What is an ICO bounty program?

What is an ICO bounty program? 1
What is an ICO bounty program?

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

Table of Contents

The origin of online bounties

The term “bounty” is known to refer to a reward for a type of task or activity that is performed and is also carried over to online platforms. In the digital world, bounties first appeared on gaming platforms that offered rewards to the users involved in game development.

In other words, a bounty could be described as a trade exchange in which the participant offers a service and receives a reward in return.

Bonuses in cryptocurrency

As in the gaming world, bounties have found their way into the cryptocurrency ecosystem and the concept has been incorporated into many ICO projects. This is to examine a number of tasks that the development team may not be able to handle. Many crypto 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 claim a bounty without the involvement of an ICO, such as: B. when trying to find out important information. Earlier this year, Binance, one of the leading trading exchanges, offered $ 250,000 as a reward for arresting hackers involved in irregular transactions. However, it is more common for bounty programs to be offered before the ICO opens or after the ICO has closed.

Pre-ICO bounty programs

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

Bitcointalk signature awards

This bounty is offered to most of the junior members of the Bitcoin Alk forum. In this activity, a project would start a code-embedded signature, and participants who post the signature stand in line to receive rewards from the project. The participant’s ranking plays a large role in the amount of the reward.

Social media campaign programs

As the name suggests, this type of bounty program 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, such as B. Retweets on Twitter, shares on Facebook or likes on Instagram. Depending on how much engagement a participant offers or how far a contribution could go, rewards can be offered.

Article writing bounties

Participants who have a notable following on their blogs are likely to be eligible to perform some type of task that may involve posting feature articles about the project. Similar to a social media campaign, the rewards are most likely based on the impressions or reach an article could make.

Post-ICO bounty programs

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

Bug reporting

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

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

Translation campaigns

In this task, the participants translate certain project-related texts into different languages. Multilingual participants can receive rewards for translating relevant project documents or for working as translators in online forums. Most of the copy that is often translated in bounty programs is text on the company’s website or in the project’s whitepaper.

What is an ICO bounty program? first appeared on Coin Insider.

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