The major goal of any strategy for marketing is to make sure the deepest possible market penetration is seen for the service or product. Doing this helps allows some people to interact with the company and understand what they offer regarding services and products. This, in turn, increases the word-of-mouth based advertising which turns the leads into sales in an increased frequency. Since the advent of the digital era, a major emphasis has been laid down on the use of social media-based marketing. Bounty programs make up as an integral faction of promotional enterprise or digital marketing campaigns.
What Describes Bounty Programs?
Bounties are a term acquired from the online platforms for gaming that often offer rewards to participants taking part in the development phase of any game. Bounties are incentivized mechanism for reward disposal from the company end towards an individual contributor. This means that the company before introducing a certain product in the market tests the same with some individuals and offers them rewards for their contribution.
It is similar to a kind of barter trade that rewards a person in exchange for some simple service towards the newly introduced product. It is one of the most popular means of advertising set by many companies. In the cryptocurrency market, bounties have placed themselves as an integral part of the ICO campaign.
Numerous start-ups tend to incorporate the bounty programs as an important part of their campaign. As the bounty program commences, ICOs distribute suitable compensation to the tasks being accomplished by various traders that have spread across the marketing, improvisation or bug reporting section of cryptocurrency framework.
The rewards distributed to the contributors are normally in fiat currency or cryptocurrency tokens. The space of cryptocurrency has become a conducive environment with regards to the bounty programs. This is because Bounty programs tend to offer incentives as well as rewards for startups and individual cryptocurrency traders.
The frame of ICO Bounty
For cryptocurrency based ICO campaigns, it is a tradition to either have pre pr post-ICO bounty. Bounties do not run together with the ICOs.
As implied by the name, these bounty programs are usually carried out before the initiation of actual ICO. They usually tend to initiate the buzz about the project to improve its presence over the social media. The framework helps in sending the informal advertise to increase the market penetration. The aim behind this bounty is to carry out different crypto related activities to help spread word of mouth in the respective circle.
Most commonly preferred Pre-ICO activities include:
- Social Media Bounty Campaign:
This campaign promotes ICO over the social accounts of the participants. It usually involves likes, retweets, shares, comments and views. Best social media websites for ICO bounty are Twitter, YouTube and Facebook.
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- Article Related Bounties:
This type of Pre-ICO is meant for the participants who flaunt a blog with numerous followers as well as readers. The bounty program tends to offer the rewards to the bloggers who jot down featured articles with regards to the ICO over their blogs. The rewards are dependent on the overall engagement extracted from the articles.
- Bitcointalk Signature:
This particular ICO bounty is open to the participants who engage in the Bitcointalk forum. The ICO provides a coded signature to the participants and the rank held by the participants posting this signature determines whether they get stakes for the same or not.
After the completion of ICO and after fundraising is completed, this particular bounty program is initiated. It is generally about improving the project with regards to the suggestions of the community. It is aimed at improvising the feedback obtained from a community dedicated to the project. Here are some of the well known post-ICO programs:
- Translation Campaign:
This program involves the translation of all the documents related to cryptocurrency along with moderation of various forum groups. It is a perfect program for the native speakers such as French, Japanese, German, Spanish and Dutch. Translation activities here include white paper, cryptocurrency website and Bitcointalk Ann Thread.
- Bug Reporting:
Bug Reporting helps the developers clear all the errors that restrict the usage of any crypto platform post-release.
How to indulge in the ICO bounties?
ICO Bounties rank among the top-rated methods to earn tokens by participating in the crypto market. The best way to do this is to join forums for Cryptocointalk and Bitcointalk. One can also exchange the acquired tokens for the fiat money.
Bounty Program Future
With the increase in ICO’s popularity in the year 2017, the bounty programs also attained recognition. The free tokens for promotion attracted crypto hobbyists in a large number. Recently, these programs are being scrutinized by the financial regulators which include United States SEC.
The reason here being the fact that bounty programs tend to encourage the traders to participate in something that has huge financial risks. Apart from SEC, numerous regulators located in the United Kingdom have also derived the same conclusion. The regulatory crypto market framework has become well defined in the recent years which have led the bounty to gather the higher level of government scrutiny.