A bounty is a reward offered by a group as an incentive for the accomplishment of a task by someone usually not associated with the group. Bounty hunters are people who work to accomplish these tasks. Over the years, bug bounty programs have assumed an important role in software product development & are used by major tech companies - Facebook, Google, Amazon etc. The advent of blockchain technology & networks like Ethereum have enabled very small teams to come together & build products with very lttle resources. However, when it comes to adoption, these teams find it difficult to find users, investors etc due to the sheer lack of resources. How do you fix this problem? Well, how about running a Bounty Program that rewards the bounty hunters appropriately, once you achieve your end goal? Isn't it a win-win for both parties? Most startups & teams working in the blockchain technology space have realised that bounties are crucial for mass adoption & for building devoted communities around their products.
In general, bounties may be classified as
a) Software related - programming, code review, auditing & testing etc
b) Marketing related - PR,article, social media marketing, influencer marketing etc
Most blockchain startups & teams currently rely on platforms like bitcointalk.org to engage with bounty hunters of all kind. While it is true that forums like bitcointalk.org entertain a large number of blockchain enthusiasts with a wide variety of skillsets including programming, translation & marketing, the fundemental issue is tha most of them aren't intended to function like a work & hire platform. Hence, teams find it extremely difficult to track their bounty progresses & in addition are having to rely on apps like google spreadsheets which complicates things. Teams cannot afford this level of micro-management because most of them wouldnt have the personnel or resources.
Enter Bounty0x , A decentralised platform built solely for Bounty programs, for bounty hunters & their hosts (hosts are startups/teams running the bounties). Bounty0x.io is a one stop shop for bounty hosts & bounty hunters to collaborate in a mutually beneficial arrangement. Teams will be able to easily and efficiently disburse payments to contributors who have fulfilled the requirements of any bounties using their own native token. I was introduced to Bounty0x through the district0x project where it was intitially proposed as a district & has subsequently gone on to become one of the top most upvoted proposals there.
Bounty0x is essentialy a bounty hunting network with a staking and token burning based review system for submissions. Bounty hosts submit bounty campaigns & bounty bunters can complete bounty tasks and bounty review submissions made by bounty hunters. On the Bounty0x network, bounties fall into following three categories:
1) Simple bounties- Simple bounties that can be verified automatically by Bounty0x algorithms and external API’s
2) Sheriff bounties - Bounties that are verifed by bounty Sheriffs who earn their "Sheriff" badge through token staking.
3) Super bounties - Highly technical or subjective bounty tasks
The core component of the Bounty0x network is an ERC20 based token called Bounty token (BNTY). Bounty0x works by "staking" BNTY tokens in exchange for value. Staking means an amount of the BNT tokens are on the stake, hunters may earn rewards or lose their "staked" BNTY tokens depending on the outcome of the task. For example, bounty hunters need to stake BNTY to participate in "Super Bounties" & will lose some of their staked tokens if their submission is rejected. Similarly bounty hosts need to stake BNTY to post new bounties & a portion of the staked tokens is burned if their posted bounties are rejected or are found to violate the platform guidelines. Similarly Bounty Sheriffs will be able to stake BNTY to review bounties.
If you haven't checked out Bounty0x yet , head over to this link.