Today, bounty campaigns are the most popular thing in the crypto community, but not many of “bounty hunters” know much about the origin of bounty.
The original “Bugs Bounty” program is the creation of Jarrett Ridlinghafer. He created it while working at Netscape Communications Corporation as a technical support Engineer.
Netscape encouraged its employees to push themselves and do whatever it takes to get the job done. Late in 1995, that idea inspired Jarrett Ridlinghafer and he coined the phrase, ‘Bugs Bounty’.
He recognized that Netscape had many enthusiasts and evangelists for their products. Some of them seemed to him even fanatical, particularly for the Mosaic/Netscape/Mozilla browser. Therefore, he started to investigate the phenomenon in more detail. What he discovered was that many of Netscape’s enthusiasts were actually software engineers who were fixing the product’s bugs on their own.
More recently, the concept of a bounty program comes from the online gaming world. There, an individual or groups get bounties as rewards for accomplishing certain objectives.
In the ICO sphere, blockchain startups use bounty programs to accomplish a wide range of tasks at the cost of the project’s token.