ICOs are one of the most popular methods to raise funds for a startup to work on their projects. A bounty project is an old school but still a popular method used for promoting ICOs. A well-marketed bounty program can help you find potential investors for your projects. In the crypto world, incentives will be given to the existing customers who provide the right kind of leads for the ICO.
How does a bounty program work?
In the initial stages, the company wants to make their ICO platform more popular, so incentives will be given to people who work for the betterment of the company in the form of tokens. The bounty program was first developed in the online gaming platform where rewards will be given to people who complete certain tasks in it. The people who work for such bounty are called Bounty hunters.
Breaking down the ICO bounty program
Pre-ICO Bounty Program
The ICO can be divided into two different stages, the first stage is known as the pre ICO stage where the initial offerings are given to potential investors such as social media influencers, blog writers and bitcoin bounty marketers. In this manner, your ICO will get popular in the market. The potential investors will be rewarded based on their contents engagement with the audience. At this stage, the content mostly deals with the analysis of the merits and demerits of the ICO.
Social Media Campaign Bounties
In this method, the ICO will be published in the social media accounts of the participants and the ICO will be promoted in it. The rewards earned depend on the engagement levels generated by such posts. This can be in the form of retweets, likes, shares, views, and comments. The popular social media platforms used for ICO bounty programs include Facebook, Twitter, and YouTube.
Article Writing Bounties
This task is for people who have huge followers and readers of their blogs. ICO bounty programs can offer rewards to bloggers to write featured articles about the ICO on their blogs. Just like the social media bounty, the rewards will be dependent on the engagement level of the articles and blog posts.
Bitcointalk Signature Bounties
This is a popular bounty for many ICOs. It is open to participants of the Bitcointalk forum. The ICO releases a signature with a code embedded on it. The ranking of the participants who post this signature determines the number of stakes they get. For most bounty programs, only people on Bitcointalk who are Jr. Members and above can participate.
Post-ICO Bounty Program
The second stage of the ICO is where rewards will be given to investors who help in developing the blockchain. The blockchains need a global reach so rewards will be given to investors who help in translating the documents associated with marketing and development of the blockchain. Bug bounties are given to testers who find bugs and other defects. The main aim at this stage is to improve the working of the blockchain product by getting feedback from the people.
Translation Campaign Bounties
This involves translating all documents pertaining to the cryptocurrency project as well as moderating different forum groups. It is the perfect bounty program for native speakers of languages like Japanese, French, Spanish, Dutch, and German etc. The common translation activities include cryptocurrency website, white paper and the Bitcointalk ANN thread.
Bug Reporting Bounties
Apart from being an effective bounty campaign activity, bug reporting also helps the developers. A good bug report clearly and concisely identifies issues with the cryptocurrency software or platform.
Advantages of using ICO bounty programs
The main benefits of using ICO bounty program is that both the investor and the ICO founder will be benefited from using it. As people will be given rewards for solving the problems and in promoting the blockchain program, a number of people will try and participate in the program and will work with the full potential to get more rewards.
OUTSOURCING TASKS: In the ICO world, Bounty campaigns can be a great tool for projects to outsource a wide range of tasks at the cost of the project’s token. What started as an idea to engage curious and interested people in the blockchain sphere more closely and reward them for valuable input, now has become its own industry.
MARKETING: Companies preparing for an ICO crowd sale will allocate a certain percentage of tokens towards bounties for performing marketing tasks. This means they can gain high impact ‘community marketing’ for a fraction of tens-of-thousands marketing budget that it would usually cost a company to generate awareness and contributions.
How can you join an ICO bounty program
The process for joining an ICO bounty program is simple, you just have to find the right project of your choice and just have to complete the task which is assigned to you. A platform like CoinFactory, perhaps which is touted as the most promising, ultra-secure ICO platform that is available in the market. You have to be careful while selecting a bounty program as some of it could be scams and which in turn will waste your precious time. So before you choose a bounty program you have to check the terms of the agreement and also check the requirements needed to be a member of the program. It’s always a red flag if there is no whitepaper about the ICO and also if the budget of the ICO is less than 500k. If you are careful enough then you can join the right program and benefit from it.
