Bounty0x | Rewarding the Token Economy

ansteadm(41)

Published in

#ico

Words

952

Reading

5 min

Listen to this post

~6 min

Bounty0x

What is Bounty0x? What is a Bounty?

In the cryptocurrency world, one of the best marketing strategies that different organizations have deployed to target their audience most effectively is through airdrop and bounty programs. If you are curious about what an airdrop you can find out what they are here: https://steemit.com/ico/@ansteadm/what-exactly-is-an-airdrop-and-how-do-i-get-started-on-receiving-them. On the other hand, a bounty is a reward incentivized for a specific task to be completed. This can be a social media task, an article, or an original video on YouTube! Bounty0x is bringing this type of process in a decentralized fashion to allow hunters to receive payment for the tasks they have completed, and help the bounty hosts manage the tasks that the hunters have completed! All in one platform!

The Team

Screen Shot 2018-05-05 at 2.12.26 PM.png

Bounty0x was founded by three accomplished individuals, Angelo Adam (CEO), Pascal Thellmann (CMO), and Deniz Dalkilic (CTO). All three of these individuals have previous experience in the crypto space, and have great background in their respective industries. While these individuals are leading the helm, one of the best factors I have found about their team is how they contract with other organizations to improve their interface and software for their users. I spoke with one of their Co-founders, Deniz, and heard that they have recently worked out a contract with a firm to assist in the UI for their Alpha and Beta for the platform. After seeing the "V2.0" of their Alpha, it definitely shows that the collaboration they have done is headed in the right direction!

The Platform

Screen Shot 2018-05-05 at 3.37.12 PM.png

Bounty0x's platform is set up for three different types of individuals who are interested in bounties! Bounty0x has divided these into roles, which are known as Bounty Hosts, Bounty Hunters, and Bounty Sheriffs.

Bounty Hosts

Screen Shot 2018-05-05 at 3.37.42 PM.png

Basically anyone can set a bounty task for people to complete and have a reward for the hunter upon completion! Whether they are companies, entities, or governments, they set up different campaigns for individuals to complete, and they give specific instructions on how to do so. Once the campaign is completed, or filled up, they are then sent to the Bounty Sheriffs for them to be reviewed to confirm the accuracy of the tasks.

Bounty Hunters

Screen Shot 2018-05-05 at 3.37.59 PM.png

Bounty Hunters are the people who are looking to receive tokens for completing different tasks. Hunters can search for a variety of different tasks to complete, and they will be submitted to their profile. In addition to this, Bounty0x has a built in reputation network for completing different tasks, and in order to keep a high reputation, they will need to complete tasks successfully. The Bounty Hunters will receive a score based on their reputation, and there will be a corresponding leaderboard for it!

Bounty Sheriffs

Screen Shot 2018-05-05 at 3.38.12 PM.png

Bounty Sheriffs are one of the aspects of the Bounty0x platform that hasn't been implemented yet. The Sheriffs will be the individuals who are going to review the submissions from the Hunters for the Hosts. This is where the staking mechanism comes into play on the Bounty0x platform. In order for people to work as Bounty Sheriffs, they stake a certain amount of their BNTY token. The drawback is if they incorrectly review submissions, a portion of the staked BNTY token will get burned.

What has Bounty0x completed after their ICO? What does it look like going forward?

Screen Shot 2018-05-05 at 3.28.31 PM.png

When Bounty0x first released their Alpha, I have to admit, it definitely needed improvements. It was pretty hard to get an idea of the different bounties that the Hunter participated in because it would be a massive unorganized list of bounties that were pending. However, within the last week, the team released their Alpha V2.0! They definitely made a ton of improvements on the UI. They added the "Featured" section for bounties, as well as "Settings", and "Submissions". Having these different parts added makes it much easier to navigate their platform. One of the other things that they added into their platform in April, which helped them more than double the amount of Hunters & Hosts they had signed up, is the referral incentive- If you want to use my referral code, feel free 87fc8c. One of the parts of their roadmap that I am extremely excited about is the compatibility of the Ethereum as well as the WAVES blockchain for their token. This will definitely be a solid addition to their network.

The Token

The Bounty0x network is utilized around their utility token with the ticker symbol, BNTY. The total supply of the BNTY token is 500M. This token is utilized in a few different ways in the Bounty0x ecosystem. As explained before, it can utilized through staking as a Bounty Sheriff. In addition BNTY can utilized through the process of the Hunters as well as Hosts. The Hunters will stake their BNTY token when they are participating in "Super Bounties". If their submission is rejected, they will lose a portion of their staked BNTY token by burning it. The Hosts also have to stake their BNTY token when submitting different bounties on their platform. Every quarter, the team will be buying back tokens with a portion of the fees they have received, to continue the staking on their platform and to assist with the price/volatility of the BNTY token.