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Bounty0x

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Description

What does Bounty0x do?

Bounty0x is an Ethereum-based decentralized freelancing platform that connects freelancers with job owners. Bounty0x refers to jobs as “bounties,” hence its name. There are three main players on the platform: bounty hosts, hunters, and sheriffs. Bounty hosts are the job posters and bounty hunters are freelancers that work on those jobs. Bounty sheriffs ensure the quality of work done by freelancers.

Bounty hosts can submit jobs for a variety of tasks such as online marketing, software development, consulting, research, design, and more. Connecting freelancers over a distributed network and paying out in cryptocurrencies removes a lot of friction that’s associated with traditional freelancing platforms.

What is BNTY used for?

BNTY is a utility token on the Bounty0x platform. One use-case for all users is staking. Bounty hunters are required to have BNTY to reward bounty sheriffs. Bounty sheriffs are also required to have BNTY to become an eligible sheriff. They stake BNTY to earn a badge, which makes them an official bounty sheriff.

There are also super bounties. Bounty hunters need to stake BNTY to participate in super bounties. Super bounties are private bounties or tasks where the project owner or admin decides whether a submission will be accepted or not. These are generally more specific and critical tasks.

If a super bounty submission is rejected, the bounty hunter will lose a portion of his staked tokens. Bounty Hunters also need to stake BNTY for opening a dispute, which occurs if a bounty hunter thinks that a bounty sheriff made an incorrect verification of his bounty.

How can BNTY appreciate in value?

There are 500,000,000 BNTY, and some may be burned over time. There are primary two situations for when BNTY will be burned. One is when a bounty sheriff performs an incorrect review. In this case, his BNTY are burned. BNTY are also burned when bounty hunters open disputes and their disputes are determined to be illegitmate.

As more bounty hunters, sheriffs, and hosts join the network, more work will be done, resulting in BNTY increasing in value. The project differs from traditional platforms (such as Upwork), which use inflationary currencies like USD. Since the total supply of BNTY is limited (and can even be burned), its price has considerable potential to rise as it becomes scarce.

What is the difference between Bounty0x and its competitors?

One of the few competitors to Bounty0x in the blockchain space is Ethlance. Ethlance is also an Ethereum-based platform that pays freelancers in ETH. However, Ethlance is more traditional and does not have the bounty role system or ensure quality of freelancers’ work.

Bounty0x’s most significant competitor is still in the traditional space. Upwork.com is currently the largest freelancing site. The site receives positive reviews and uses an escrow service that makes transferring money between freelancers and job posters virtually seamless.

  • Mainnet Launch: 12/15/18 filled in the discovery form
  • Open Source: Yes
  • Consensus Type: N/A
  • Technology: Blockchain
  • Total Coin Supply: 500,000,000
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Description

What does Bounty0x do?

Bounty0x is an Ethereum-based decentralized freelancing platform that connects freelancers with job owners. Bounty0x refers to jobs as “bounties,” hence its name. There are three main players on the platform: bounty hosts, hunters, and sheriffs. Bounty hosts are the job posters and bounty hunters are freelancers that work on those jobs. Bounty sheriffs ensure the quality of work done by freelancers.

Bounty hosts can submit jobs for a variety of tasks such as online marketing, software development, consulting, research, design, and more. Connecting freelancers over a distributed network and paying out in cryptocurrencies removes a lot of friction that’s associated with traditional freelancing platforms.

What is BNTY used for?

BNTY is a utility token on the Bounty0x platform. One use-case for all users is staking. Bounty hunters are required to have BNTY to reward bounty sheriffs. Bounty sheriffs are also required to have BNTY to become an eligible sheriff. They stake BNTY to earn a badge, which makes them an official bounty sheriff.

There are also super bounties. Bounty hunters need to stake BNTY to participate in super bounties. Super bounties are private bounties or tasks where the project owner or admin decides whether a submission will be accepted or not. These are generally more specific and critical tasks.

If a super bounty submission is rejected, the bounty hunter will lose a portion of his staked tokens. Bounty Hunters also need to stake BNTY for opening a dispute, which occurs if a bounty hunter thinks that a bounty sheriff made an incorrect verification of his bounty.

How can BNTY appreciate in value?

There are 500,000,000 BNTY, and some may be burned over time. There are primary two situations for when BNTY will be burned. One is when a bounty sheriff performs an incorrect review. In this case, his BNTY are burned. BNTY are also burned when bounty hunters open disputes and their disputes are determined to be illegitmate.

As more bounty hunters, sheriffs, and hosts join the network, more work will be done, resulting in BNTY increasing in value. The project differs from traditional platforms (such as Upwork), which use inflationary currencies like USD. Since the total supply of BNTY is limited (and can even be burned), its price has considerable potential to rise as it becomes scarce.

What is the difference between Bounty0x and its competitors?

One of the few competitors to Bounty0x in the blockchain space is Ethlance. Ethlance is also an Ethereum-based platform that pays freelancers in ETH. However, Ethlance is more traditional and does not have the bounty role system or ensure quality of freelancers’ work.

Bounty0x’s most significant competitor is still in the traditional space. Upwork.com is currently the largest freelancing site. The site receives positive reviews and uses an escrow service that makes transferring money between freelancers and job posters virtually seamless.

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