Have you ever heard of Bounty0x before? Chances are, many in the cryptocurrency community have, but have no idea what it is! With all the new projects being released, it’s difficult to stay up-to-date on each. Today, we’re looking at Bounty0x. We’re looking at what it is, how it works, and how you can use it. And don’t worry, as always on CryptoLearningAcademy, we’re keepingthings nice and simple in plain English.
What is Bounty0x?
Simply put, Bounty0x is a decentralized platform that enables bounty hunters to get paid in the cryptocurrency world. The network is designed to be a way for both hunters and bounty creators to connect. Besides connecting, hunters use the platform to get paid and seek out more bounties.
Because of the number of blockchain-related projects in the industry, Bounty0x makes things easier and more efficient. By using one platform to bring everything together, the system is significantly easier.
Both bounty hunters and hosts use the platform and native token, BNTY. The BNTY token ensures that bounties are legitimate and that hunters have completed their tasks. What we end up with is a decentralized but convenient way for bounty hosts and hunters to interact.
What is a Bounty?
While the platform sounds great, some newcomers to the industry may not even know what a bounty is! That’s fine. Bounties aren’t confusing, so you’ll get the idea pretty quickly.
To borrow Bounty0x’s analogy, think of it this way:
In the ‘Wild West,’ law enforcement used to put out “bounties” on criminals. Though law enforcement is powerful, they don’t have unlimited resources. Because of that, they would offer financial compensation for those willing to help out. By placing a “bounty” on a criminal, citizens are incentivized to help bring the criminal to justice! After apprehending the perpetrator, the so-called bounty “hunters” get paid. Not a bad gig, right?
Well, the cryptocurrency world has a similar setup as well!
[Prefer to see it explained in a video? Click here!]
Wait, We’re Going After Criminals?
Well…yes and no. In some cases, bounty hunters are going after criminals in the cryptocurrency world. Not too long ago, the Commodity Futures Trading Commission (CFTC) in the US put out bounties for anyone with information on ‘pump-and-dump’ groups. Cryptocurrency traders are able to earn a fat bounty if they’re able to assist in the apprehension of market manipulators.
However, the majority of bounties in the crypto world are not about bringing criminals to justice. Instead, blockchain startups and projects put out bounties to help them. Similar to how law enforcement doesn’t have unlimited resources, neither do cryptocurrency teams.
Bounties are used to get the community involved with a project and get paid for it! Bounty hunters do all kinds of tasks. Some of the tasks include things like finding bugs in the project. If you’re tech-savvy, you can earn a lot via ‘bug bounty‘ programs. On the other hand, you don’t need to be a programmer to participate in bounties.
There are all kinds of non-technical bounties out there for hunters. Since a lot of teams are made up of developers, they often need help in non-technical ways. Other popular tasks for hunters include helping a project on social media and spreading awareness. Hunters earn bounties simply by helping the project grow their online presence.
That Sounds Great; How Do I Get Started?
One of the easiest ways to start looking for bounties and hunting on your own is through Bounty0x. The platform hosts a variety of different opportunities for bounty hunters. Whether you’re brand new or have a lot of experience, there are bounties out there!
So what are you waiting for? Have a little spare time or a specific skill? Are you a programmer, social media influencer, developer, marketer? Get out there are start hunting down bounties today!