The concept of a reward program appears from time to time in Initial Coin Offering (ICO) projects. Even if it sounds like it, it has nothing to do with getting paid for in coconut chocolate.

The origin of online rewards

The term “reward” is known to denote a reward for a certain type of task or activity and is also transmitted on online platforms. In the digital world, rewards first appeared on gaming platforms that offered rewards to users who participated in game development. In other words, a reward could be described as a commercial exchange in which the participant offers a service and receives a reward in return.

Cryptocurrency rewards

As in the gaming world, rewards have invaded the cryptocurrency ecosystem and many ICO projects have included the concept. This is to investigate a number of tasks that the development team may not be able to perform. Many cryptographic startups use bounties to test for bugs, for marketing strategies, or to look for ways to improve the project’s infrastructure.

There are certain occasions when a company can take advantage of a reward without involving an ICO, such as trying to find important information. Earlier this year, Binance, one of the world’s leading exchanges, offered a $ 250,000 reward for arresting hackers involved in illegal transactions.

. However, it is more common for reward programs to be offered before the ICO opens or after the ICO closes.

Pre-ICO Awards programs

There are many different types of activities that can be offered as rewards, but common types of pre-ICOs include activities such as:

Rewards Bitcointalk Signature Rewards

This reward is offered to most of the younger members of the Bitcoin Alk forum. In this activity, a project would initiate a code signature and participants would queue the signature status to receive rewards from the project. The ranking of the participants plays an important role in the dimension of the reward.

Social media campaign programs

As the name suggests, this type of award ceremony involves activities that are used to promote the project through social media platforms. For example, a participant can be expected to promote the project on their social media account, for example through retweets on Twitter, shares on Facebook or likes on Instagram. Rewards may be offered depending on the level of involvement of a participant or the reach a publication can achieve.

Bounty writing articles

Participants who have a notable following on their blogs are likely to be eligible to take on some sort of assignment that involves publishing any featured articles about the project. As with a social media campaign, the rewards are most likely based on the impressions or reach an article can generate.

Post-ICO rewards programs

As with the pre-ICO programs, there are a variety of different activities. The most common tasks are:

Insect report

This is offered with the intention of classifying any errors that might be included in the technological development of a project. Participants are rewarded for finding and reporting bugs that may occur on the project platform.

John McAfee of the anti-virus software company McAfee used this reward program in his “unhackable” wallet.

Translation campaigns

In this task, the participants translate certain project-related texts into different languages. Multilingual participants can win prizes, either for translating relevant project documents or for working as translators in online forums. Most of the copies that are often translated into award programs are texts on the company website or in the project whitepaper.

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