How does Bountyhive work?

Tudor Stomff
Feb 10, 2018 · 6 min read

Old Problems

One of the first things we had to do when we built Bountyhive was to completely tear down the current reward system and create a new, intuitive one from the ground up.

You can quickly notice how this starts to turn into a chaotic mess, going back and forth from tokens to stakes and once you make a mistake, the whole thing blows up. This is taking into account that this is an extremely simplified version of it, but when you also consider that there are 5–7 campaigns in each bounty and the fact that every manager has his own rules, his own staking system — this becomes disorganized and very hard to keep track of.

Plenty of Issues

But this doesn’t even start to touch the bigger problems the staking system has. To name just a few of them:

  • A bad rating system — Due to the fact that there wasn’t any well-thought rating system, the bounty manager had to manually award a different number of stakes to each entry. Having to check over 10.000 participants for each ICO along with their respective entries and then awarding a different number of stakes to each one is a tedious task. In theory, the number of stakes shouldn’t differ that much, but you can often see stakes range from 1 to 50.
  • The need for weekly reports — Just imagine participating in 10 Bounties, where you had to share 5 tweets a week for each. You now must submit 50 different links into 10 different forms. One for each campaign. This eats up an incredible amount of time.
  • It’s tied to a weekly system — This adds to the previously mentioned issue. Since managers have to award weekly stakes to each participant, not only does this take their whole time and significantly reduces their productivity, but if someone enters during the very final moments of the campaign, the manager will have to award him, taking away from the bounty pool of the actual supporters. Besides that, the weekly system is in fact very confusing, prone to a lot of errors and also actively promotes the idea that a hunter can or should only participate for a couple of weeks before discarding the project, resulting in a lot of half-measured work.
The Google Sheets team is probably looking at this with disbelief

The result? Monstrous spreadsheets, containing thousands or tens of thousands of submissions.

There are countless issues with this system, if all were to be listed, we would need 2 articles just for this, but enough with the bad, let’s talk about the good.


New Solutions

Before launching Bountyhive, we made a thorough analysis and noticed that no well-established bounty-hunting/freelance type of website (we are talking companies that are up and running for more than 10 years) was using this redundant staking system found on Bitcointalk — and for a good reason.

Easily identifiable tiers 😄

What’s a tier?

Every bounty type is split into several tiers, based on certain requirements, such as followers, friends or quality of content.

Each individual tier has a certain percentage of the campaign pool allocated to it. After a hunter is declared as part of an individual tier, all the hunters who are part of that tier split the pool equally. This is a simple and elegant system, eliminating any sort of complications.

In order to understand this better, let’s see how Bountyhive solves the issues we previously mentioned:

№1 — Volume, bring it on!

Since every individual tier has a certain percentage of the bounty pool allocated to it, the low-quality content tier can never dilute the great quality content tier or any other tier.

№2 — A World without Spreadsheets & Reports

Join and start hunting right away!

№3 — Keeping the Reward high

The possibility of playing the system and entering at a way later stage is eliminated from the very beginning on Bountyhive, thanks to two very simple rules:

  • To ensure that no unnecessary dilution happens, new bounty hunters cannot join a campaign after a certain time has passed. Current participants continue their tasks until the end of the campaign but no new participants will be accepted. We are not “adding” to the duration of the campaign, instead we’re setting a specific date after which new entries are no longer accepted. This rewards the supporters who stood with the project from the beginning.

Want to know more?

Check out the LIVE Campaigns on Bountyhive!

Bountyhive

The Industry Leading Blockchain Marketing Platform

Tudor Stomff

Written by

CEO. Co-Founder @ Bountyhive.io

Bountyhive

The Industry Leading Blockchain Marketing Platform