Crypto Bounty Hunting is now becoming a viable career option for many techies looking at entering the cryptocurrency industry. Digital bounty hunting is a job where a person gets paid “bounties” for completing various tasks.
A Growing Industry Segment
Companies need coders find weaknesses in their codes which could leave them to hacking or other malicious attacks if not fixed immediately. The challenge is that many times, these coders are unable to collect their “bounties”, either because companies feel that the errors the coder spotted don’t qualify for a bounty, or there are so many people who were asked to look for the glitch that the company doesn’t know which coder to actually pay. The result of this was that many coders started drifting away from digital bounty hunting, leaving firms vulnerable to attacks.
However, now, startups such as Bounty0x, Gitcoin, BountiesNetwork and many others are stepping in to plug that gap. Such companies make it worthwhile for digital bounty hunters to troubleshoot and find the issues in codes, without having to worry about whether they will get paid or not. These companies have come to be known as bounty hosts and their job is to connect companies that need their codes checked for weaknesses.
Helping People Out of Poverty
As this segment of the cryptocurrency industry grows, the range of tasks that bounty hunters can complete also has increased. While a large part of the programs today still focus on identifying glitches in code, there are also a growing number of platforms that also offering a wider range of services, such as writing content or even tweeting out links.
Platforms not only offer coders and developers the chance to make money, they also offer non-developers the chance to earn bounties. By setting up micro tasks like sending out tweets or writing reviews for various products, companies pay its bounty hunters a couple of dollars.
This may seem like a paltry sum for those in developed countries. But these companies are hiring freelance digital bounty hunters from across the globe, and for a person from a developing country, these few dollars are a big source of revenue.
Interviews with some of the bounty hunters from Nigeria reveal that by working with bounty hunting platforms and completing such tasks, they can earn up to $1,000 per year. This is about double of what the average Nigerian earns annually.
While there are thousands of people who have benefitted from this new industry, there is – as always – a darker side to this new market as well. Live bounties have hundreds of tasks related to promoting Blockchain based products or new ICOs. And considering how much fraud there are in this industry, it is quite possible that a lot of these bounties are for pump-and-dump scams.