Records here involve dangerous individuals (like criminals), creatures (like a rampaging animal or monster) or even (most of them are tainted) Essence Beings that fetch a reward if you manage to hunt them down, depending on if you are a bounty hunter, Core hunter, mercenary or other kinds of people that would be interested in this.
However, they are not on a hit list for nothing and, most of the time, exceptionally dangerous, so only take them on with strong enough characters/groups. The client varies from target to target. Targets are usually NPCs but, if it is a person (creatures and Essence Beings are not playable), you 'could' make one for a player character. However, do not forget that you are a target for others then, which would make it difficult to find play partners that do not want your head.
Write a comment if you want to take on a certain bounty, so that the one that created it knows someone wants to attempt it.
The actual bounty hunts can be played out in the RP forum and should involve the one who created the entry to play the target - powerplaying the target when you are not the one who created it is forbidden - and the hunter/s. The one playing the target should give the others an actual challenge, meaning that pre-determining who wins is not allowed for bounty hunts. Bounty hunts can actually fail and leave damage to the hunters although their players can decide how much lasting damage they take or if they just escaped safely.
Instead of pre-determining who wins - which is way too easily exploitable - the hunters will be provided situations they have to deal with. Depending on how they act and what they do, the flow of battle can change which is in the hand of the entry creator (who should be as fair as possible). You could, for example, have a situation where a monster crawls up to the ceiling and players have to use the right means to get it down there - which can leave it vulnerable after it fell down - or be prepared to be attacked and take damage from above. If the entry creator says the hunters take damage, then they take damage. Of course, you could also use mechanics for the battle but that is fully optional.
You can actually earn bounty points that can be spent on the site with bounty hunts. There is no shop yet and we have to decide on the rewards but you can still try gathering them. However, only staff made bounties can give these points. Other players can still create bounties and decide on rewards but not give out bounty points.
Entries that are marked special are usually handled differently. E.g. a special target could be similar to a raid boss, meaning you have to work together with a lot of other people to have the slightest chance of winning. It could also happen that you won't be able to defeat the target and need to chip down its health. Special targets are unique and differ from target to target.
Most people attempting this should abandon all hope of winning - they are lucky if they can make it out alive. These threats are possibly the most dangerous ones and there are almost always numerous clients wanting them to be gone. X is the highest threat level but there has been no target that is dangerous enough yet.
Targets where the threat level is unknown due to missing information. These are a gamble, as you can guess, because you could get an easy target or one that can make your life a living hell. Best be prepared for anything.