Bounty Program, Explained
Everything you need to know about bounty program
The term bounty refers to a reward posted by a group or individual to incentivize certain work, behavior, or development. For instance, referral programs may be considered a kind of bounty.
In the context of cryptocurrencies, a bounty program is a marketing strategy used by startups during their initial coin offering (ICO) campaigns. It allows them to allocate a certain percentage of their coin’s supply to promote their project.
Typically, bounty programs target the cryptocurrency community, and they usually include the following activities:
- Social Media Campaigns — These aim to raise awareness of the ICO project using the social media accounts of participants. The events can be in the form of likes, reposts, shares, views, and comments on popular platforms such as Twitter, Facebook, Youtube, WhatsApp, WeChat, and Telegram.
- Content Creation Campaigns — These target bloggers, writers, video content creators, and enthusiasts, encouraging them to create articles, blog posts, or videos. Then, the content can be distributed across social networks and platforms to increase awareness of the ICO. Usually, the rewards will be dependent on the impact or engagement level of the created content.
- Bitcointalk Signature Campaigns — These are open to members of the Bitcointalk forum. They need simply to add the official ICO signature to their profiles. The number of stakes received depends on the ranking of the participants. Usually, only the members who have a Jr. Member rank or above on this forum can participate in such events.
- Translation Campaigns — This bounty consists of translating important documents related to the project in order to ensure global outreach. This commonly includes the ICO Whitepaper, the official website, and the Bitcointalk ANN thread.
- Bug Reporting Campaigns — The purpose of this bounty is to incentivize developers and security researchers to report potential bugs and vulnerabilities on software and blockchain infrastructures. The value of the rewards depends on the severity and the interest of the identified bugs.
Notably, Utopia team is currently open to community submissions. If you are a content creator and want to contribute to our mission of educating the world, take a look at our Submission Guidelines page.
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