Bounty0x Community Series

Part one in ongoing Q&A series about Bounty0x commitment to transparency and best practices

As part of an ongoing Bounyt0x transparency series highlighting community questions, and in light of the recent Confido announcement, we would like to use this opportunity to address some questions brought by members of the Bounty0x community regarding the contribution period scheduled for November 20. Unlike many cryptocurrency projects in the space, Bounty0x, has already developed a working product, alpha.bounty0x.io, which has a number of active clients, partnerships, and a rapidly growing user base of over 600 bounty hunters.

The Bounty0x Alpha platform went live on October 15th. It was very important for us to have a working product and to test the concept. Currently, our platform is being used by: COTI, CanYa, Injii and Devery. There are currently 7 more clients in our pipeline that we will bring on board in the coming weeks.

BNTY is a utility token that is used on the Bounty0x network as a staking mechanism to ensure that all actors on the Network are honest. Without this utility token, it is not possible to build the network which enables Bounty Sheriffs to verify the accuracy of bounty hunter submissions.

Following completion of the main contribution period on December 15, 2017, Bounty0x will distribute BNTY tokens to the pre-contribution, and main contribution period participants. As indicated in the whitepaper, Bounty0x will distribute tokens to advisers on a six month, monthly vesting schedule, and to founders on a eighteen month, monthly vesting period. The remaining liquidity pool of tokens is frozen for eighteen months.

On a side note, Bounty0x has not signed any agreements that could be considered “risky”. The only agreements that we have are with our clients for the services that Bounty0x provides. These agreements are composed of the fee that the client will pay in exchange for bounty management service that we offer to our clients.

Setting up a secure legal structure for Bounty0x was a critical priority from day one. Even before starting to write our whitepaper, we have sought legal advice from the most recognized legal firms in the space. Our current legal adviser, Samuel Proctor, of Genesis Block, specializes in legal and consulting services for blockchain startups and has a long track record of advising and assisting crypto currency based startups.

We take our compliance obligations seriously.

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