Let’s Welcome Bountie’s New Tech Advisor Svetlin Nakov

Bountie/01 June 2018

It’s time to welcome a new important person into the Bountie fold, Bountie Hunters. Say hello to tech advisor Svetlin Nakov. 

Svetlin Nakov is a technical expert from Bulgaria who is solely focused on blockchain, education, and decentralized computing. With 20 years in the software industry, he is an experienced software engineer and trainer. His list of achievements includes being a champion in programming olympiads in the 90s and co-founding of one of the largest tech-training centres in Southeast Europe called SoftUni. He also holds a PhD in computer science. 

He holds a tech role in two successful ICO projects: LockTrip and Academy School Of Blockchain. His role in Bountie means that he will support the upcoming platform and its inception from a technical perspective, as well as review its technical architecture, its blockchain tech, its security, and its other elements like blockchain transaction, transaction fees, and instant token transfer.

We are featuring his recent thoughts about Bountie from his personal blog

On Evaluating ICO Projects

When I evaluate ICO projects and blockchain startups, I mostly analyse several important things:

  • Token mechanics: strong ICO projects should have valid token mechanics. Valid token mechanics means that someone (in the long-term) will have a good reason to buy tokens and someone else will have a good reason to sell tokens (on long term). The ecosystem should be unable to function without the token circulation and the tokens should take part in transactions, impossible with fiat money (e.g. smart contract logic).
  • Strong team: successful startup projects are driven by exceptional teams. A strong team, with solid experience, high motivation, passion to build, and full dedication, is essential for the success of any startup, including the ICO-based ventures. String ICO teams should have a good balance of experienced people in management, marketing, product development and all other roles.
  • Market demand: successful startup projects (also ICO-based startups) should deliver innovations, products and services, which are valuable for the user. Users should have proven willingness to use the products/services (and pay for them) because they improve their life or solve some significant problem in certain industries. I call this high market demand. It is essential for any business venture and can be deeply researched and proven before building a product/service/company.
  • Technical feasibility: the product/service that and ICO wants to build should be technically possible, and a clear vision should be created about how to build it: technologies, team, budget, timeline, etc.

By my experience, the above are the most important things to consider when you analyse if an ICO project will be successful on a long term. I do not involve myself in fake projects or projects with the low potential to be successful, not just as ICO, but as a product/service/value they provide for a long-term period, after the ICO.

Generally, I think that most of ICO projects on the market will not succeed, because they do not match the above-listed criteria, but the token mechanics, blockchain and decentralization as concepts will have a huge impact on the business and the society in the next years. That’s why I am involved in the blockchain tech community.

On Bountie’s ICO Chances

I think Bountie’s token mechanics will survive after the ICO because:

  • Gamers will play games (for long-term) and will be happy to win tokens for their achievements in the games and in the community around them. The tokens will be tradable, so best gamers will be paid to play games and to be strong players.
  • Partners (game producers, hardware companies, game publishers, etc.) will be happy to purchase tokens and use them for marketing of their gaming products and services. Tokens will be spent to influence the gamers, as a strong marketing tool.

On Why Bountie Will Be A Success

Bountie will build a big and strong gaming community, because it has very experienced team and solid partner network and because it provides a cool product for the gamers. Partners will want to access this gaming community for their promotions, gamers will be happy to be awarded and paid for their achievements, so I believe the token economy in the Bountie ecosystem is valid and valuable.

The team behind Bountie is solid, experienced and highly motivated. When I visited their office twice in Singapore (in May 2018) I found them hard-working late in the evenings, in a small startup-style office, with strong team spirit and passion to build a successful ICO.

In ICO projects, the marketing team, experience, budget, relations, and partnerships are the most important thing during the ICO (token sale) phase. You should have a good product, but you should sell it well, and this is even more valid with ICOs. The marketing team behind Bountie is really strong and experienced.

The market demand is strong and the gaming market is really huge. Ask the gamers “who want to be paid to play games?” and check the responses. Ask the game producers, publishers and game marketers “who wants to pay to access a strong gaming community?” and most will answer that they are currently paying for this, but they want to improve their budget efficiency. I believe that the market will accept the token mechanics and the opportunity to use the blockchain in the gaming industry is huge.

The Bountie product, in its first few versions, is simple: instead of building a technical platform and software integrations with hundreds of games, Bountie will use people to organize and judge the game tournaments through the Bountie platform and will implement token transfers between the participants in the platform. This is not very complex, so the technical risks are not big. Still, technical challenges like maintaining a solid level of security, the transaction fees and blockchain scalability remain and technical solutions will be provided during the project evolution.

I am convinced that the Bountie project will be successful as blockchain tech startup, because of the following:

  • valid token mechanics
  • strong team
  • high market demand
  • technical feasibility

Thanks for your time, Svetlin! We look forward to your contributions at Bountie. 

As an aside, our Bountie Hunt campaign is still ongoing. Sign up to stand a chance to win 100,000 Bountie Tokens. 

Bountie

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