Bounty0x is A decentralized bounties network enabling anyone to manage bounty programs, and users to receive payments for completing bounties. The network is powered by the BNTY token.
Bounty0x is a semi-decentralized platform where companies (and some individuals) can host different bounties. Other people are "bounty hunters" and do some tasks in exchange for crypto.
One of the most important reasons why BNTY claims uniqueness is because of "Bounty Sheriffs" and BNTY token.
Bounty Sheriffs are people who will be able to stake BNTY tokens to review the work of bounty hunters. They come in when tasks can't be automatically verified. If a review is performed incorrectly, a portion of staked tokens is burned. If performed correctly, the Bounty Sheriff will receive payment.
Besides that, Bounty0x payments are sent to Bounty Hunters through smarts contracts in a trust-less and decentralized manner. No central entity has control over this process.
1. BNTY will be used by Bounty Hunters
- How: Bounty Hunters need to stake BNTY to participate in ‘Super Bounties’. If a Super Bounty submission is rejected, like for example a bug report, the Bounty Hunter will lose a portion of his staked tokens.
- Why: ‘Super Bounties’ are checked manually by a team member of the startup. Therefore, it is important to ensure that all submissions are of a superior quality to avoid wasting the individual’s time.
2. BNTY will be used by Bounty Sheriffs
- How: Bounty Sheriffs will be able to stake BNTY to review bounties. If they are performed incorrectly, they will lose a portion of their staked tokens. If performed correctly, they may gain additional BNTY and bounty tokens from the start-up.
- Why: As a quality control mechanism. Bounty Sheriffs are financially incentivized to perform reviews correctly.
3. BNTY will be used by Bounty Hosts:
- How: Startups can purchase BNTY to unlock additional premium features on the platform or to hire additional services from our partners, like for example community management.
- Why: The more efficient way of tracking and distributing payments to the platform and our partners.
Bounty 0x is very similar in operation to Upwork, Fiverr and some other platforms for bug bounties.
Some real-life applications are:
- Software companies can use Bounty0x to find vulnerabilities in their code.
- Governments, Non-profits and NGO’s can use Bounty0x for incentivizing the completion of specific goals, like finding the cure for a certain type of cancer.
- Brands can use Bounty0x for incentivizing influencers to promote their products.
- Corporations can use Bounty0x for incentivizing consultants to suggest strategies for increasing revenue.
Staking is billed to be introduced in Q2 2018. It will come in various parts:
- Bounty0x Community Staking
Bounty0x community members that own more than 200,000 BNTY will be able to stake it in the Bounty0x platform. Approximately 2–5% of the tokens/coins of every single bounty campaign will be airdropped to BNTY stakers. The minimum staking time is 8 weeks.
- Bounty Sheriff Staking
Bounty Sheriffs will be able to stake BNTY in order to review submissions made by Bounty Hunters. The amount of BNTY a Bounty Sheriff will have to have staked in order to review a submission will depend on the type of bounty task, simple verifications will require to stake between 50–500 BNTY.
- Bounty Host Staking Bounty Hosts will purchase BNTY which will be used for rewarding Bounty Sheriffs.
- Bounty Hunter Staking Bounty Hunters need to stake BNTY to participate in ‘Super Bounties’, which are bounties that are not reviewed by Bounty Sheriffs, but by the Bounty Host themselves.
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