:10]
We are excited to annonce the MUNCH Millions Lottery Draw! As part of our mission to make money work better for everyone, we want to introduce our weekly lottery draw that allows holders of MUNCH to be entered automatically, and the rules of the game is simple:
– hold at least $100 worth of $MUNCH for 7 days
– have not sold for the past 7 days
– $250 $MUNCH prize for one lucky winner, twice a week (Tuesday and Friday)
– every $1m we donate or other key milestones we hit, we’d quadruple the pot for both prizes that week meaning $1000 Munch tokens per lucky winner!

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:10]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
More than happy to.

Mike, [10.05.21 16:11]
This whole experience will powered through our main telegram channel 🙂

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:14]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Currently, our contract allows for the funds to be donated to only one cause at a time. To further improve the utilization of our token, we decided to create a charity launchpad, that will allow users to choose the causes to support.

Think of it as a “go fund me” for charities. They will be able to apply to be featured on the platform and users will be able to select the charities to support by staking their tokens.

The idea here is to then bring everything together and create this portal where users can:
– Check personal stats (rewards, donations, etc)
– Vote for the causes to support
– Vote for core features such as fees and allocation of the fees
– Participate on corporate level decisions in the future
– Stake their tokens and support the causes individualle

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:16]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Will this also be only vetted charities on the launch pad?

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:16]
This is basically to be able to micro finance charities and social projects.

In the future, the vision is also to deliver “crypto as a service” for charities, because as I mentioned in the beginning, the problem for us to find a charity was that they weren’t crypto ready. We want to be the entity that sets up this wallets for them, therefore enabling all the charities to benefit from our model

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:16]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Absolutely and we will have people full-time to do that.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:17]
[In reply to Rodrigo Silva * Don’t send me ETH *]
Sounds very awesome and would help a lot of people out.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:18]
The project sounds exciting guys and like I said once you have the organization in place, ill be happy to open doors for you and connect you to people, other projects, and organizations. Thanks for the AMA. I am going to be opening the floodgates now for user questions. Are you ready? 😉

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:19]
[In reply to The Cat 🐱 Head Admin Of BitboyCrypto Check The @]
Sure thing I believe Michael is still adding a bit to this.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:19]
Sure I am waiting for his reply.

Mike, [10.05.21 16:19]
I want to add to Rod’s point above that although the initial and primary use case of the launchpad is for supporting social and individual causes, we envisage this to also help newer crypto projects and aspiring project founders too. We were fortunate to have scaled so quickly over just 3 weeks but we know it can be a true pain point for incredibly talented crypto teams to raise finance. So a future launchpad use case is to decentralise finance raising – we’ll provide the platform for high potential, early stage crypto projects to fundraise, and also give our community members a chance to participate in early stage investing to have a real chance of wealth creation. Essentially broadening our use case to supporting IDOs.

The Cat 🐱 Head Admin Of BitboyCrypto Check The @, [10.05.21 16:21]
[In reply to Mike]
Ahhh very interesting, and ill take it all teams and projects on the IDOs will also be as vetted and scrutinized as charities are, right?

Mike, [10.05.21 16:21]
absolutely 🙂

Rodrigo Silva * Don’t send me ETH *, [10.05.21 16:23]
Happy for you to open the gates Cat 🙂