Token Sale

Bounty0x: A Decentralized Bounty Hunting Network

Project Description

In the ICO industry, bounties are small discrete tasks that projects reward with a share of their token supply. These tasks would include following twitter accounts and retweeting tweets, advertising the ICO in a forum signature, translating basic in different languages, writing articles on medium.com or steemit, or finding security bugs in smart contract code. They have long been used to bootstrap marketing and (to a lesser extent) code review.

Bounty0x is positioning itself as a bounty management platform that can both help projects run their own bounty campaigns more effectively and potentially spread the practice of bounties beyond ICOs. In its simplest form, their vision is to build a platform where companies, or ‘Bounty Hosts,’ can post jobs that need doing, and ‘Bounty Hunters’ can complete the bounty requirements to receive a pre-determined reward.

Bounty0x has a live alpha (off-chain) of a bounty board with live bounties, including many for the Bounty0x ICO.  

User Roles

There are several players involved in the Bounty0x ecosystem, each playing a different role on the platform.

  • Bounty Hosts are companies that post bounties and pay rewards.
  • Bounty Hunters are people who collect bounty rewards by completing tasks.
  • Bounty Sheriffs review the work completed by Bounty Hunters and determine whether or not they receive the reward. Multiple Sheriffs are assigned to every Sheriff bounty, each casting a ‘vote’ to pay or withhold the reward.

Bounty Sheriffs will play an important part in keeping the system equitable and minimizing disputes. Sheriffs will be required to stake a certain amount of BNTY tokens in order to participate in a review. To incentivize Sheriff participation, the Bounty0x team plans to implement a reputation system and leaderboard—voting in line with the other Sheriffs on a specific bounty will earn reputation points and a portion of the bounty reward, voting against the final decision will decrease a Sheriff’s reputation and burn part of their BNTY staked. The details around the reputation system and leaderboard are still being defined, but, according to the Bounty0x team, the general idea will be to grant prioritized access to bounties with higher payouts to Sheriffs with better reputations.

Bounty Types

One goal of Bounty0x is to allow Bounty Hosts the flexibility to post a wide variety of bounty objectives or tasks, and to offer whatever reward they see fit—essentially allowing the market to decide the going price for different types of work. To that end, the plan is to create a simple structure for categorizing bounties within 3 types:

  • Simple Bounties will be auto-reviewed by Bounty0x algorithms and API’s, with no humans required for review. For example, a Bounty Hunter could be given a unique referral link and be rewarded based on the number of sign-ups they generate for the Bounty Host. The ICO bounty industry today does face a challenge of bots claiming them (tweeting, following, account signatures). Currently many companies deal with this using human review. Bounty0x will likely need some fraud prevention mechanisms to enable automated payments.
  • Sheriff Bounties are for tasks that require an unbiased qualitative review and can be performed by people outside of the Bounty Host’s team or organization. Sheriffs will also be key in resolving disputes between Bounty Hunters and Bounty Hosts in Super Bounties.
  • Super Bounties are for jobs that require qualitative review by a member of the Bounty Host’s team. These will likely be tasks requiring some level of specialization such as software bug identification, design work, consulting work, etc. Super bounties will require Bounty Hunters to stake BNTY tokens to participate, and the plan is to implement a reputation system based on rewards earned alongside a separate leaderboard for Bounty Hunters who participate in Super Bounties (the Bounty0x team sees this functioning similarly to the Sheriff reputation system and leaderboard, though the details are still being determined).

What is the Token Being Sold?

BNTY tokens will be required as a stake in order to participate in Sheriff Bounties and Super Bounties, and will be purchasable through third party exchanges. Bounty Hosts can also purchase and offer BNTY tokens as bounty rewards. This functionality will be operational in Q2 2018. Minimum staking requirements or whether larger staking amounts influence payouts or selection haven’t been defined.

The value of the BNTY should thus be linked to the expected earnings associated with being a Sheriff and claiming Super Bounties.

The team says it is developing additional secondary uses for BNTY tokens, though these haven’t been finalized.

The Bounty0x token (BNTY) will be an ERC-20 token running on Ethereum, though the team is interested in exploring interoperability solutions with other blockchains as the industry develops, specifically Waves.

Token Distribution

Following the conclusion of their public token sale, Bounty0x will initiate a genesis contract to mint 500 million BNTY tokens. 22.65% of these tokens will be offered in the token sale (3.9% in the pre-sale; 18.75% in the main public sale), and any tokens on offer that are not sold will be burned. The remaining tokens will be allocated to future token sales (44.35%), the Bounty0x team (30%), and advisors (3%).

 

 

At time of writing, the plan is for the pre-sale to run from November 20th, 2017 – December 3rd, 2017, or until the max cap of $250,000 is raised. The price per token will be $0.0132 (a 20% discount on the main sale price). This implies a network value of around $6.6 million.

The main public sale will run from December 15th, 2017 – January 1st, 2018, or until the hard cap of $1.5 million has been reached. The price per token will be $0.0165. This implies a network value of around $8.25 million.

What is the Project Status?

Bounty0x currently has a live public alpha version of the platform, seeded with real bounties from early partnering companies. The alpha also includes several bounties from Bounty0x themselves, offering rewards for participation in social campaigns on Twitter and Facebook, for publishing long-form articles about Bounty0x, for recommending platform improvements on their team Slack channel, for finding software bugs, among others. The public alpha does not have an on-chain escrow system or use BNTY. Rather, projects posting bounties sign contracts obligating them to fulfill their bounties and tasks are verified by the companies themselves.

Beyond the progress on the platform alpha, the Bounty0x team is working through some fundamentals in their user experience and BNTY token design. According to their development roadmap, the goal is to have automated reviews of Twitter and Facebook bounties, and to allow Bounty Hosts (beyond their initial company partners) to create bounty campaigns, by the end of 2017. During the first half of 2018, the team plans to use proceeds from the token sale to integrate BNTY token usage into the platform, design and develop a reputation system for Sheriffs,  and create a decentralized escrow system using smart contracts.

Once the core functionality is built out, Bounty0x will release a public beta version of the platform that, according to the founding team, should include escrow contracts for trustless reward payments, and potentially Kyber Network integration to allow Bounty Hunters to exchange their rewards for a preferred cryptocurrency. The Bounty0x team is working to allow pre-ICO blockchain startups to offer rewards in tokens that have yet to be minted.

Who is the team Behind the Project?

The Bounty0x team is lead by three co-founders: Angelo Adam, who is presently an Associate Attorney and previously a Community Manager at District0x (Bounty0x is currently in the application process to become a district in District0x) will head Operations; Pascal Thellmann, a founder and copywriter at CoinNoob, and contributor at CoinTelegraph, will lead Sales, Marketing, and PR; and Deniz Dalkilic, presently working as a Software Engineer at Thompson Reuters, will be Lead Developer.

Project Details

Incorporation status Cayman Islands
Team openness Limited Transparency
Technical Lead Deniz Dalkilic
Technical White Paper Yes
Available Project Code No
Prototype Live Alpha

Token Details

Role of Token Participation
Token Supply 500 million
Amount Distributed in ICO 113.25 million
Emission Rate Not Available
Blockchain Ethereum
Consensus Method Proof of Work

ICO Details

Pre-sale period Nov. 20 – Dec. 3, 2017
Main sale period Dec. 15, 2017 – Jan. 1, 2018
First price $0.0132 (Pre-sale); $0.0165 (Main Sale)
Accepted currencies ETH
Token distribution date Immediately upon sale completion
Min investment goal None
Max investment cap $250 Thousand (Pre-sale); $1.5 Million (Main Sale)
How are funds held Not stated
Minimal Viable Product Yes
Bonus schedule 20% during Pre-sale

Official Resources

 

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