Thanks for this video man. I am so excited about this!!!
ANSWER 1: Yes, I understand the Hunt
ANSWER 2: Yes, I have earned my first 100SP

To be sure I took my time watching the video and wrote down what I understood (hopefully if I got something wrong I could be corrected now before the challenges start). Here is what I understood:

Steemian Hunt 10K is the application process created by @nathanmars to get featured in the Steem Angel list (alpha version).

Once a person gets featured in the alpha version of the Steem Angel list, they will be given two challenges - beta challenge and omega challenge. After successful completion of these challenges, 1000 liquid Steem will be given as the final prize. If your application is accepted or you are ‘successfully hunted’, the second award will be a delegation of 100 Steem to 1000 Steem even as we complete the challenges (between alpha and omega challenge).

Another advantage of this (perhaps the biggest one) would be that once successfully hunted you would be featured in the Steem Angel list (alpha version) and your profiles would be visible to all and that would provide you with much needed exposure. People would be able see your contribution to the platform and how that resulted in our success. This in turn would attract more people to this effort. The goal is to push the price of the Steem to $100 and beyond.

Create 3 DLive Blogs and put them in DLive box and it would be judged for the candidates who are to be finally featured in the Steem Angel list. Just like a resume is judged for a job.

Alpha Blog: About you. What kind of person you are. What’s your world view. What’s your stand? Have you figured out yourself or do you know deeply about yourself. What makes you come alive. What gets you excited or what you love? What sports you love (even what positions you love to play). Have you figured yourself out or know who you are?

Beta blog: About Steem and you. Like a date b/w boy and girl. You are the boy then steem is the girl. Why do you want to go out with this girl or why are you steeming or why you chose steem? What’s your experience till now with steem. Why are you so interested in steem and what are your future plans for steem? How much dedication you show and passionate you are for steem. Basically, why STEEM?

Omega Blog: This is the deciding blog (factor) to get accepted. It is more complicated than the other blogs and you need to have earned 100SP before you complete this blog.
By earning this 100 SP you show that you have what it takes to be a good Steemian. You have a sound mind and body and thus you are up to this challenge. Then you share how you earned this SP in a video. What difficulties you faced while earning the SP. How you improved your work and what contributions you made. How long did it take to earn it? What you learned during this journey. How many hours a day you spent working to earn that SP. How hard it was as the journey progressed. How was the beginning of earning your first 10-20 SP?
Have you collaborated with others? What mistakes you have made and what have you learned from these mistakes. Have you figured a new way of adding value to others and yourself?
Basically, not just how you earned your SP but the actual process of it. You compare this process to a game. Not just describe the strategy of the game but describe how you passed the ball before the goal was scored (collaboration, trying new things, learning, etc.).
@nathanmars's example: He tried a bunch of things before deciding to go all in with DLive. So, what has become your USP here - your focus, speciality.