What is Bounty0x?
Bounty0x is “A decentralized bounties network enabling anyone to manage bounty programs, and users to receive payments for completing bounties.” The network itself is supported and powered by the BNTY token.
Bounty0x is a reference to the Old West when there would be bounties for finding outlaws. This is similar in that someone called the “Bounty host” can list a bounty and assignment. “Bounty Hunters” can try to fulfill that assignment. And “Bounty Sheriffs” afterward get paid to verify that it was an honest transaction on both sides. These assignments can be anything from software improvements, to marketing, or just consulting. Practically anything that a freelancer can do.
Their target audience is initially ICO startups that don’t quite yet have the funds or manpower to fulfill every required task. In this scenario, ICOs can post an assignment on the network. They are the Bounty Host. Then a Bounty Hunter with the skills required to fulfill the task will take it upon theirself to do it. Upon completion, Bounty Sheriffs (Anyone at all) can come verify that both sides fulfilled their side of the agreement appropriately. And in all this, the ICO would pay the Bounty Hunter and Bounty Sheriff using the BNTY token.
But that’s only the initial goal. The ultimate goal of Bounty0x is to “increase the efficiency of industries that would benefit from a decentralized workforce and bounty-oriented reward model.” More or less helping all online businesses that need freelance help find it through a safe, decentralized platform.
Real -life Applications for Bounty0x
- Brands using Bounty0x to incentivize influencers to promote their product
- Software companies looking for programmers to find vulnerabilities in their code
- People/Companies looking to find a hacker that hurt them with malicious intent.
- And many more
But what’s really the use of the BNTY Token?
For Hosts
- Startups can purchase BNTY to unlock addition premium features or hire additional services from official Bounty0x partners.
For Hunters
- They need to stake BNTY to participate in ‘Super Bounties’. Super Bounties are bounties that are manually approved by a member of the startup. This decreases the amount of time wasted on the teams behalf reading bad submissions because the hunter will lose part of their stake if rejected.
For Sheriffs
- When performing reviews they stake their BNTY to review bounties. If performed incorrectly they lose BNTY, but if performed correctly they may gain additional BNTY. This incentives sheriffs to do their job correctly.
Their alpha program went live October 10th.
Their preICO started November 10, 2017 and ended November 15, 2017 and had a $250k cap. 1.56% of all BNTY was distributed at the price of $0.032 each.
Their ICO started December 1, 2017 and ended December 15, 2017 at the price of $0.04 each.
All in all, it seems like a good project that could help drive innovation within the cryptocurrency community. You can find their whitepaper here.
