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Hidden Gems of Cryptocurrency #3

· 15 Jul 2018 in Guides, Home

What is Bounty0x?

Bounty0x is a decentralized bounty hunting network that enables users or enterprises to post all kinds of bounties for token rewards. The platform features a staking and token burning-based review system for its submissions which runs on top of the Ethereum blockchain.

The bounty could represent almost anything, from identifying software bugs to carrying out marketing tasks or submitting content of any kind. This program uses the district0X system which is built on Ethereum.

The Bounty0x Coin (BTNY) is an ERC-20 tradable token that will be used for the platform’s reward
system, where bounty hunters will be able to get paid in tokens in return for finalizing bounty tasks
for ICO startup projects.

Bounty0x aims to be a solution provider for online marketing, software development, consulting, and
research. The platform will be an effective method through which developers can find bugs in their
code by making the review available and only making the payment when actual errors are detected.

The system

On the site, participants are divided up into three types:

Bounty Hosts: Hosts are the individuals or organizations that offer the bounties and the reward in exchange for its completion.
Bounty Hunters: Bounty hunters are those that try to complete a certain bounty.
Bounty Sheriffs: Bounty sheriffs are basically those that double check the work done by the
bounty hunters in exchange for a share of the payment.

With the purpose of reducing fraud, poor submissions, or erroneous validations, users of the
platform need to stake a small or large amount of tokens as a way of saying that they back up their
work.

If a participant has acted deceitfully or in bad faith, then they risk losing all or part of their staked
tokens. Tokens lost in this way are immediately destroyed through burning. This method will ensure
that the participants will act fairly.

The platform features 3 types of bounties:

Simple/automated bounties which consist of Twitter, Facebook, and Referral Link Bounties,
which are verified automatically by Bounty0x algorithms and API’s with no human interference.
Sheriff bounties enable Sheriffs to earn tokens by effecting correct verifications of articles,
YouTube videos, Reddit posts, and translations.
Super bounties involve improvement bounties, feature bounties, security audit bounties, bug  bounties and design. This type of bounty will require the approval of the project owner or admin and will be implemented for highly technical tasks or subjective bounties.

BNTY Token

The Bounty0x network needs the BNTY Token for its basic functions. The tokens will be used to pay
winning bounties, and for the Bounty Hosts, Bounty Sheriffs and Bounty Hunters as stakes. As mentioned before, BNTY are burned when one of these users is not honest.

This will not only motivate users to act truthfully, but it will also reduce the total supply of tokens
available, and thus create a deflationary economic model. These financial models are ideal for longterm investing, making the token suitable for store value over time. And seeing as the tokens are
needed for platform participation and engagement, this will result in an increase in demand and
subsequently could influence price growth.

500 million BNTY tokens have been produced in total. Their pre-ICO began on November 10, 2017
and ended on November 15, 2017 and had a cap of $250k. 1.56% of all BNTY was issued at the price
of $0.032 each.

Despite not even accomplishing the soft-cap in their initial coin offering, Bounty0x has spent the weeks following its release to gather community support, and announcing partnerships by the day.
Their ICO started on December 1, 2017 and ended on December 15, 2017 at the price of $0.04 each.
BTNY are currently trading at around $0.026849 on the market and they’re currently 149,327,649
units in circulating supply.

The bounty tokens have a total market cap of just a little over $4,009,343 at press time. The token’s
all-time price high has been around $0.89 in January.

Staking mechanism v0.1 will go live in Q2 2018, along with the Beta platform. Their alpha program
was launched on October 10th, and since then it gathered over 2,500 active Bounty Hunters that
complete hundreds of tasks every week. The Alpha 2.0 will be launched on Feb 15, 2018. Some
interesting partnerships should be announced before said date.

The coin only recently began trading, so it’s only available on a few exchanges, being tradable on
Radar Relay, EtherDelta, KuCoin, IDEX, Bit-Z, and Gate.io.
On July 2nd, the coin was listed on the TokenJar exchange. More exchanges will be listing the coin in
the near future.

Partnerships

SwissBorg announced in January that it will use Bounty0x services to conduct and manage its
external meritocracy procedure. SwissBorg is an investment platform for the crypto market created
by investment experts. SwissBorg’s investment team has over 90 years of combined experience from
top investment firms as well as smart contracts technology.

Bounty0x has also established a collaboration with Civic; the identity authentication system provided
by Civic will allow Bounty hunters to make use of identity verification, access new bounties and to
reduce overall dishonest submissions.

After the successful distribution of aXpire’s bounty campaign —aXpire will enter a partnering with
Bounty0x for its impending aXpire promotions. aXpire held a successful bounty campaign in February
on Bounty0x, and during that time over 800,000 axp tokens were given to bounty hunters.

Bounty0x also partnered with Lamden around that same time. Lamden is a developer of tools that are used to speed up the process of building new and custom blockchains and apps.

Verdict

Studying the data resulted from the Bounty0x ICO, the platform managed to reach its entire hard cap
goal of $15 million. Despite the fact that the site is only in Alpha state for the time being, it already
has numerous bounties worth of millions of dollars posted on its site. The Bounty0x Alpha has gotten
over 350,000 submissions so far.

This indicates that this program could have a higher usage among users and businesses that are looking for a solution to their task.

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