Bounties and ICOs
Bounty programs have grown exponentially after last year’s ICO rush as a cost-efficient tool to access cheap, if not free, pools of talent. Participants are incentivised to perform several tasks for ICO projects by earning digital assets issued to cryptocurrency primary markets.
Bounties often include digital marketing tasks including content dissemination, social media shares or influencer marketing and are therefore a great way for token sales to bootstrap their community and attract prospective investors.
In fact, many bounty hunters have been facing issues with the payment of their tokenised incentives, reasons include:
- The absence of contractual relationships between the issuer and the bounty hunter
- The token value is unilaterally set by the issuer without market validation
- The risk of failure to raise funds during a token sale
- Lack of token liquidity after primary markets
Bounty0x is a decentralized, self-sufficient platform that has been steadily developing over the past couple of years. It allows professionals to search for tasks and complete them in exchange for BNTY, an ERC-20 cryptocurrency that powers the entire platform.
Bounty0x solves a trust problem in bounty programs by gathering token issuers and bounty issuers into a single decentralised application.
It facilitates a job market ecosystem where task creation, review and completion can flow seamlessly, thanks to its digital asset BNTY.
There are three major stakeholders in the Bounty0x ecosystem, namely-
- Bounty Host: This is the entity for whom the tasks are being done. They’re the ones making the payments and accepting or rejecting tasks.
- Bounty Hunter: These are the professionals who are out hunting for tasks. They complete the tasks for the bounty host to earn BNTY.
- Bounty Sheriffs: They are the ones who uphold the law on Bounty0x. After the Bounty Hunter has made their submission, the Bounty Sheriff can stake their claim to make a review. The reviews can be disputed by both the Bounty Hunter and the Bounty Host, and in case the review is deemed incorrect, the Bounty Sheriff loses the BNTY that they have staked.
Bounty0x hosts a number of tasks or “bounties” for different and diverse sectors, and the aim is to make it a multi-faceted and profitable platform for top professionals to work on. Some of the bounty categories are content creation, digital marketing, translation, software programming and graphic design.
The sheriff's stake
Since August, more than 50 carefully selected Bounty Sheriffs have been using the self-sufficient Bounty0x platform to review tasks and help the creators find bugs and improve the system. It now looks like their mission has been a success.
In order to become a Bounty Sheriff, one must own BNTY tokens, have good English communication skills, and can apply to the role after a KYC check from the founding team.
The new release now opens up the possibility for Bounty0x to grow exponentially, and increase the number of stakers to their Sheriff pool of users.
It has already seen its daily volume make it to over $3,000 on the day of this announcement, according to coinmarketcap.