Crypto-Bounty Hunting Gains Traction
Despite the glamour surrounding ICOs, launching a new crypto coin can be a taxing endeavor. Development teams are often ill-equipped to handle all the many needed. To remedy this, they’ll offer task-driven financial incentives to help called bounties. These bounties offer a win-win scenario, However, finding the right talent for each bounty-driven task can be difficult.
Bounty0x offers a platform designed to address this specific concern. A decentralized bounty hunting platform, Bounty0x allows anyone to create and manage bounty programs quickly and easily. In addition, it provides a convenient way for talented individuals to find bounties which match their skill sets.
What Exactly Is a Bounty?
A bounty is a reward given for the completion of a task. Simply put, individuals or teams list tasks that need to be completed and the specific rewards given if done so successfully. Although these tasks may vary widely, some of the most common types of tasks are::
- Social Media – Having hundreds of people post pre-written content on Facebook, Twitter, and other social media sites can really help to boost awareness of a project. These simple tasks take virtually no time to complete, so the bounty is usually fairly small.
- Articles – Crypto-projects can put out a bounty to have a high-quality article written. Sometimes these articles are provided to the project itself for publication, and other times they need to be published on existing popular pages in order to collect the bounty.
- Bug & Exploit Delivery – Finding potential bugs or exploits in the code of a currency is absolutely critical for long term success. Offering a significant bounty for the discovery of these issues can attract those with the skills and experience needed to find these vulnerabilities.
- Memes & Gifs – Having fun or funny memes and gifs created about a project can be a great way to spread awareness. With the right bounty, a project can bring in a lot of creativity.
- Videos – Whether for marketing, education, or other goals, videos are often very important for a cryptocurrency. Offering a bounty can help to get people to create the exact videos that are needed.
- Coding – Offering a bounty for a specific set of code can be a great way to quickly push a project’s development forward.
- Much More – Any task that needs to be done can be listed as a bounty on the Bounty0x platform, and if the bounty amount is sufficient, there will almost certainly be someone there willing to collect.
In Bounty0x, these bounties can be set up with one of three different types of approvals. The first level of bounty is an automated bounty, which will be approved automatically once the task is done. Social media posts are ideal for this type of approval. The second level of bounty is known as “Sheriff Bounties”. These typically involve articles, videos, and translations. However, they require manual approval before the bounty can be paid. A third level of bounty known as a “Super Bounty” is given for complex projects that involve creative designs, “bug or exploit discovery”, or similar projects. These require manual approval by the host (or creator) of the bounty itself before payment.
Quality Through Token Staking
What makes Bounty0x an exceptional platform? They post top quality bounties and ensure that their bounty hunters perform top quality work as well. This is done through the use of their own utility token, BNTY. This token improves Bounty0x quality in the following three ways:
- Bounty Hunters – Bounty hunters must stake a set amount of BNTY before submitting the high paying ‘super bounties.’ If their submission is rejected, they lose some of their staked tokens. This helps to ensure that applicants only submit for bounty that they can confidently improve upon.
- Bounty Hosts – Those who are hosting a bounty will need to stake BNTY at the time of submission. If the bounty is found to violate any of the system guidelines, a portion of the staked BNTY will be burned.
- Sheriffs – Sheriffs are members of the community who review submitted bounties for quality. In order to become a sheriff, they must stake BNTY. If they perform their role well, they can collect additional BNTY from the hosts. If they do poorly, they will lose a portion of their staked BNTY.
The Bounty0x system creates a natural incentive for all parties to perform their roles well. Not incidentally, this helps facilitate continuous improvement for the Bounty0x system itself (and everyone who participates in it).
Bounty0x’s Impressive Growth & Vision
The Bounty0x team has deftly marketed its unique offering to attract top bounty hunters and bounty hosts. Despite being a new startup, they already more than 2500 active bounty hunters completing hundreds of essential tasks each week. They’re jump-starting this impressive growth by launching their alpha 2.0 system, an improvement on existing features along with new tools for both bounty hunters & hosts. These include:
- External Bounties – Bounty hosts can create their own bounties that are hosted outside of the Bounty0x platform, which gives them some added flexibility and easier publishing solutions.
- Redesigned Platform – The bounty platform has been redesigned to give it a look that more closely matches their main website homepage.
- Social Media Automation – Enhanced social media automation for easier tracking, posting, and other social actions.
- Campaign Stats – Improved campaign stats with an enhanced dashboard.
The Bounty0x team is working hard to ensure this platform is successful today and long into the future. Its success at doing so is why it continues to attract top bounty hosts and hunters.
Bounty0x & XTRABYTES
XTRABYTES is currently preparing a pilot program using the Bounty0x system. They will be reviewing just how effective it can be for meeting their specific requirements. The first bounty is being prepared, and will offer 1 Million XFUEL as a reward for anyone who can find an exploit of the system. This bounty will have very specific requirements in order to collect the large reward.
The Bounty0x platform is designed to bring together talented individuals with many different skills sets. Moreover, its provides project teams with several different approaches for discovering exploits. In all, it would be impossible to perform this level of testing using only employees or other team members.
We look forward to this being the first of many bounties offered on Bounty0x.