3 Takeaways From the Bounty0x AMA

With a recently released beta platform and an already tried and tested working project (a rarity in today’s cryptosphere), Bounty0x is solidifying its stronghold in not only the Wild Wild West of crypto and ICOs, but also in the incentivized task and performance platform realm.

Competing with the likes of Upwork and Fiverr, the Bounty0x team, and their decentralized bounty hunting and task platform, has their work cut out for them. However with one of the most active and communicative teams in the blockchain space, trustless cryptocurrency payments via smart contracts, and practical solutions to age-old problems plaguing several core industries, Bounty0x is saddling up anyways – even in today’s market where most players and projects are scared to death. That’s right, that was a play on a John Wayne quote. Cowboy up.

And, it doesn’t hurt that Bounty0x has just:

  • Passed over 40,000 registered bounty hunters
  • Received more than 350,000 submissions in response to bounties
  • Registered over 600 hosts on the platform

On August 4, 2018, the Bounty0x team took to the Reddit streets to answer some pressing questions about their beta launch and future developments on the platform. Answering the questions were none other than Bounty’s CEO and co-founder, Angelo Adam, CTO and co-founder, Deniz Dalkilic, and community manager, Simon Kruse.

Below are 3 core takeaways from the Bounty0x Reddit AMA, all key examples of why Bounty0x is worth keeping an eye on through the second half of 2018.

1. Improved Token Utilities

Having rolled out their beta platform mid-July, fine-tuning and enhancing core concepts driving the bounty platform, Bounty0x is set to tackle high-level utilities for their token (BNTY) for the upcoming haul.

Such features will include:

  • Automated rewards calculations
  • Segregation of hunter, bounty, and submission for performance
  • Spam and dispute mechanisms in place to weed out and block malicious hunters
  • Bounty sheriff staking

CTO and co-founder Deniz Dalkilic, a.k.a. Dnzdlklc, noted that the Bounty0x team is in the midst of developing:

  • Bounty hunter staking for duplicate submissions
  • Bounty hunter staking for repeated disputes
  • A requisite BNTY amount to be held by users in order to post bounties
  • The ability to crowdfund bounties in BNTY reward pools

At present, the Bounty0x platform allows for bounty hunters, bounty sheriffs, bounty hosts, and the Bounty0x community to stake their BNTY in order to review submissions in return for a reward (for sheriffs). This results in the ability to upgrade a bounty listing to a “trusted one” (for hosts) and to participate in “super bounties,” which are reviewed by the host rather than a sheriff (for hunters).

Ultimately, the above features are set to bring further depth and functionality to an already highly functional platform and utility token.

Bounty0x CEO and co-founder Angelo Adam further stated (and actually cited as a high priority) an overhaul to the dashboard is forthcoming, allowing hunters to be able to see the transaction ID for payments received and all completed bounties

2. Reputation System Clarifications

Having secured a partnership with Ink Protocol, a decentralized payment and reputation system, in March of this year, Bounty0x is in the midst of developing a reputation system for platform users, providing an “on-chain immutable reviews system,” which will assess:

  • Number of bounty hunter bounty submissions accepted (essentially, a hunter’s acceptance rate)
  • Quality of a hunter’s actual work
  • Amount of total rewards and bounties earned
  • The outreach of the hunter (e.g. Facebook and Twitter follower counts)

Specifically, Ink Protocol enables actors in a decentralized marketplace to remove uncertainty surrounding transactions, view a seller’s worldwide reputation, pay for an item via escrow, and leave necessary feedback about the completed transaction.

As a hunter and outlaw is only as good as their reputation — and reputation management is an integral part for Bounty0x’s future success — such partnership and integration of trustless components stands to serve as the catalyst for separating Bounty0x from present-day centralized and ineffective online work and service marketplaces.

Dnzdlklc further noted at the moment that the reputation system is flexible, as to allow the team to add in more factors when (and if) necessary in the future.

3. Website Redesign

Boasting an already sleek and easy-to-navigate website, Bounty0x is looking to close the gap on website functionality, noting a current and future renovation of the sheriff dashboard wireframes — allowing for sleek metrics at a glance.

Having already taken care of various UX points in the beta platform launch, UI naturally feels like the next step in Bounty’s methodical platform refurbishing.

Post-wireframe revamp, the Bounty0x team is set to proceed with UI mockups, which will then be turned over to their frontend developers, who are expected to have everything completed within roughly a 1-month timeframe, followed by implementation over the course of 1-2 months.

Additionally, Bounty0x’s blog notes that they are aiming to restructure and move the platform onto a modern microservices API architecture, with the potential to move off to a decentralized DB or IPFS, to enable a safer, faster, and more transparent hypermedia file system and web.

Final Thoughts

While the market may not be fully fledged at the moment, it doesn’t mean there isn’t opportunity for projects to set themselves apart from the rest of the herd, which mostly operate based on unrealizable and overdone promises. Bounty0x is going above and beyond the norm by offering frequent updates and consistently chipping away at concrete online marketplace slabs.

Furthermore, staying true to a consistent and narrow path is laying the necessary framework for potential listings on Binance, OKex, and Huobi – which CEO Angelo Adam (a.k.a. Angelo_bounty0x) noted Bounty0x is in preliminary talks with. Who knows, maybe one day Bounty0x could be mentioned in the same breath as Upwork and Fiverr, a formidable David to the Goliath of centralized platforms.

To read up further on Bounty0x and how it’s bringing value to present-day, monolithic, and centralized online service marketplaces, check out our recent article. And, if you’re curious about what exactly the beta platform launch entailed, you can find more here.

For those looking to get right to the meat and potatoes and check the AMA out for yourself, head on over to their thread here.Finally, we highly recommend you check out their website, white paper, blog, and social media channels (Reddit, Twitter, Telegram) to get a better understanding of Bounty0x’s values, check out available bounties, and interact with their community.

Related: 11 Blockchain Projects Geared for Enterprises

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