What do we want? BOUNTIES!
When do we want them? Whenever we want, bro.
(Insert cheesy laugh-track here)
This post is going to break down Bount0x in platform and token and the pros/cons of each. Hopefully with some entertaining and inciteful commentary sprinkled in…but you can be the judge of that.
Disclaimer: I am not a professional financial advisor. Any content I share is for entertainment or informational purposes only. Do with it what you want.
Please Note: I do have a small stake in BNTY (at least enough to be a Sheriff) as I like the platform and am eager to see and use it more frequently once it moves to beta and release.
Let's start with…
The Platform
Bount0x has a simple to use (especially for an Alpha) web-based application that you interact with to participate in bounties. Bounties sounds like it could be a big, tough field to participate in…but it's not hard at all. The bounties already running roughly fall into the following categories:
Social Media: This could be following on Twitter, joining a Facebook group, or joining a Telegram group. Overall, these are the low-hanging fruit on the platform. Normally, you would get some type of ICO airdrop for participating in these. They are easy, with Twitter really being the only one with qualifications that follow it (Some of the Twitter bounties require you to re-tweet and have certain amounts of followers at minimum).
Video/Article Creation: This is exactly what it sounds like. You would create a video or written article that is in review or just adds buzz around a Cryptocurrency. This also may have some qualifications like where you can post the video/article or how many subscribers/readers you have.
Skilled Work: This is where it starts getting a bit more involved. Bounties here would be anything from Translation of a White Paper/Website to reviewing code for bugs and vulnerabilities. Typically these bounties have great rewards (one currently is offering 2 ETH) and likely take the most time to complete.
Scammer/Hacker Hunting: This is the definition of a bounty hunt! There are/will be bounties in this category to track down scammers and hackers for big rewards and in my opinion, is what many folks would think a bounty should be like.
Other/Misc.: There are other bounty offers on the platform currently that range from feedback soliciting to Meme and Gif creation. This platform can really be used for anything…so there will likely be many different bounty types that no one has thought of yet.
Ok, so you know what kind of bounties will be on the platform…but what does the platform look like and how easy is it to navigate? (I'll give a hint, its pretty good)
The Site
Design: The site design is a minimalist old western theme. The Sheriffs badge that acts as the Logo for the site (and token) is proudly displayed on the Sheriff overlooking the bounties below. It's really easy to use as well.
Usability: The site has 3 main functions to find bounties. The search works well if you have specific terms you are looking for and the bounty host allows you to narrow down to specific hosts on the platform. My favorite is the category as it’s a super easy way to track down the type of bounties you want to participate in.
Sign-up: Sign-up couldn't be easier. All you need is a bit of slightly personal information (Full Real Name), your email, an ETH address, Country, and your spoken/written languages.
Completing Bounties: Upon release of Alpha 2, completing bounties couldn't be easier. You are able to connect your twitter and Facebook accounts for auto verification of bounty completion, and the process soon from start to end will be automated with payments (likely utilizing an escrow for the bounty host) that will make the process seamless from start to finish.
So Jiffy, you've made this platform sound perfect! What's the catch?
Well, dear reader, here's the thing. This platform is currently in beta and isn't seeing huge players host bounties as of yet. As of now, most of what will be found are ICO bounties where you would receive a minimal amount of tokens for ICOs that have token distribution in the high millions through even higher billions. As the platforms gains in popularity, this could change and we could see bigger players…but that is only an if at this point.
Now…
The Token
Bounty0x has an erc20 token that is tradable on a few exchanges, and in the future will play some integral roles on the platform. (More information can be found in their blog about staking from February 16th (https://blog.bounty0x.io/lets-talk-about-bounty0x-staking-bfc1ddfdf615)
In short, there will be at least 4 main ways that staking the token will drive the platform:
Sheriffs (50-500 BNTY): Sheriffs will stake bounty to review bounty submissions. When the Sheriffs job is done (properly) their tokens will be returned and they will earn additional bounty dependent on the task they are reviewing. If the Sheriff does their job incorrectly, their tokens will be burned.
Host: If the host stakes BNTY, their bounty will be upgraded from a regular bounty to a "trusted" bounty. By the host staking these tokens, they are putting collateral behind the bounty (or bounties) they are posting.
Hunter: Bounty hunters will be able to stake their bounties in 2 ways. First, they can use them to participate in "Super Bounties". The amount needed for these is variable based on the host and what they are posting for. If a super bounty submission from the hunter is rejected, the tokens staked by the Hunter will be burned…and if done correctly they will get them back along with the reward for the bounty.
Community Staking (200,00+ BNTY): The minimum staking time for these is 8 weeks and they will receive 2-5% of the tokens/coins from every bounty campaign. Each time a staker moves to withdraw their awards, he or she will need to submit feedback or an improvement suggestion.
What do I think about the future of this token? Well, it's already been around 9x its current price and once the market is in full recovery and the platform is out of Alpha, I see no reason why it cannot meet and exceed that price. This token is not a top 20 token, that isn't its design, but right now it looks to be a fully thought out platform that has no direct competitors.
Give me some FUD! The biggest FUD thus far has been that both they don't need their own token (they could have used ETH) or that the token value is as high as it needs to be. They could have went the route of straight ETH DAPP, or used another platform token. Also, the staking that will drive value requires an even higher quality of bounties and bounty hosts using the platform.
Currently the token can be traded for on Kucoin, Token Store, Gate.io, IDEX, Radar Relay and Bit-Z. Kucoin sees the most volume for this token and you can trade it with Ethereum or Bitcoin.
Do you think that Bounty will be a successful platform and token?
Additional Information:
Website: https://bounty0x.io/
Whitepaper: https://bounty0x.io/whitepaper_en.pdf
Sign-up: https://alpha.bounty0x.io/register