Do you know what Web3 bounties are and why they exist? The blockchain industry too has bounty hunters and there are tokens involved in the process. To understand how this works and why it’s a great way of finding professional developers and rewarding them according to their work, keep reading.
Web3 bounties are an innovative mechanism for companies to find specialized developers. The latter get rewarded for their work in tokens. It is a popular model within the Web3 world and it’s been successful in solving a lot of problems that would otherwise take longer or maybe remain unsolved. Bounty hunters — the terms used to describe outsourced developers — are usually hired to find and solve bugs, correct already identified mistakes, or simply contribute to a project in progress.
Nowadays, more and more people look for freelance jobs that allow a more flexible lifestyle and the opportunity to work with different projects and people. Web3 bounty programs are great for that since it asks for the completion of specific tasks rather than an ongoing 9 to 5 job. This is why this model is so attractive for web engineers and developers looking for enticing freelance opportunities. There are many different Web3 bounties, but the following four are the ones companies seek out most:
- Bugs — Destined to hire developers to find bugs in a project’s code, especially before something important is launched. They are rewarded for each bug found and there can be different levels of rewards, depending on the bug’s security level, for example.
- Smart contracts — When a company is looking for developers to review and correct a published smart contract.
- Github repository — Some bounty hunters invest their time in GitHub, by helping out with problem-solving, correcting mistakes, adding information, and finding different solutions, among many other things.
- Misc bounties — Some requests are more general and can cover almost any area, from blockchain development to UX, usually to contribute to an earlier phase of a project, when a new interface is needed, or a company is building a new application.
Web3 bounties are also a smart way for companies to have contributors doing work without hiring an entire tech team full-time. Since the bounties are usually specific to a certain task or area of expertise, it narrows the search — and the contributions. This means the developers will be motivated not only by the sight of earning tokens but also by the job itself. The whole process is quite straightforward: companies launch the bounties, bounty hunters accept them knowing beforehand how much they will get paid, and the funds are transferred to their wallets once the task is successfully completed.
Freelance and remote jobs have become increasingly popular since the pandemic hit and people — both the corporate sector and employers — understood the benefits of working from anywhere in the world. Some may say there are downsides, but most agree on the effectiveness of it. Bounties are just one of many ways to freelance and hire freelancers with everything out in the open: both parties know that the pre-agreed payment will only be made if and once the task is completed. This ensures the company is hiring someone who will certainly get the job done since bounty hunters know what they are applying for.