Bounty0x is a trustless global bounty platform enabling hosts to post bounties and hunters to complete them in return for big rewards.
With the launch of alternate cryptocurrencies (on the etherium blockchain and other new blockchains after bitcoin) comes the need for crowdfunding through initial coin offering (ICO). ICO is seen as a means to gather funds for projects through public donations or funding. This has been seen to be effective towards the growth of many projects on the blockchain.
But new projects on the blockchain have a challenge of visibility. They seem not to be able to reach an adequate number of cryptocurrency enthusiasts who may be interested in their innovation. This is a challenge that cannot be solved by mere advertisements through certain bodies (like youtube, paid advertisements, etc.) as they are cost implicating and have limited reach especially confined to the country where the project originated from for reasons like language barriers.
This is why bounty programs are run on different platforms by new altcoin (alternate cryptocurrency) projects to allow people (bounty hunters) from different backgrounds, cultures, and languages (all over the internet) to complete different tasks towards the popularization of the project in question and get paid in the project’s token for their work. Bounty programs are in four major types: Social media campaign, Translation, Content Creation, and Signature campaign.
- Social media campaign: This includes liking and sharing of social media (facebook, twitter Instagram, et.) posts from the project.
- Translation: This includes the translation of the project’s whitepaper (which contains all details about the project), bitcointalk announcement page etc. into different popular languages to help the project information and details reach people from all over the world.
- Content Creation: This includes the creation of blog posts, videos, etc. towards the promotion of a project. This usually contains exciting features of the projects in order to entice investors.
- Signature Campaign: This type of campaign is limited to bitcointalk (bitcointalk.com) users, who wear signatures (more like banners or advert texts which comes with each of their posts or comments) in bitcointalk forums to promote the project. This has been seen to be effective as it targets many investors or cryptocurrency enthusiasts who are on the platform.
Bounty Managers or Platforms
Despite the effectiveness of these bounty programs, crypto (cryptocurrency) projects seem not to be able to effectively handle them, because of a large number of participants, complications, etc. which arises. This is the reason why projects hire bounty managers who help them with the creation and moderation of bounty programs while they focus on other aspects of the project. But because these managers are operating on a centralized system there are many lags or disadvantages such as:
No Transparency: Bounty managers or platforms have been seen to manipulate the bounty pool released by projects through different means, they lack transparency as many of the submissions made by hunters are rejected without a genuine reason for rejection and hunters in most cases cannot object as their decisions are final. Though many of them release spreadsheets so hunters can see how their submissions or reports are judged, this brings a lot of other complications and opens a means for the manager to put incorrect reports of hunters and reward them.
- Speed: Bounty managers work alone or with a very limited number of people who will check through thousands of submissions or reports. This takes a lot of time to complete as checks are done manually.
- No Payment: There have been cases where the bounty managers or platform refuses to pay tokens which are released to them by the project that hired them.
There are many other disadvantages that are around this system of bounty managing that drains or slows down a project unnecessarily.
Bounty0x comes with a disruptive innovation that includes transparency and speed to help new projects to be seen and raise their target funds in no time through the effective use of the blockchain technology.
Participants of Bounty0x
Bounty0x allows hosts (projects) to come and set up their campaigns on the platform through different easy to use templates with a bounty pool to reward participants. Bounty0x then takes up the rest from there to help them oversee the campaign.
Bounty0x allows any user on the platform who hold BNTY (bounty0x platform token) to evaluate submissions or reports made by bounty hunters and earn for every correct approval or disapproval. Bounty sheriffs will stake their BNTY tokens to review submissions. If their approval or disapproval of the submissions are correct, their staked BNTY tokens are restored with a reward. If their judgment is not correct they lose their staked tokens. This is done to improve the transparency and the speed of the platform as anyone who holds the BNTY token can be a sheriff on the platform.
Bounty hunters have a simplified dashboard that helps them to easily search through bounties they can participate in. There is a section that lists all available hosts (when any of the hosts is clicked, it shows all bounty campaigns types from the host). Hunters are also given the opportunity to see all the submissions in the submission panel thus they can keep track of all their pending, approved or disapproved submissions. Hunters also get to see reasons why their submissions are disapproved. They are free to make support on any disapproved submissions which they feel should have been approved. Hunters can also partake in superbounties (like bug hunts) by staking their BNTY tokens to ensure quality.
Bounty hunters can also put their wallet address on the platform where their token rewards will be automatically deposited after the bounty pool has been distributed.
Alpha.bounty0x.io – My Experience
The alpha platform has been live since 2017 with a lot of features that have been improved on till date. According to the timeline, major updates, and token integration will be included on the platform. Even presently the platform has fulfilled many of its promises to all users. Through the inclusion of bounty sheriffs the rate of checks on submissions have increased and many other features which made the platform beat other centralized bounty platforms.
On Bounty0x I get to see all my submissions and their statuses (pending, approved and unapproved). One interesting truth about the platform is that a user can write the support on a submission which was disapproved and it will be rectified as soon as possible as against other platforms where decisions made on submissions are final and cannot be reversed. Bounty0x does not fail to pay bounty hunters. They seek to be better each day by improving on the website and systems.
After each campaign are completed bounty0x releases a transparency reports to help users understand how tokens are distributed. This helps hunters, sheriffs, hosts, and the public to keep track of how submissions were rewarded. Some of the reports already released are:
For further information on Bounty0x, you can see:
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