What is Bounty0x
Last Updated: 1st November 2018
Bounty0x is a project that aims to create a platform for decentralized bounty management. With Bounty0x, anyone (aka Bounty Hosts) can host and manage a bounty campaign. Individuals (aka Bounty Hunters) can participate in bounty campaigns and receive rewards and payments in exchange for completing bounty tasks. The Bounty0x platform also includes Bounty Sheriffs, who ensure the accuracy and quality of bounty submissions.
A bounty, in the context of cryptocurrency, usually refers to a task or job that has been created by coin developers. These tasks or jobs can range from promoting a coin on social media, to designing a logo for coin developers. Bounty0x was conceived to tackle the inefficiencies that can exist when a start-up or company chooses to run a bounty campaign. Currently, it can be time consuming for start-ups and companies to advertise their bounty campaign on various public forums. It is often even the case that Bounty Hunters will accept and participate in bounty campaigns that have already been completed. Bounty0x aims to streamline the entire bounty process by acting as a singular platform in which bounties can be hosted and completed in a seamless way.
Bounty Hosts are able to publish any bounty tasks that they want. Hosts must assign bounty tasks to Bounty Hunters, and in exchange for completing these tasks, hunters are rewarded. Bounty listings made by hosts will reveal the requirements of the bounty, such as the bounty tasks that need to be completed, and the payout of those tasks. Review of bounty submissions can vary depending on the type of bounty task. Some Bounty Hosts may opt for a review process that is automated, whereas other Bounty Hosts may choose to perform reviews themselves. Bounty Sheriffs may also be used as part of the review process.
Bounty Hunters are individuals that choose to participate in bounty campaigns. Hunters, from a list of available bounty campaigns, will select and partake in a bounty they are most suited to. Hunters are allowed to submit their work directly through the Bounty0x platform. In return for successfully completing bounty tasks, hunters will receive a reward in their bounty profile. Bounty Hunters can then withdraw their token rewards to compatible wallets. The Bounty0x platform also possesses an inbuilt reputation system that enables Bounty Hosts to identify potential candidates to hire.
The Bounty0x platform provides Bounty Hosts with the option to utilize Bounty Sheriffs as part of the review process for bounty tasks. The role of Bounty Sheriffs will be filled by third party reviewers that will ensure that bounty submissions are accurate and of a high quality. Sheriffs are required to stake bounty tokens in order to ensure that the verification procedure is performed correctly. Bounty Sheriffs will receive payment for reviews that are performed correctly, and will lose a portion of staked bounty tokens for reviews that are performed incorrectly. In determining whether a bounty task has been reviewed incorrectly by a Sheriff, there is an additional process in which multiple Bounty Sheriffs review the same bounty. The outcome which is deemed as being correct will be the one that has the most responses.
Bounty types can be separated into three distinct categories:
Simple Bounties: bounties in this group are automatically checked by Bounty0x algorithms. Bounty tasks of a quantitative nature are most suited to this type of verification mechanism.
Sheriff Bounties: bounties in this category will be reviewed by the platform’s Bounty Sheriffs. Tasks of a qualitative nature are most suited to this type of verification mechanism.
Super Bounties: for this type of bounty, the project owner will be the one deciding whether a submission will be accepted. This verification mechanism is best suited for very technical or subjective bounty tasks.
Bounty (BNTY) Tokens
BNTY tokens, the native asset of the Bounty0x platform, will be used in the following way:
BNTY & Bounty Hunters: Bounty Hunters will be required to stake BNTY in order to participate in Super Bounties. If a super bounty submission is rejected, then that hunter will lose a portion of their staked token. This is done to incentivize Bounty Hunters to make high quality super bounty submissions.
BNTY & Bounty Sheriffs: In order to review bounty submissions, Bounty Sheriffs will have to stake BNTY tokens. If Sheriffs perform an incorrect review, then they will lose a portion of their staked tokens. However, if they review bounty submissions correctly, then they will be rewarded with additional BNTY tokens.
BNTY & Bounty Hosts: hosts will be required to stake BNTY tokens in order to post a new bounty. If a bounty is rejected for contravening Bounty0x guidelines, Bounty Hosts will lose a portion of their tokens. This is to ensure that Bounty Hosts are posting high quality bounties.
The Future of Bounty0x
In a space that is overcrowded with complex and often overly ambitious projects, Bounty0x is a project that has been set up to solve one problem and solve it very well. The cryptocurrency space is constantly growing, with more start-ups and companies launching their own ideas. No doubt that bounty campaigns will increasingly be utilized as this growth continues. It will be interesting to see if Bounty0x can leverage its platform to become a decentralized hub for bounty management.