Today, CryptoAnalyst has been lucky enough to lock down an exclusive interview with Bounty0x co-founder Pascal Thellmann.
To begin, though, let’s walk you through the Bounty0x project one more time.
Bounty0x is a decentralized bounty hunting platform wherein users can host or perform much-needed tasks for projects in the crypto space in exchange for cryptocurrency “bounties.”
In other words, you scratch a fledgling crypto project’s back with some voluntary help, and they’ll scratch your back in return with a deserved cryptocurrency payout.
Bounty0x, then, will be where projects and “bounty hunters” meet up to get work done.
Welcome to “Bounty Camps”
In the Bounty0x platform, bounty camps are where crypto bounty specialists “go to see available bounties, and where hosts go to post new bounty campaigns.”
In other words, these camps are like decentralized jobs-postings sites. If a crypto project needs some security auditing or marketing done, they’ll post their “bounties” in a Bounty0x’s camp for bounty hunters to perform.
There’s three kinds of Bounty0x participants
These players are broken down into:
- bounty hunters
- bounty hosts
- bounty sheriffs
Bounty hunters are the everyday community members that lend their skills and time to performing “bounties.” They get paid in crypto for their services.
Bounty hosts, then, are the bounty posters — they’re the crypto projects themselves that need help in getting extra work done, so they post their gigs in the Bounty0x bounty camps.
Lastly, there’s bounty sheriffs. These “sheriffs” get paid crypto rewards for reviewing and verifying the submissions of bounty hunters.
The Bounty0x alpha is live now if you’re interested
If getting crypto without paying for it in cash sounds like something that’s up your alley, try joining the Bounty0x alpha here.
There’s already more than $700,000 USD worth of bounties up, so the alpha is definitely worth your time.
TLDR: The new bounty hunting platform Bounty0x is one of the most exciting projects in the crypto space today. Cash in by helping better the community.
Now, CryptoAnalyst is humbled to bring our readers an exclusive interview with Bounty0x CMO and co-founder Pascal Thellmann. He’s been a great sport in answering our questions about the new bounty hunting platform.
Pascal — thanks so much for being with us today. We had a few questions we wanted to ask, and you definitely have the answers, so let’s get right to it.
1) Do you see Bounty0x as angling for first-mover status? What advantages do you think such a dynamic will bring?
Bounty0x is the first platform that can coordinate a decentralized workforce network. Bounty Hunters submit work, which is automatically reviewed by Bounty Sheriffs in a decentralized way. When Bounty Sheriffs approve a submission, payment is automatically released from a smart contract. There is no trust involved.
Existing bounty solutions are trust-based, since Bounty Hunters need to trust a company/ start-up that they will keep their word and send a reward if the submission meets certain criteria. This has created lots of controversies in the past with large Tech corporations not willing to pay out rewards to bounty hunters. Additionally, in current bounty platforms, it’s the company itself that needs to verify and check every single bounty submission. This is extremely time consuming and inefficient.
Bounty0x solves all these problems with a decentralized bounty hunting network, where the BNTY Token staking mechanism ensures that Bounty Hosts, Bounty Hunters and Bounty Sheriffs are honest.
2) It was very cool how you had a poll for your main sale cap. What was the inspiration for that?
I’d love to take credit for the idea, but it wasn’t mine. Doing a poll for our main sale cap was a community initiative. We were asking the community on their thoughts about our current fundraiser structure and received a lot of suggestions and feedback on it.
One user suggested that we should do a poll to structure all these ideas better, and that’s what we ended up doing. We prepared a Telegram poll bot and 4 options for the community to choose from. The most voted on option, with over 80 percent of the votes, was a $1.75mln total hard cap.
3) There are so many open possibilities in the crypto space right now. What was it about bounties that made your team want to put your stake in the ground and facilitate them specifically?
Most ICO companies nowadays are holding a bounty campaign. It is a very cost-effective way to performing marketing, getting software code suggestions and building a strong community. However, the way that bounties are structured nowadays is highly inefficient: Bounty Hosts waste a lot of time and money reviewing bounty submissions, and Bounty Hunters need to trust Bounty Hosts that they will pay a reward for their work. As a Bounty Hunter myself, I have witnessed many inefficiencies and frauds that could easily be solved with a dedicated platform.
Bounties have already become a cornerstone for the crypto space, and will only increase in importance as the years go by. In order to harness the full potential of how bounties can benefit the cryptocurrency space, we decided to bring Bounty0x to life.
4) What element of Bount0x excites you the most?
We decided to launch Bounty0x in the crypto space because there already is a large demand for bounty campaigns. However, our ultimate goal is to build a global bounty hunting network that is also used by firms outside the Blockchain space and Governments. Currently, bounties are limited to Software Development and Online Marketing. With Bounty0x, Bounty Hosts will be able to apply the bounty model to Consulting, Research, Journalism and much more.
5) Could you elaborate a little bit on the coming BNTY staking mechanism?
BNTY is a utility token used to ensure that all actors on the Bounty0x network are honest. Bounty Hosts, Bounty Hunters and Bounty Sheriffs need to stake BNTY for the key actions they perform. Whenever a fraudulent action is performed, a portion of the staked BNTY tokens is burned.
Example: Bounty Sheriffs need to stake BNTY to review submissions made by Bounty Hunters. Every submission is checked by 3 Bounty Sheriffs. If 2 out of 3 Bounty Sheriffs mark a submission as correct, then it is approved. The Bounty Sheriffs that made the correct verification will receive a payment. The Bounty Sheriff that made the incorrect verification will be penalized and a portion of his staked BNTY tokens are burned.
Mockup of the Platform: