Bounties are a great way to get your mits on a few coins to test out new cryptos. Bounty0x (the platform behind the BNTY token awarded through Publish0x) is a great way to find bounties for coins, mainly concentrating on new innovative tokens which are just coming onstream. But did you know that some well established projects also run bounties?
Platform coins are blockchain based services that allow users to run smart contracts and exchange tokens. Ethereum is obviously the most well known example of a platform coin, but its transaction speed is slow and there are limits to its scalability under the technology that is currently being used. Here's a small selection of some high market cap platform coins that are seeking to overcome these scaling issues.
Aelf ($ELF)
- Aelf seeks to solve the scaling problem through the extensive use of side chains, where networks are seperated into different areas, including external blockchains (like Bitcoin or Ethereum) as well as the internal blockchains within the Aelf eco-system. It runs on a "Delegated Proof of Stake" protocol: as these side chains run along side one another, they are each responsible for their own internal security and the responsibility for security is passed down to the chain itself.
Aelf's bounty system pioneered the ongoing rewards scheme that other tokens (including those listed below) use now. The team clearly prioritises community engagement and the precise rewards change relatively frequently, but usually include social media tasks, rewards for holding tokens, referrals and ...and um, taking pictures with their cute mascot in unusual places. Min withdrawal limit is very low, at just 1ELF (approx 0.00005btc/$0.25)
Internet of Services Token ($IOST)
- The IOST platform is based around the idea that the provision of online services is key to the making blockchain the foundation of the new decentralised economy, but in order to do that efficiently, the transaction rate needs to be far higher than it is at the moment. Consequently it uses sharding to divide up the incoming transactions to allow more efficient processing and allowing a level of scaling, together with a Proof of Believability model which combines staking with reputation. It aims to encourage user participation in the running of the IOST platform with rewards to users based on their contributions to the network.
The IOST Bounty Programme is live , with a small amount of tokens offered for a daily login to their site, downloading of key apps and twitter promotion. The rewards are modest but still worthwhile for such a respected token. Rewards can be withdrawn from the system once 500 IOST (worth approx 0.001btc/$5) have been collected.
QuarkChain ($QKC)
- The QuarkChain platform attempts to tackle the problem of scaling through combining sharding with sidechains. It operates on a two tier structure where sharding is used as a first layer transaction while the root blockchain overlays confirming the sharded blocks thus ensuring the security of the entire network and enabling cross shard transaction, this combining efficiency through the sharded sidechains with security through the root blockchain. It combines the two most popular models - Proof of Stake and Proof of Work into a single Proof of Staked Work protcol that incentivises miners to hold tokens while taking advantage of the security of a PoW mining algorithm.
The QuarkChain bounty programme works a little differently from the two above. Rather than directly obtaining $QKC, daily logins, referrals and participating in social tasks grants points, at the end of May 2019, the total bounty fund of 2m $QKC will be divided between the bounty participants proportionate to the points that they have earned through the scheme.
As blockchain technology expands, so too does the need for efficient scaling. While both the ethereum and bitcoin blockchains are developing ways of overcoming their technical limitations, alternative blockchains are testing out different approaches to enterprise level developments with innovative explorations into how to balance security with speed while rewarding those who have an investment in their success.