Academy Series #13: Take your Web3 Career further with Hackathons, Grants, and Bounties
Web3 Development is all the rage nowadays, especially for developers and anyone looking for a software development career. The interest in Web3, Blockchain, and Crypto as a technology is at an all time high, and continues to grow at an incredible pace. As a result, more and more talented professionals are learning these new technologies to join this movement.
It’s important to understand also that this change is not happening only due to technological reasons. Instead, lifestyle and culture have had much impact on these choices. For example, most Web3-focused companies, or DAOs, boast a remote-first culture, high salaries, flexibility, and independence to work beyond what’s ever been seen in other traditionally Web2 companies.
We live in a perfect storm for opportunities for anyone who wants to venture into Web3 as a developer. There are opportunities for everyone, and those who dedicate themselves to developing skills and growth in this new world will reap immense benefits in the future.
For many, the biggest question right now is: how can I start?
Well, the goal of this article is to provide and explain to you some excellent options for you to kick-start your web3 career: Bounties, Hackathons, and Grants.
A cultural change is happening.
Over the past eighteen months, we’ve witnessed a substantial international phenomenon called the great resignation. Many professionals worldwide are quitting their traditional 9–5 jobs to pursue a career that can give them more autonomy over their lives, both professionally and personally. In addition, they want challenging opportunities with projects that more closely align with their passions — and they want to do it on their terms.
This cultural shift aligns perfectly with Web-3 focused companies. But, as mentioned before, Web3 is more than a shift in technology. It is also a digital cultural revolution that takes us back to a genuinely decentralized peer-2-peer economy that was the foundation of the internet. The significant difference is that we now have tools for native monetization and social engagement that we didn’t have back then.
Because of this, we’re now seeing the rise of a new freelance economy of sorts. People can do highly qualified work that they choose to do for multiple DAOs, receive numerous sources of income on their terms, and work on several projects at once.
And no worker will be judged for their options, simply because that’s the norm. What you deliver matters more than the hours and work you do, and the more you contribute to multiple projects, the more valuable you become.
Why work in Web3, Crypto, or Blockchain industries?
First, there’s a big chance that the technology will impact nearly every sector over the next two decades. By dedicating time to Web3 related technologies, you can become an expert in this growing field in a much faster manner than climbing a decades-long career ladder typical of any well-established area of work. With the pace of change and the novelty of the technology, you can truly become a worldwide expert in specific subsets in Web3 in less than a year.
Second, the demand dramatically surpasses the supply. There are so many new projects and initiatives appearing every day, new companies entering the field, and new challenges to overcome that the need for specialized knowledge and skills increases at an impressive pace.
Finally, getting in on the ground floor of Web3 also has a significant financial benefit. Web3 developer payouts are now the highest in the software industry. On top of that, many Web3 development jobs involve being rewarded with new token issues, which can dramatically rise in value if the project takes off. These types of rewards are much more liquid and flexible than traditional equity or stock options.
So, what options do I have to work in Web3?
There are certainly many options to work in Web3, and if you start looking on any traditional tech job board, you’ll find many opportunities for full-time positions in blockchain projects.
However, as mentioned before, there’s a cultural paradigm change with Web3, and with this, many alternatives to traditional employment. These alternatives allow you to choose to work on projects depending on your commitment, time, level of knowledge, and interest in the project.
Regarding these alternatives, there are three common ways for you to work in Web3: Bounties, Hackathons & Grants. Let’s cover each one of them below.
1) For Individual Work: Bounties
One of the most common web3 work opportunities are bounties. As the name suggests, bounties are specific tasks that a team or a project needs to complete. First, the team puts a price on the issue and then releases it on the open market.
These bounties can take any form, but they are usually related to issues and features in a backlog of a project. Bounties are a flexible way for companies to outsource issue development without hiring a big team.
For example, BEPRO Network was explicitly developed with bounties in mind. The process is simple: you have an issue or a feature you need to be developed, and then you “put a price” on the issue. Whoever solves the issue and delivers it will then get paid that price.
In a sense, it’s the technological version of classic Bounty Hunters! :)
Bug Bounties are a specific type of bounty targeted at security-focused professionals and developers. These bounties don’t have a particular issue to be solved. Instead, teams offer prizes to whoever finds and privately discloses bugs to the core team before being disclosed to the broad public.
These bounties usually have rewards depending on the criticality of the bug found. For example, a minor bug could have a payout of a few hundred or thousands of dollars. However, a critical bug that could potentially hack and drain a lot of money from a DeFi protocol could be eventually paid out at several dozens or hundreds of thousands of dollars.
Bug bounties are very used by protocols and projects that deal with a lot of critical information, or deal with very high amounts of money.
2) For teamwork: Hackathons
Another alternative for Web3 work are hackathons. They have been around for a while now, and their popularity skyrocketed in recent years. As a result, we are starting to see more and more web3-focused hackathons.
A tech company or organization usually hosts a hackathon, and programmers get together for some time to collaborate on a project. The time for a hackathon can range from very intensive (24h — 48h) to a couple of weeks.
Hackathons have different goals, but overall, many focus on exploring either a specific technology or field of business. The goal is to get the participants to work and iterate rapidly on projects and deliver and present a finished product by the end of the Hackathon.
The short time usually forces the participants to be focused more on shipping products, and it’s an excellent way for the Hackathon organizers to see a lot of new ideas and products being born in a short time.
For developers, it’s a great way to:
- Learn new technologies rapidly — there is an opportunity to learn by trying new technology in a failsafe environment and also to attend sessions organized by the hackathon organizers;
- Plant the seed for a new project — there is the opportunity to turn an idea into an actual product with a real-world use case. It has happened in the past, and several multi-million dollar companies started in hackathons.
- Find a community — You can find a community of like-minded people in the technology used for the Hackathon or a community around the product itself.
- Make money — Also, many hackathons are also an excellent way to make money too since there is the promise of financial rewards when you win a Hackathon prize!
3) To bootstrap a bigger project/endeavor: Grants
A third alternative, especially if you already have a project you want to work on your own, is applying and obtaining grants.
Currently, many protocol teams provide Grant opportunities. Usually, these grants have a payout in tokens, but usually, the amounts are higher.
The goal for grants is usually to support bigger development teams and research projects. If you already work on a project and have a clear vision and plan, applying for grants is usually an excellent option.
All in all, Web3 is here to stay, and opportunities are everywhere. So if you are a developer, don’t miss the train, and hopefully, this article gave you some ideas on how you can slowly transition and kickstart your Web3 career!
If you have questions or ideas around the topic, feel free to reach out directly to us, and I’ll be happy to help! Just ping me directly at email@example.com!
About Bepro Network
Bepro Network is a codebase for DeFi, Gaming, Prediction Markets & More. We are a Code-as-a-Service protocol providing technology and support for blockchain-based applications.