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Interview with Vasilii Silin CEO and co-founder of Tokpie cryptocurrency exchange.
Can you describe TokPie in numbers?
Since the launch in September 2018, Tokpie had attracted 6800 users. Our average trade volume has reached $41k per day in July 2019 and keeps growing.
What are bounties?
Bounties are specific, short term, marketing campaigns initiated by crypto startups (ICOs, STOs) before and during token sales. The goal of a typical bounty campaign is to increase awareness about a project and boost its token sales. So projects are trying to attract bounty hunters, people who could perform online promotional actions called bounty tasks.
The most significant feature is that bounty hunters perform these promotional tasks for the reward nominated in project’s tokens, not for real money. Moreover, a project promises to pay such tokens only after the end of the campaign and only if its initial coin offering has got success.
During bounty campaign, all hunters are earning bounty stakes. Bounty stakes are numerical evaluation (points) of the work made by every hunter. These stakes are recorded into google spreadsheets every week and then converted into project tokens in accordance with stake-to-token conversion rates.
Such bounty rules sound very good for projects because they can save fiat money, but not for bounty hunters who face the following problems:
- a high risk of a token sale fail and getting zero rewards for many-months working;
- even if a project has got success, hunters have to wait about 4-7 months to get tokens from projects and sell them for Ethereum or Bitcoin.
Because of these drawbacks, the number of active bounty hunters had decreased by almost 10 times for the last 18 months.
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Generally what tasks are the bounty hunters asked to do?
The most popular tasks are liking, sharing, retweeting, voting up, etc of posts published by a project on Facebook, Twitter, Reddit, Medium and other social media. Also, almost every bounty campaign contains the task to wear a signature code (looks like adv banner) on cryptocurrency specialized forums such as Bitcointalk, Bitcoingarden, Altcointalks and similar.
How can bounty hunters find the best bounties?
This is a very big problem to find good bounties among hundreds. I recommend choosing the bounties of projects, which already have MVPs (product prototypes). Also, the projects with high rates on Icodrops, Icobench, and Coinshedule are worth attention. In addition, hunters can spot what bounty signatures have been already chosen by high-rank members on Bitcointalk and join the same campaigns.
What is bounty stakes trading?
It’s a unique solution that solves all hunters problems described above.
Instead of working for unpredictable remuneration nominated in tokens, bounty hunters can get Ethereum regularly by selling bounty stakes immediately as they appear on the related bounty spreadsheets. The result, hunters can earn some money (Ethereum) even if a project fails. Also, instead of waiting many months hunters can sell the earned stakes every week!
Which bounty stakes have the highest volume on your exchange and why do you think this is the case?
Signature bounty stakes have the highest volume. It happens because only hunters with good experience and high ranks can earn such types of stakes. These experienced hunters are smart and know well about all risks associated with bounties so they prefer to sell part of their bounty stakes every week.
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What are some potential interesting Bounty stakes trading strategies?
There are many possible strategies. The simplest one is just selling the part of earned stakes regularly for Ethereum. Another commonly used strategy is to earn some stakes e. g. for sharing on Facebook, sell part of them for Ethereum and then buy stakes of another bounty category of the same project e.g. Signature. By using this tactic, a hunter could obtain much more tokens at the end. Another approach is to sell some stakes of one project and purchase bounty stakes of other ICOs, in which a hunter would like to participate but cannot.
TOKPIE is both a crypto Exchange and a Bounty stakes exchange, can you explain the difference between the two?
There are no differences in trading mechanics. Tokpie users trade cryptocurrencies and bounty stakes on Tokpie exchange in the same way and under one interface. However, in contrast to cryptocurrencies, bounty stakes represent the right to get some amount of related cryptocurrency (tokens or altcoins) in the future. So, bounty stakes holders (as well as an ordinary hunter) don’t know exactly how much tokens they will get at the end of the bounty campaign. Also, every project’s bounty stakes can be traded only during a limited period of time (usually 3 months) until the moment of token distribution.
Would you like to add further information?
In addition to the original bounty stakes trading, successfully provided since Sep 2018, Tokpie will release Bounty Stakes Trading 2.0 solution in September 2019. It will allow bounty hunters to get Ethereum for bounty stakes in advance and increase their weekly incomes by 7-10 times.
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We thank Vasilii Silin for the interview.
- This interview does not constitute an endorsement.
- The answers have been provided by the interviewee.
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