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The bounty mechanism improves the efficiency of the use of treasury funds through “professional people do professional things”.
Original Title: “Detailed Explanation of Bounty Mechanism | Polkadot Wiki”
Written by: Polkadot
This article is the newly updated content in the Polkadot Wiki, which introduces the new bounty mechanism of the Polkadot Treasury (Bounty) . Simply put, the bounty mechanism improves the efficiency of the use of treasury funds through “professional people do professional things”.
We have posted other parts of the Polkadot Treasury Wiki before, and you can view it here: Polka Treasury Wiki . Polkadot Wiki is Polkadot’s official document, PolkaWorld is currently in serial translation.
There are practical limitations to the ability of board members to manage treasury proposals: board members may not have sufficient expertise to properly evaluate all activities described in the proposals. Even if individual members have such expertise, it is unlikely that most members can handle such a variety of topics.
“Bounty expenditure Bounties Spending” proposal aims to entrust the screening of spending proposals to an expert called the manager (curator): they can be defined as part of treasury funds proxy address, the purpose is to repair the bug, vulnerabilities, develop strategies, or monitoring and Tasks related to specific topics: In short, everything is for the benefit of the Polkadot ecosystem.
Proposers can submit a bounty proposal, which is approved by the board of directors, and a manager is assigned later. The manager’s background and expertise enable it to determine when the task is completed. After the bounty proposal is passed, the board of directors will select a manager who needs to pay a deposit in advance to hold the position. If they act maliciously, this deposit can be used to punish them. However, if they successfully complete the task of getting someone to complete the bounty work, they will receive a deposit and part of the bounty.
When submitting the amount of the bounty, the proponent will reward those managers who are willing to devote time and expertise to the task: this money is included in the total amount of the bounty. In this sense, the administrator’s fee can be defined as the amount paid to the person who received the bounty from the total bounty.
Generally speaking, managers should have an experience that matches the problem the bounty is trying to solve: they should at least have a wealth of knowledge about the subject matter involved in the bounty, and demonstrate project management skills or experience. This ensures that the mechanism can operate effectively. Bounty expenditure is a reward for a specific work (or a specific set of goals) that must be performed, and a pre-set treasury amount will be given. The administrator is responsible for allocating the payment address when the designated target is completed.
After the board of directors initiates a bounty, it entrusts the work that requires professional knowledge to the manager, who will be responsible for the task of trading active bounty. After an active bounty is traded, the bounty will be delayed to the payment address and the administrator fee will be paid. The delay phase allows the board to take action if any problems arise.
Like the proposal, in order to minimize storage on the chain, the bounty does not contain contextual information. When users submit a bounty spending proposal, they may need to find an off- chain way to explain the proposal (any available community forum can be used). This template can be used as a checklist of all necessary information to help the board make an informed decision.
The default period of the bounty is 90 days , which can be extended by the administrator. In order to maintain the flexibility of task planning, managers will be able to create sub-rewards to be more refined in the next iteration of the mechanism.
Create a bounty proposal
Anyone can use Polkadot JS App to create a bounty proposal: users can make proposals in the dedicated Bounty section of Governance. And use the user interface under development to view and manage bounties in Polkadot Apps. It will provide services to board members, bounty managers and beneficiaries, and all Kusama users who comply with the on-chain treasury governance. At present, the help of members is needed to propose a bounty proposal for voting as a motion.
If you want to cancel a bounty, you can delete the appropriation of a specific treasury amount; if the task has been completed, you can trade it. Conversely, the 90-day period of the bounty can be extended by modifying the validity period of the bounty to keep it active.
Once the manager approves the completion of a task, the bounty can be closed. The administrator should ensure that the payment address for the active bounty is set up in advance. The active bounty that has been traded will be delayed to the payment address and the administrator fee will be paid.
You can use the “Extrinsics” to select the “Treasury” pallet, and then select “Award_bounty” to transact the bounty, make sure to complete the correct bounty and finally sign the transaction. It is important to note that after the bounty is traded, the person who receives the reward must request a specific payout amount from the payout address by calling Claim_bounty after the manager performs the transaction.