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

The origin of online rewards

The term “bounty” is known as a reward for a certain type of task or activity and is also carried over to 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 found their way into the cryptocurrency ecosystem and many ICO projects have incorporated the concept. This is to examine a number of tasks that the development team may not be able to handle. Many cryptocurrency startups use rewards to test for bugs, for marketing strategies, or to find ways to improve project infrastructure.

There are certain occasions when a company can claim a reward without the involvement of an ICO, such as when trying to find out important information. Earlier this year, Binance, one of the major exchanges, offered a $ 250,000 reward for arresting hackers involved in irregular transactions.

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

Pre-ICO rewards programs

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

Bitcointalk signature awards

This reward is offered to the youngest members of the Bitcoin Alk forum. In this activity, a project starts a code signature and participants who post it are queued for project rewards. The rank of the participant plays an important role in the amount of the reward.

Social media campaign programs

As the name suggests, this type of reward program includes activities that are used to promote the project through social media platforms. For example, a participant is expected to promote the project on their social media account, e.g. B. through retweets on Twitter, shares on Facebook or likes on Instagram. Rewards can be offered based on a participant’s engagement or the size of a contribution.

Rewards for writing articles

Participants who have significant numbers of followers on their blogs can do some sort of task that could include posting articles about the project. Similar to a social media campaign, the rewards are likely based on the impressions or reach of an article.

Post-ICO rewards programs

As with the pre-ICO programs, a variety of different activities are offered. The most common tasks come in the form of

Error Report

It is offered with the intention of correcting the errors that may arise 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

This task consists in the participants translating certain project-related texts into different languages. Multilingual participants can be rewarded for translating relevant project documents or for working as translators in online forums. Most of the texts that are translated into rewards programs come from the company website or the project whitepaper.

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