You can place bounty on other players. These players get listed in Hitlist so that other players can claim the bounty. A bounty is claimed only when the opponent is killed in fighting i.e. the opponent's health becomes 0. Hitlist is a good way to seek revenge. Only players in your level range will be able to place you in hitlist and vice versa.
In a day, you can hitlist the same player 10 times. In total a player can be hitlisted 10 times. You can hitlist 25 different players.