Let’s talk about Bounty0x staking

BNTY is a utility token used to incentivize honesty on the Bounty0x platform.

Bounty0x is excited to announce that the release of Bounty0x token (BNTY) staking functionality will be rolled out in stages shortly. BNTY can be staked by Bounty Hunters, Bounty Sheriffs, Bounty Hosts and the Bounty0x community in order to interact with the Bounty0x network. Below is a detailed explanation about Bounty0x staking together with timelines for when each respective portion of the staking functionality will be implemented and go live.

Each unit will be released in the following order:

Sheriff Staking → Host Staking → Hunter Staking

Bounty Sheriff Staking (Q3 2018)

Bounty Sheriffs will be able to stake BNTY in order to review submissions made by Bounty Hunters. Sheriffs will be able to do so by locking-up a certain amount of BNTY in their Bounty Sheriff dashboard. The amount of BNTY a Bounty Sheriff will have to have staked in order to review a submission will depend on the type of bounty task, simple verifications will require to stake between 50–500 BNTY.

If the review is performed correctly, those tokens are returned and the Bounty Sheriff will earn additional BNTY as a reward for performing a correct review. On the other hand, if the review was incorrect, those tokens will be lost.

Bounty Sheriffs won’t have to individually stake and interact with meta mask for every review they make, but instead, they will be able to stake BNTY in their dashboard and the system will then allow the Sheriff to continue making verifications unless that supply has been completely lost (due to too many incorrect verifications).

Bounty Host Staking (Q4 2018)

Bounty Hosts will purchase BNTY which will be used for rewarding Bounty Sheriffs. Additionally, Bounty Hosts will be able to stake BNTY in order to upgrade their bounty listing from a regular one, to a “trusted” one. With this feature, we intend to provide Bounty Hunters with an additional tool based on which they can judge the legitimacy of a bounty post.

Bounty Hunter Staking (Q4 2018)

Bounty Hunters need to stake BNTY to participate in ‘Super Bounties’, which are bounties that are not reviewed by Bounty Sheriffs, but by the Bounty Host themselves. If a Super Bounty submission is rejected, like for example a bug report, the staked tokens of the Bounty Hunter will be lost, if it is approved, they are returned. The required staking amount for Super Bounties is flexible and will be determined by the Bounty Host.

Similarly like with Bounty Sheriffs, Bounty Hunters won’t have to stake individually for every Super Bounty. They can stake a larger amount once, and then staked BNTY are automatically calculated every time it is required.

Bounty Hunters will also have the option for staking BNTY in order to open a dispute, if a Hunter thinks that a Bounty Sheriff made an incorrect verification, he can open a dispute which will be reviewed by a Bounty0x admin. If the dispute is not legitimate, staked BNTY are lost. If the dispute is approved by a Bounty0x admin, staked BNTY are returned.

Whitepaper

Expect an update to the whitepaper in the next 1–2 weeks that will explain staking in more detail.

Final words

Developing the staking modules, interface and smart contracts is a highly challenging task. If you are a project that is also working on a staking mechanism we would love to share our codebase with you and form a development collaboration. Please get in touch with us at contact{at}bounty0x{dot}io if you are interested.

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