Bounty0x integration with district0x

Bounty0x recently received questions from the district0x community regarding how bounty0x will become a district on district0x.

DNT holders will soon be able to participate in Bounty0x governance using the district0x voting Dapp

Bounyt0x underestands that district0x (DNT) token holders are anxious to participate in bounty0x governance. With the recent launch of Name Bazaar and name bazaar voting interface, DNT holders can already begin staking DNT to name bazaar through the voting dapp. In light of this, in the near future, Bounty0x is taking steps to speed up the process through which DNT holders can participate in Bounty0x governance with the launch of the Bounty0x DNT voting dapp.

District0x and Bounty0x will be partnering to allow DNT holders to stake DNT and vote on bounty0x proposals. DNT holders will be able to stake DNT to bounyt0x proposals which will feature an interface similar to that of name bazaar voting.

If you find Bounty0x intriguing, we encourage DNT holders to vote on our district proposal, and vote on our soon to be released bounty0x proposal page. We are super excited about joining the District0x network and need your support to make it happen.

What is Bounty0x?

Bounty0x is a decentralized bounties network enabling anyone to hold and manage bounty programs, and bounty hunters to receive payments for completing bounties. The network is powered by the BNTY token.

Bounty0x Background

Bounty0x was conceived as a district proposal and is currently the 4th most voted on district on the district0x network. Bounty0x intends to transition the bounty0x network to a district on the district0x network after the district0x has enabled the district creation mechanism or sooner than that if bounty0x is becomes the highest voted on proposal at vote.district0x.io

Upcoming Dates

On October 15, bounty0x announced the launch of the alpha platformwhich enables bounty hunters to submit completed bounties and bounty sheriffs to review bounty submissions for accuracy.

On December 1 through December 15 bounty0x will be holding the BNTY contribution period at which time it will be distributing BNTY to contribution period participants.

In the first quarter of 2018, bounty0x will be developing the staking system which will allow BNTY token holders to stake BNTY and earn rewards for correctly reviewing bounty submissions.

BNTY Token Overview

There will be 3 types of users on the Bounty0x network: Bounty Hosts, Bounty Hunters and Bounty Sheriffs.

Bounty Hosts are the users that post a bounty and set a reward;

Bounty Hunters are the users that complete bounties;

Bounty Sheriffs are the users that verify the completion of a bounty.

The BNTY token will be used as a mechanism to coordinate the interaction between these 3 users.

(1) BNTY will be used by Bounty Hunters

- How: Bounty Hunters need to stake BNTY to participate in ‘Super Bounties’. If a Super Bounty submission is rejected, like for example a bug report, the Bounty Hunter will lose a portion of his staked tokens.

- Why: ‘Super Bounties’ are checked manually by a team member of the startup. Therefore, it is important to ensure that all submissions are of a superior quality to avoid wasting the individual’s time.

(2) BNTY will be used by Bounty Sheriffs

- How: Bounty Sheriffs will be able to stake BNTY to review bounties. If they are performed incorrectly, they will lose a portion of their staked tokens. If performed correctly, they may gain additional BNTY and bounty tokens from the start-up.

- Why: As a quality control mechanism. Bounty Sheriffs are financially incentivized to perform reviews correctly.

(3) BNTY will be used by Bounty Hosts

- How: Startups can purchase BNTY to unlock additional premium features in the platform or to hire additional services from our partners, like for example community management.

- Why: More efficient way of tracking and distributing payments to the platform and our partners.

BNTY may also be used as a governance token alongside DNT.

DNT Token Overview

Now let’s talk about the DNT token. First of all, it’s important to note that we are setting up Bounty0x as a network, not a platform. This enables anyone to build new modules on top of Bounty0x to extend bounty0x to include new bounties.

As the network grows, we will need to decide which of these modules should be approved and which won’t be. We are strongly convinced that this decision should be decentralized and made by all network participants. Therefore, we have decided to turn Bounty0x into a District0x district.

In order to incentivize voters to help to grow the network with their decisions, we are investigating options to incentivize DNT holders to have a stake in governing the bounty0x network in such a way to protect the long term growth of the network.

We have already begun the process of allowing DNT holders to begin to participate in network governance, and overtime will expand the scope of DNT holders stake in the network.

Frequently Asked Questions:

1. Why do you need another token? You will turn bounty0x into a district! What will this token offer that DNT cannot?

This is one of the most frequent questions we receive. This question assumes that if bounty0x were to rely on DNT as the utility token for the bounty0x network, that the economic properties of DNT token would allow it to serve as well as the BNTY token as a bounty0x utility token. Which we believe may not be the case. The bounty0x network also requires a utility token separate from the governance token.

What prevents every future district from launching their own token/ICO?

In response to this, we direct readers to 0x project and Khyber network, which will diminish transaction costs of exchanging tokens. Spankchain also has a utility token which will be used for governance and also as a utility token, both of which may entitle holders to vote participate in district governance.

Will DNT be used on the Bounty0x network for anything at all? I would be interested in a project that adds value to the District0x token.

Bounty0x will add value to the district0x network in a variety of ways. DNT will be used for governance and will entitle DNT holders to participate in Bounty0x network. BNTY will be used as both a utility token and a governance token alongside DNT.

Learn More

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