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Bounty programs are usually an integral part of any digital marketing and promotional enterprise.
What are Bounty ProgramsBounty programs are often an integral part of and ICO's marketing and promotional plan. Bounty programs are incentives offered to participants in respect of a range of different tasks related to an initial coin offering (ICO).
The tasks are usually spread across the different phases of an ICO. Participants can be investors, developers and advertisers of ICOs. Or, they can simply be people wishing to earn some tokens. The incentives can sometimes be in the form of fiat cash, but this is rare. Incentives are usually paid in tokens. The tokens can then be traded later for money when the cryptocurrency begins to trade.
Bounties in the digital currency world are like the bounties offered in the gaming world. In gaming bounties are offered for helping with a game’s development. A bounty is simply an incentive o
ffered by a business to individuals. They are paid as a reward for performing certain tasks. In the world of cryptocurrencies, bounties have become an important part of ICO campaigns. Most companies now use bounties to assist with the launch of an ICO. During an ICO campaign, bounties may be offered for tasks such as bug-finding, promoting the ICO, and improving the cryptocurrency platform. The rewards are usually paid in tokens. Very occasionally, rewards are paid in fiat money.
The cryptocurrency space is well-suited to bounties. They offer substantial rewards for both the startups and for the participants. The crypto-world is growing fast. Companies are always looking for new ways to promote their alt-coins. However, bounties are not the only way that companies are promoting ICOs. If you follow the crypto news, you will see lots of new, innovative methods that companies are using. Some of these methods aren’t always very profitable for the participants. Bounties, on the other hand, are one the best ways to earn coins for completing tasks.
An initial coin offering (ICO) is the first release of a coin or token. An ICO is made by companies as a means of raising initial funds for a cryptocurrency project. An ICO begins with a white paper. A white paper is what outlines the purpose of the coin and the marketing strategy. An ICO white paper will typically include the following information:
• A detailed explanation of what the cryptocurrency is about.
• The motivation behind cryptocurrency, and the real-world problem it addresses
• The financial arrangements, where a key point is how much cash the startup needs
• The exact number crypto tokens to be issued
• Information on whether the start-up will accept only cryptocurrencies or ordinary money too.
• The end date for the ICO campaign.
During an ICO campaign, a cryptocurrency startup’s main objective is to raise enough funds to get the project off the ground.
Type of ICO Bounty ProgramsBroadly, there are two phases to an ICO. The first phase is known as pre-ICO. Bounties for this stage of an ICO usually include social media campaign bounties, article writing bounties and Bitcointalk signature bounties. The second stage of an ICO is known as post-ICO. Here, the focus of bounties shifts to fine-tuning the released blockchain. Bounty tasks for this stage might include translation campaign bounties and bug reporting bounties
Pre-ICO Bounty ProgramsAs the name suggests, Pre-ICO bounty programs are bounty programs that are available before the launch of the ICO. They are usually offered with the aim of getting the buzz started. The main goal is to generate awareness of the cryptocurrency venture via social media and forums. The bounties are available for showcasing the forthcoming ICO. The idea is that, by completing the various tasks, bounty participants will publicize the ICO to the general public. By generating pre-ICO bounty programs, companies hope to get investors interested before the cryptocurrency is even released. The basic Pre-ICO bounty exercises usually include the following:
1. Bitcointalk Signature Bounties
This is a very popular bounty that many ICOs have used. It is a bounty that members of the Bitcointalk forum can make use of. The ICO will release a special signature for participants to use. The signature will have a code embedded in it. How high participants’ posts rank on Bitcointalk will determine how many coins or tokens they will receive.
2. Social Media Campaign Bounties
This type of bounty includes tasks that will promote the ICO on social media. Tasks will involve publicizing the ICO on social media accounts. The rewards paid for this type of promotion will depend on the levels of engagement the posts generate. The most common platforms for these posts are Twitter, Facebook and YouTube.
3. Article Writing Bounties
Article bounties are for participants who have a website or blog. The site will need to have many visitors to qualify. ICO bounties are available to people who post articles about the ICO on their websites. The value of the bounty that the participant will receive will depend on the level of engagement with the post.
Post-ICO Bounty ProgramsPost-ICO bounty programs are available once the ICO has been completed and the necessary funds have been raised. They are usually related to improving the cryptocurrency and its platform based on suggestions received from the crypto community. Post-ICO bounty programs are focused on getting feedback from the community. The most common types of Post-ICO bounty programs are as follows:
1. Bug Reporting Bounties
Bug reporting campaigns are used both to promote the ICO and to help the developers iron out any issues with the cryptocurrency. A good bug report will be one that clearly defines the issue. There are no hard and fast rules with regards to ICO bounty programs. Bug reporting bounties, or any of the various types of bounties, can be made available both pre and post ICO.
2. Translation Campaign Bounties
This is a good bounty opportunity for native speakers of languages other than the main language used by the ICO. It involves translating ICO documents into other languages. This will usually include the ICO website, the white paper, and threads on Bitcointalk.
It is very common for a cryptocurrency start-up to set aside a percentage of the total coin supply for the bounty program. Information about this amount can usually be found on the ICO website, the white paper or on a Bitcoin talk ANN thread.