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FAQ

1. What is MunchCoin?


MunchCoin is an ERC20 Token built on the Ethereum blockchain. We aim to the be the biggest community driven food-related rewards system on the blockchain. We also plan on providing other services, here and there, in the near future.



2. Where should I store my MunchCoin tokens?


We will always recommend to NEVER store your coins/tokens on an exchange. A hardware wallet or a cold wallet will always be the safest bet. For MunchCoin, we recommend using either MetaMask and storing your private key somewhere safe, OR using the Ethereum wallet provided by The Ethereum Project.



3. Why should I care about The MunchCoin Project?


If you want to support local food establishments, are a fan of cryptocurrency, or enjoy being rewarded for what you do on a daily basis, then why wouldn't you? 



4. How can I contribute to the project?


Get your favorite local eateries on board with the MunchCoin Project Rewards System! Point them in our direction after explaining what we are about (keeping local business alive!) and we will add them to our certified eateries list! 


5. How much MunchCoin tokens do I get rewarded?


Click here to get an in depth look at how much each person gets rewarded after spending money at a certified eatery.

NEW TO CRYPTO?

What is a cryptocurrency?

In a nut shell, a cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.  

What is a wallet?

A wallet is what is used to hold a cryptocurrency. Some can hold many different coins/tokens, while some can only hold one. 

What is an exchange?

An exchange is a medium for exchanging (buying, selling, and trading) cryptocurrency. Whether it is just one, or many.

What is the difference between a coin and a token?

A coin runs on it's own blockchain


While a token operates on another coins blockchain.


 I.E. MunchCoin operates on the Ethereum blockchain, therefore it is a token.

What type of wallet should I get?

There are 3 types of wallets. 


Hot wallets which are online, conencted to some sort of internet.


Cold wallets which have no connection at all to the internet.


Hardware wallets such as Trezor or Ledger

Which exchange should I use?

Depends on the type of cryptocurrency you wish to exchange!


Most exchanges are centralized.


The future is approaching fast and decentralized exchanges are the next big thing.


Keep an eye out!

The Nitty Gritty

How does it work?

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To participate in the rewards system, there are 3 basic steps.



Munch

( at one of our certified eateries )


Snap

( take a picture of your receipt )


Send

( submit picture & wallet address to our team )



What does it mean for an eatery to be certified? We're glad you asked!


When an eatery is certified, it means that they have passed our requirements to be part of our project and are eligible for anyone to recieve $MNCH rewards from. The MunchCoin Certified sticker will be placed somewhere on their storefront. They will also be listed on our website and map. 


To submit a receipt, please click visit our Certified Eateries page, here.

How much do I get?

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The MunchCoin Rewards System works on a "halving" basis. Starting with 1 billion tokens, MunchCoin tokens are dedicated to rewarding whomever spends U.S. dollars at a certified eatery after submitting their receipt coupled with their Hex address on our eatery submission page, starting with a USD to MNCH ratio of 1:200.


For example,


             MNCH Rewards Supply      |   USD:MNCH

 1,000,000,000 - 500,000,000  |  1:200

499,999,999 - 250,000,000     |  1:100

249,999,999 - 125,000,000     |   2:100

124,999,999 - 62,500,000       |  4:100

62,499,999 - 0                         |   6:100


The rewards system will be MunchCoin's main purpose for a while. We plan on expanding our system in the future


We look to you, the community, for more use-cases for the project. Since we strive to be community based we hope any ideas you may have can be used for the project!