TOP > Cryptocurrency > What is a Bounty?
June 11, 2018 Published

Bounties come in different forms but they all aim one thing – to reward users in their participation to spread awareness about the crypto or blockchain project.

The first thing that may come to your mind whenever you hear Bounty is, “reward”. Cryptocurrency and blockchain companies got it from online gaming platforms that reward its players in participating in game development.

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What is a Bounty?

Bounties usually happen before or after Initial Coin Offerings (ICO)s, it is either a pre-ICO Bounty or Post-ICO Bounty. The two kinds of bounties have different “missions” that must be accomplished before the participants get the “reward”.

So what really is a bounty?

To put it simply, a bounty is the reward given to a person after they’ve accomplished a certain task. Usually, these tasks are simple enough for people to join. It is also a way for the company to get its market involved.

Pre-ICO Bounty Programs

These are the kind of bounties that are launched before starting an ICO. Pre-ICO bounty programs are carried out to create buzz about the crypto project. Much like using an airdrop, its aim is to create awareness.

  1. Social Media Campaign Bounties – This is the type of bounty that includes Facebook, Twitter, YouTube, and other social networking sites. Participants are gauged based on their post’s engagement levels. The bounty usually depends on the participants’ number of retweets, comments, likes, shares, and views.
  2. Article Writing Bounties – Same as the Social Media Campaign Bounty, this type of pre-ICO bounty is geared towards bloggers and writers. Its aim is to have them write about the ICO and feature it on their blogs. The bounty, same as the first one, depends on the level of engagement.
  3. Signature Bounties – You will need a Bitcointalk forum account and usually your rank should be at least Jr. Member. ICOs release a signature embedded with a code. Participants need to post the signature and the bounty will depend on the person’s ranking.

Post-ICO Bounty Programs

After the ICO has been completed and the funds have been raised, now is the time for post-ICO bounty. This usually revolves around making improvements based on crypto community suggestions and bug extermination.

  1. Translation Campaign Bounties – This is a good campaign for Japanese, Chinese, French, Spanish, German etc native speakers. With the translation campaign, participates will translate ICO’s website, white paper, and its Bitcointalk ANN thread into another language. Aside from that, they also have to moderate different forum groups.
  2. Bug Reporting Bounties – One of the most important and effective bounty campaign. This helps the developers identifying the crypto’s issues on its software or platform ahead of the main launch.

How to Join Bounties?

After getting a basic introduction to when bounties happen and what kind of bounties you will usually find, the next question is, how to join them. Since bounties happen before or after ICO, it is posted in bitcointalk and cryptocoin talk forum most of the time. There are also crypto-related Telegram and discord groups that you can join. Alternatively, blockchain and crypto projects post such bounties on their social media accounts.

The pre and post bounties really depend on the ICO. What we’ve featured here is just some of the most common bounties available today. Participants do not really need a lot of technical skills but just the most basic internet skills like posting on social media, writing on a blog, or reporting a bug will do.

Source: hackernoon

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