Bounties are crucial for cryptocurrency mass adoption.

TL;DR, Bounties help writing better software, creating more effective marketing and building stronger communities. Bounty0x is a trust-mitigating bounty hunting network.

Writing better software.

Bug bounties are a powerful solution for auditing code, developing code, and improving code. By posting a bug bounty, thousands of bounty hunters are incentivized to scan code for vulnerabilities and to submit their findings in order to claim the reward. If a startup were to invest the same amount of time to find bugs, the cost of doing so would be significantly greater.

It is critical for software to be flawless. This importance is underscored in the cryptocurrency space. If there is a bug in a facebook script then someone could lose pictures of their cats. A bug in a smart contract can result in the immediate loss of millions of dollars. As we all know, this has already happened. Thus it is an economically efficient solution for startups to invest in bug bounties.

Creating more effective marketing.

Second to technology, marketing is a critical area where startups benefit from posting bounties. Good marketing is crucial for cryptocurrency mainstream adoption as Blockchain is a concept that can be hard to grasp and many newcomers require a simplified introduction to the technology. Many blockchain start-ups choose to hold a bounty campaign prior to their fundraising period is because it is a very cost-effective marketing strategy. Bounty Hunters are rewarded in the start-up’s native token for writing articles, making videos and sharing content on social media.

Although technology is often more important than marketing, without proper marketing a technology will likely never get enough traction. Bounties are a crucial marketing machine in a space that urgently needs more marketers.

Building stronger communities.

Metcalfe’s law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system. This law is as true of social networks as it is for token models. A strong community is the key to success for any blockchain project or cryptocurrency.

Bounty programs have proven to be an excellent way of building strong communities. Through a bounty campaign, hundreds or even thousands of bounty hunters come together to support a project they believe in. This is crucial for the long-term success of a cryptocurrency since it attracts people that are also willing to invest their time, and not only their money.

Bounty0x

Bounty0x is a decentralized bounty hunting network where Bounty Hosts can post bounty campaigns, Bounty Hunters can complete bounty tasks and Bounty Sheriffs review submissions made by Bounty Hunters. There is no trust involved and all payments are handled by smart contracts.

The BNTY utility token is used in a staking mechanism to ensure that all users on the network are honest. Bounty0x is holding a main sale capped at $1.5mln on Dec 15th. The pre-sale concluded on Nov 21st and the $250k goal was hit instantly.

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