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What are ICO Bounties?

According to Merriam-Webster dictionary a Bounty is a reward, premium or subsidy given to a person by an organization. In general terms a Bounty program is an offer by startups, websites or companies to passionate individuals in return of providing marketing services, blogging, bug finding, website hack-proofing, products reviews and product improvement to name a few. Technically speaking Bounty program is a marketing method used by blockchain startup companies to mass communicate their ICO project through the services of passionate individuals and supporters. Be mindful that not every ICO company offers a bounty program, as it completely depends on each company’s marketing campaign strategy. If you are interested in getting free tokens check latest Bounty Programs

Types of ICO Bounty Program

Generally speaking there are two types of bounty programs offered by ICO startup companies:

Pre-ICO Bounties

Blockchain startups offer pre-ico bounties for the main purpose of marketing their project idea to the masses. Due to the recent mushrooming of ICOs there is a cut-throat competition to get in front of the eyes of potential investors. These days creating awareness among public and investors is the foremost and most difficult task for any ICO campaign. Therefore, pre-ICO bounty program is really critical before any ICO launch as companies want to penetrate social media platforms and informal marketing channels to create excitement and buzz, which directly reflects in the amount of total funding ICO receives. As startup companies always have capital crunch, pre-ico bounties act as an inexpensive way to spread company products and ideas in front of masses.

Post-ICO Bounties

As suggested by the name, companies offer these bounties mostly for the purpose of improving their already existing website, service or product. These bounties are usually offered after the pre-ICO campaign has ended. Bounties tasks usually involve bug finding, hack-proofing websites, product feedback, translation services etc. However, bounty program is an open and ever changing field as startup companies come up with new ways and creative ideas to market their ICO.


Tasks Performed by Bounty Program Participants

• Blogging and writing reviews about the company products and services.
• Writing articles and posts about the ICO company project and idea.
• Retweeting and sharing official ICO posts, articles, news and announcements on social media.
• Sharing or publishing ICO material in the mass media.
• Sharing or moderating ICO group on different forums.
• Special tasks like white paper translation, articles translation or any other company material translation.
• ICO analysis youtube videos.
• ICO memes.
• Website or App bug finding and improvement.
• Website or App hack-proofing.
• Company products and services testing and improvement.

How Are Participants Paid

Each blockchain startup follows different rules but usually ICO tokens are rewarded to participants depending on their social media presence and following. More followers typically mean more tokens in your pocket. High likes and comments on the posts also correlates to higher token rewards. Bounty program guidelines usually defines how many tokens will be offered for each social media platform, for example Tokia ICO is shown below. As a general rule Reddit, Youtube, Facebook and Twitter accounts have highest demand and token rewards.

what is bounty program

Bounty Program Selection Checklist

Like anything else in life choosing a bounty program is a tricky business. Before jumping into the ICO bandwagon its always recommended to fully investigate if spending your time and efforts on an ICO is worth or not. Below points are not an exhaustive list but can certainly help make a better decision when choosing an ICO bounty program.

• First and foremost is to check how authentic is the startup as you do not want to work for and promote a scam.
• Evaluate the future potential of ICO company. If its just a fad, most likely the company will die out soon and all your tokens will become worthless.
• Check if tasks and activities are clearly defined in the bounty program. You probably do not want to waste your time repeating same task again and again. Additionally, if tasks are only half completed you risk getting no tokens.
• Very important! Check how comfortable you are in performing ICO tasks. Everyone has different strength and weaknesses so choose task according to your own comfort zone. For example, if you have no experience of writing English articles but still chose to write one, the article content and language might not turn out good quality and you might not get paid by the ICO company.
• How many participants are registered for the Bounty Program. The rule of thumb is more participants means less tokens in your pocket.
• Check if Bounty program has well defined terms and conditions. If terms and conditions are missing or vague most likely you won’t be paid tokens in the end.

Hope you learnt good deal about Bounty programs. Let us know how do you like this article in the comments section.

New to cryptos? Bloqtimes recommends below articles to get upto speed:

What are ICOs, Initial Coin Offering Explained for Dummies?
Top 10 Cryptocurrencies of 2018 You Cannot Miss
10 Must Known Facts About Bitcoin

Disclaimer: Cryptocurrencies and ICO investments are full of speculative and market risks. This article is only for information purposes and not an investment advice. Please conduct your own thorough research before investing. For any questions reach us at: contact@bloqtimes.com

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Bryan

Bryan is an avid news reader and a crypto investor. You will often find him busy researching about cryptocurrencies on a beach side.

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