In the physical world, bounty hunting involves arresting criminals and delivering them to appropriate authorities in exchange for a reward.
The bounty hunter goes in search of the criminal with the hope of completing the task so he can get a reward. Just like it is in traditional bounty hunting.
Crypto bounty hunting has many similarities to traditional bounty hunting, except it's an even broader term with several fields to it.
Table of contents
- What is Crypto Bounty Hunting?
- Who are the Crypto Bounty Hunters?
- How Does Crypto Bounty Hunting Work?
- Types of Crypto Bounty Hunting Campaigns
- Differences Between Bounty Hunting Campaigns And Airdrops
- Crypto Bounty Hunting Sites You Should Know About
When most crypto investors hear about bounty hunting campaigns, they often think of airdrops and giveaways.
However, despite the similarities, crypto bounty hunting is a different area in the crypto space to airdrops.
What is Crypto Bounty Hunting?
Bounty hunting in cryptocurrency refers to a program that compensates users for completing tasks for cryptocurrency projects.
The hunters play their part in a project with the incentive of a “bounty” if they complete the tasks.
The tasks can be in the form of locating bugs (spotting vulnerabilities in the code) for blockchain/DeFi protocols, promoting a crypto project's ICO through your social media channels, marketing a project, e.t.c.
Crypto bounty hunting is a highly underrated area of cryptocurrencies that users can cash in on and make money by performing easy and complex tasks.
Who are Crypto Bounty Hunters?
The people who participate in the bounty hunting programs are known as bounty hunters.
When crypto projects need help from the community, with a reward mechanism put in place, bounty hunters take advantage of the situation and receive rewards when they complete the tasks.
How Does Crypto Bounty Hunting Work?
Bounty hunting campaigns were initially used to reward developers for spotting bugs that could pose security threats in a project's code.
However, bounty hunting in the crypto space has since spread wider with the inclusion of marketing campaigns.
Nowadays, bounty hunting campaigns in the crypto space are marketing strategies used to promote a project's ICO so that developers can raise funds to finance their crypto project.
The reward mechanism is tokenized in that a percentage of the token's supply is set apart for the bounty hunting campaign until the ICO is over (bounty hunting campaigns sometimes go beyond the ICO phase) and the tasks have been completed. In that case, the tokens will be released to bounty hunters.
To promote the crypto project, participants have to help the ICO gain recognition in the crypto space and attract investors to the ICO.
Types of Crypto Bounty Hunting Campaigns
Locating Bugs in Code
Bug hunting campaigns require programmers to help spot vulnerabilities in the code of a project and earn rewards for any flaws they detect that may pose security and operational threats to the project.
This is currently the most common use of bounty programs today. The Hunters help create awareness for a project using their influence in the crypto space and their marketing skills.
The goal is to get investors to join the community and invest in the project.
Social Media Campaigns
This necessitates that users use their social media handles to raise awareness and engagement for the Crypto project.
The tasks are all about making posts about the project, posting photos and videos, as well as publishing reviews.
Content Creation Campaigns
Content creation campaigns require writers, bloggers, vloggers, and other content creators to write articles, blog posts, and make videos.
Content creation campaigns require experts with the skills needed to create informative, entertaining, and expository content for the project.
Translation campaigns involve translating a project's articles and promotional materials such as whitepapers into other languages so that they can reach a larger audience.
Also read: 9 Major Limitations of Cryptocurrency
Differences Between Bounty Hunting Campaigns And Airdrops
It's important to know that bounty hunting campaigns are different from airdrops or giveaways.
In the sense that unlike airdrops and giveaways, which are one-off tasks, bounty hunting tasks are time-consuming and require repetitive actions, such as posting about the project at least five times a week until the project goes live.
In addition, bounty hunting campaigns require participants to have a skill they can use to promote the project.
It might be marketing skills, social media influence, or programming skills.
You can participate whether you're tech-savvy or not, but you need to have an area of expertise to participate.
Unlike airdrops and giveaways, which usually only require a few minutes of your time or require you to sign up for a social media page or enter your wallet address to receive the giveaway,
Crypto Bounty Hunting Sites You Should Know
To participate in crypto bounty hunting programs, you need to be aware of sites that post projects that are in need of bounty hunters.
Here are two bounty hunting sites you should know about.
Bounty0x is a site where users can earn cryptocurrencies by completing marketing, software development, graphics design, surveys, and content creation tasks.
Users can search for bounty hunting programs that match their skills, participate, and earn rewards in cryptocurrency such as Ethereum (ETH), Waves, Tron (TRX), and Stellar (XLM).
Gitcoin is only for tech-savvy experts with software-oriented skills, such as developers, who can find bugs and other malicious codes that can pose security threats to projects.