A bounty is the process of an exchange between two parties. Simply put, bounties reward a task completed by developers.
When it comes to web3, bounties are rewards given in exchange for specialized work, like devs, and are typically in the form of tokens.
A web3 bounty is an excellent choice for blockchain projects, such as DAOs or DeFi, and for professionals.
Because experts, such as blockchain developers, are still scarce, bounties have emerged as a way to recognize specialists in a manner similar to a ”freelance model”, despite the fact that they are rewarded in tokens for the completed tasks.
A web3 bounty can take any form, but they typically relate to problems and features on a project’s backlog.
To address these issues, organizations can use bounties to outsource development rather than hiring a large staff.
Why do web3 bounties matter?
Bounties are, after all, part of the web3 work culture. There is also a “name” for people who seek to provide services in exchange for tokens: bounty hunters.
These professionals are constantly on the lookout for tokenized incentives.
Bounty platforms usually allow DAOs and protocols to pay out bounties in the form of their own tokens, ETH, stablecoins like USDC, or other ERC-20 tokens.
Types of web3 bounties
There are numerous examples, such as bug bounty programs, bounties for reviewing smart contracts, tasks, and so on. Let’s understand a bit more about these opportunities:
Bug bounties
Before projects are released, developers and researchers search for bugs and are rewarded for each bug found. The reward may vary depending on the security level of the bug. A critical-level bug will pay a bigger prize rather than a low-level one.
Web3 developer bounty for smart contracts
Organizations publish a smart contract code for developers to review and identify flaws.
New features
Some web3 bounty programs seek blockchain developers, designers, and UX writers to help them expand blockchain and web3 with new features.
GitHub Repository Bounties
Some bounty programs compensate researchers for discovering vulnerabilities and submitting solutions to GitHub repositories.
Want more details? We thoroughly investigated all of these bountiful ideas for organizations to accelerate development.
Tasks
Tasks are small gigs builders can participate in, in exchange for a monetary reward. Unlike common bug bounties that are focused on software development, tasks offer builders with different skills the opportunity to work and solve challenges in exchange for monetary rewards. Tasks can be found on Task Marketplaces like Bepro.
Head over to Bepro, browse through available tasks, and start earning today.
Bounty Benefits: advantages for organizations and web3 projects
Find and attract talent
Launching a bounty program will attract talent from around the world to help you test a web3 platform, review a smart contract, or find bugs.
On the other hand, bounties are a place for qualified professionals to be on the web frontline earning tokens without reporting to a boss. In other words, it’s a method of bringing talent closer to your projects by responding to complex demands without hiring a new employee.
Furthermore, a web3 bounty network is also a low-risk learning curve for anyone looking to transition from a web2 to a web3 environment.
Reduced cost
While bounty programs attract talent, they also help organizations save money in a variety of ways.
To begin with, paying bounty hunters can be significantly less expensive than paying full-time employees. Bug bounty programs, for example, are less expensive than hiring consultant firms or a full team to execute tests.
Another significant cost saving is related to cybersecurity. You will be less vulnerable if you create a web3 bounty to review a smart contract or to promote tests (for example, with a bug bounty).
In other words, you are preventing cybersecurity incidents in your organization. It follows that even the most expensive bounties are frequently significantly less expensive than data breaches.
Continuous testing and reporting with developer bounties
When a web3 bounty program is designed to encourage developers to conduct tests, they have the opportunity to improve the quality of the product, service, platforms, or system on a daily basis.
It means that bounties offered to developers and researchers who consistently report bugs, for example, are an opportunity to reduce high-frequency functional bugs before significant damages harm the system or, worse, harm users.
As a result, a company that tests, finds, reports, and fixes vulnerabilities on a regular basis is less likely to be attacked by malicious individuals.
Building brand and reputation
A web3 bounty can help (or be the starting point) for blockchain projects to gain community credibility. This is also helpful in attracting investors and VCs to projects and DAOs.
If you are a web3 entrepreneur or a web3 investor, following and engaging in hot web3 topics on Twitter and on Discord communities is a great way to generate buzz for your project.
Because these networks host the largest and best blockchain debates, there is a good chance that you will find blockchain developers and experts to join your bounty program and provide feedback.
Web3 bounties are also a good way for professionals to start building their reputation and, of course, experience.
Thus, if you are a software developer looking to become a blockchain developer, completing multiple bounties can help you build your portfolio and land a full-time job in this field.
👉 Blockchain developer vs software developer: key differences
Payment methods and the use of tokens
Payment with crypto tokens is one of the many game changers when it comes to web3 bounties.
When an organization sets the reward for a bounty, it will always pay the same amount when the issue is finished. This means that when it comes to web3 bounties, there is no cheaper labor than another.
This enables a truly global economy, whether a person is in the United States, Thailand, India, Brazil, or Mars.
It is also fair for organizations because web3 bounties have flexible pricing to accommodate a variety of budgets. There is no minimum price to open a task, and only those who are interested will try to solve your problem.
The market will eventually regulate itself, based on supply and demand, but the ability to pay with your own token is another highly praised factor to consider.
Furthermore, bounties clarify the game’s rules, give that a web3 bounty:
- Can operate for six months, a year, all the time, or just a couple of days;
- Experts understand that they will only be rewarded when they complete tasks (and are approved by the bounty promoter), avoiding incomplete deliveries;
- Everyone is aware of how and how much they will be paid;
- Stablecoins, such as USDC, which is regularly equivalent to fiat currency fluctuations;
- ERC-20 tokens, are Ethereum blockchain-based tokens. Smart contracts on the Ethereum network generate them.
Growing number of opportunities in web3 bounty platforms
The number of web3 bounty platforms grows by the day, along with the rewards they offer. As the ecosystem grows, so do the types of tasks and bounties available, ensuring that there is something for everyone, regardless of their specific skill set or area of expertise.
The Bepro Task Marketplace
Bepro is a Task Marketplace designed to connect builders with diverse skill sets to a platform where they can contribute their expertise and get compensated for their work. Designers, content writers, developers, and any kind of builder can join the Task Marketplace and submit their deliverables to open tasks which are then reviewed by community curators who select the best solution and reward the winning contributor.
To contribute to the Task Marketplace, simply connect your smart wallet and start working on the task that best suits your skill set. After submitting your proposal, the deliverable will be reviewed by curators and if your solution is deemed the best, the reward will be credited to your wallet automatically.
To learn more about the Task Marketplace, please refer to the FAQs.
To sum it up
Organizations, DAOs, and all sorts of web3 projects promote Web3 bounties with the goal of solving specific issues.
There are numerous examples of bounties, with bug bounties being the most common. Other examples of developer bounties include smart contracts review, new feature development, and GitHub Repository Bounties.
These rewards are typically paid in tokens, which can be native tokens, stablecoins such as USDC, ERC-20 tokens, or simply ETH.
About Bepro
Bepro is a task-based marketplace created to help organizations and builders thrive. Organizations can easily create and launch tasks, while builders have the opportunity to work on them and earn crypto as payment. Ready to start? Here’s how.
