bountypool – 100% Payout Democratized Bounty Program
bountypool – 100% Payout Democratized Bounty Program
The bountypool was created to encourage investment in projects that the community feels are important. 100% of the Ark forged will be distributed to people who complete project proposals.
DEMOCRATIZED BOUNTY PROGRAM
Those who vote for the bountypool will receive weighted subvotes within this community. These votes will be used to apply a payment weight to proposed and unfinished bounties. As a bountied project remains unfinished the reward for completion will increase over time as ark is forged. Voters in this community will be able to reallocate their votes to different projects as they wish. Users who have their votes applied to a project will also vote to determine whether the project is completed and by who.
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The table below shows a basic example how voters can contribute to the projects the are most passionate about. As long as a project remains unfinished their bounty reward will increase as long as users are still allocating to those projects.
When a user believes they have completed a project they can submit it for approval. The users who have allocated resources to that project will vote to determine whether the project is complete. For example, if between the next boost period Project 3 is submitted as completed by a user Voter2 will get to decide whether it is complete because they are the only one currently allocation resources to the bounty. On the other hand, if Project2 is submitted for completion review, both Voter1 and Voter2 will have 50% weight in their decision on whether the project is completed. In the case a tie, the project is deemed complete and 10,600 Ark would be sent to the address associated with the submission.
BOUNTIES W/ ADDRESSES
Bounties will be solidified with their own unique address. To activate the bounty the wallet must receive 100 Ark. This initial payment also doubles as the initial stake and vote so it will begin accruing bounty over time from this point forward. Voters of the bountypool can allocate their vote to a particular bounty by sending 1 Ark to this address. This is how we will track bounty votes. This functions very similarly to how voting for delegates works. If you would like to split your vote you simply split your wallet.
You can support this proposal by voting for the delegate ‘bountypool’
As a bountypool voter, you can create your own project proposals and get automatic funding for them. How? Say you make up 20% of the vote pool and want to start a project. By voting for a project that project bounty will begin receiving 20% of the forged ark. When you finish the project and vote to approve it, you will be receive the cumulative ark forged since you initiated the bounty. This means that any project, whether it is development, marketing, tutorials, or otherwise, can received automatic funding for those who join the voting pool.
Given the low amount of votes that currently are put towards the bountypool I would encourage those with projects they would like to receive bounties to contribute votes to the pool. Your vote will make a lot of difference in making this proposal functional.
That means you can participate in bounty pool by contributing votes to the pool. You can add bounty proposals by sending a small amount to bountypool with the instructions and I will create the bounty wallet for accumulation. Feel free to ask questions if you have any on Slack @ryano
bountypool has made its first bounty payout of 294.75 Ark. Fortunately with the help of @sonobit bountypool was able to forge for a day. The forged Ark was used to accrue funds for this and another existing bounty.
What follows is meant as a case study and as a guide to how bountypool works. If you have any further questions you can ask here or reach me on slack @ryano .
Bountypool case study
The Problem: I wanted a history of delegate votes and ranks saved to a database so that I could grab the data and produce time series plots of delegate votes and ranks. The result of this work has been used to produce the following interactive time series plots:
The bounty that was approved can be found here: https://www.arknode.net/VoteReports/
So how did I lever bountypool to get this done?
Creating a bounty
First, I sent 100 Ark to bountypool with Smartbridge text “Proposal: Create a dat record of forging delegate vote histories”. You can see this transaction here: https://explorer.arknode.net/tx/f9855f791eec8dd71441f356615cb0368c8f6a7c366dc6b85e37e637365151fa
bountypool received the proposal and created a wallet for this specific bounty. The address for this wallet is AJvGfM7ri3eUUk5vaYHaYrswT8Ba8ECsLg and you can add it to your watch-only list to see all the transactions that occurred for this bounty.
This wallet gets pre-funded with the 100 Ark sent and includes Smartbridge text “Bounty: Create a data record of forging delegate vote histories”. You can see this transaction here: https://explorer.arknode.net/tx/f39d1a70a63a28c8b077f2a104c8c7449da58f2889f58b65f53259fd57f61082
The newly created bounty address votes for bountypool. This is so accumulated earnings in a bounty address continue to contribute to bountypool’s standing in the ranks.
After a period of time forging bountypool is able to make a payment. This is called a bounty accrual and functions like a profit sharing pool until the bounty is completed. In this case, bountypool is splitting its accrual towards two separate bounties, and so this particular wallet accrued 193.85 Ark.
Claiming the bounty reward
Eventually, a claim occurs. To make a claim, a user sends 1 Ark to this bounty address with Smartbridge text “Claim: ” with an address that provides proof of completion. For this case study, the delegate ‘arknode’ made a claim. If this claim is approved, the bounty reward will be sent to that same address. You can see this claim/transaction here: https://explorer.arknode.net/tx/342b1aefe386cf36a5fd95451a0814d54e5a514bf5598e07dc3108679469c1bd
Approving a claim
Voters supporting the bounty accrual can approve claims made to that bounty. To approve a claim, a voter would send a 1 Ark transaction to the bounty wallet responding “Approve: ”. When the majority of the bounty’s supporters approve of a claim, the accumulated funds in the bounty wallet can be sent to the address that made the approved claim. Here is the transaction where I approved of the original claim: https://explorer.ark.io/tx/81a863791a529230544676657c9fad3fba16fa7cb70d4a8bbf4a89c978f6bca1
Completing the Bounty
Through this process 1) a proposal was made, 2) a bounty wallet was created, 3) bounty value accrued, 4) a claim was made, 5) the claim was approved, and lastly 6) the bounty was paid.
When a bounty is paid the entire wallet amount is sent to the address that made the approved claim. You can see this transaction here: https://explorer.ark.io/tx/e1c75c137aac585df008de46b51b7be1e89a1d020a123412c51c5f7d5cfb812a
If you have any questions about bountypool feel free to reach out to me here or on slack @ryano