Rewarding the Token Economy
At bounty0x we are building a platform enabling startups to post bounty tasks which bounty hunters will be able to accept and complete. Bounty0x makes it easier for users seeking to complete bounties to search and accept bounties. The benefit of this approach are twofold. First, this allows startups to focus exclusively on developing their product, and second, it makes it easier for bounty hunters to find new campaigns to join. Startups and bounty hunters have an economic interest to use our platform. In the same way that miners take a fee for every verified transaction, "bounty sheriffs" take a small fee for every verified bounty task they review correctly. By using the bounty0x platform, startups will have access to a pool of reputable bounty hunters, and a verification mechanism to ensure the tasks are performed accordingly.
In 2017 blockchain entrepreneurs raised more funds through initial coin offerings (ICOs) than through traditional venture capital investments. So far in 2017, blockchain entrepreneurs have raised over $1.5 bln through ICO offerings and even exceeded the funds raised through VC’s in the months of June and July. This will only continue to grow in 2018 and beyond. Startups are accordingly relying even more on bounty programs in conjunction with upcoming ICO's to accomplish pre-ico tasks.
A bounty program is an offer made by many startups, websites, and software developers which enables individuals to receive recognition and compensation for performing marketing tasks, reporting bugs or improving a product/service. Bounty programs are also a frequently used tool used by ICO startups. Examples of bounties frequently posted by ICO startups include posting on social media, posting on blogs and performing translations. Usually, startups reward contributors with the startup’s own tokens.
Bounty0x was conceived as a district0x proposal and was selected among the top four district proposal. The proposal is currently being voted upon in order to become the next district which will be built on the district0x platform. The bounty0x.io platform will eventually migrate over to the district0x network platform when the d0xinfra protocol is ready, and at such time enable DNT token holders to stake their DNT in order to take part in bounty0x.io platform governance.
Startups are currently paying bounty managers between $2-4k in ETH or BTC to manage their campaign, plus a percentage of the startup's own token. Our platform is going to slice this cost by over 80 percent, creating economic incentive for startups to join bounty0x’s platform in order to save time and money managing their bounty campaigns. Furthermore, bounty0x will enable pre-ico startups the ability to pay and allocate a portion of ico tokens to bounty hunters, in advance of their ico.