Crypto Intro is our series where we introduce core concepts to the crypto curious, as well as track developments and explain, ideally in plain English, events occurring in the world of blockchain.
As we are currently running a bounty program for Undiscovered Story, our “learn & earn” social good trivia game, we decided to take some time to explain what a bounty program is, especially as the word typically brings to mind images of mustachioed rogues with six-shooters or jetpack-wearing guns-for-hire in a galaxy far away. While some crypto bounty hunters may use such images as avatars, bounty activities are more akin to community building than gunslinging.
What is a ‘bounty’ in the crypto context?
In crypto, a bounty or bounty program is a means for getting the word out about a project as well as build an engaged community around said it. Typically, programs have three primary elements:
- A posting or series of postings that outline activities and criteria where one can earn crypto tokens;
- Individuals–known as bounty hunters–who (due to their belief a project will be successful) participate in activities outlined by the program;
- An issuance of tokens occurring some time after the bounty period has closed. It is at this time submissions are evaluated (whether submittals fulfilled the parameters of the bounty and how well they were executed).
There are several sites devoted to bounties, but we chose to list ours on Bounty0x. We made this selection based on a variety of factors, but one major factor was its clean and easy to navigate user interface, something especially near and dear to our hearts.
Why bounty hunting?
Bounty programs can create value for all parties involved. Good projects benefit from the efforts and networks of energetic community members; listing sites receive revenue for posting the project; last but not least, upon the success of the project and conclusion of the bounty program, bounty hunters have a real chance of being compensated for their community building activities. Also, from a social good perspective, it has been documented that crypto tokens earned from successful projects can actually give the economically disenfranchised a boost. This is of course contingent upon the bounty hunter selecting a viable, ultimately successful project.
How can I participate in the bounty program for Undiscovered Story?
We have already received over 700 bounty submissions (!!!) but you can start in on the fun here by signing up for a Bounty0x* account. Once you create an account you can make submissions to our program there.
*Bounty0x is the site we used to list our bounty. We do not own or operate this website.