What Are ICO Bounties?

October 27, 2019

FrederikNielsen
16

What Are ICO Bounties?

In pursuit of new investors, the organizers of the primary placements of coins tried different ways: they placed advertisements in social networks and search engines (alas, now this method is practically unavailable), started topics on specialized forums and finally offered a kind of “partner programs” on mutually beneficial terms. The Bounty can be attributed to the last and quite successful marketing move.

Initially, the concept came from the world of computer games and much less romantic everyday life. Bounty is a reward for performing a specific task. So, in reality, bounty-hunters (they are also “bounty hunters”) are engaged in capturing criminals, executing government orders where there are not enough powers or powers of the relevant bodies.

Bounty ICO: Motivation and Technology

Recently, gamification of processes has become a popular phenomenon, applicable in many areas – from retail to healthcare. It is important to understand that the concept of “gamification” does not equate to the game as such, rather it inherits its certain principles. For example – rewards for completing quests.

Why does the project need bounty?

Today, only those who are not connected to the Internet have not seen various attractive offers on the network. “Collect a new car for a month”, “bring friends and become the happy owner of an apartment in the city center”, “how I made a fortune in my 23 years” … taking similar moves for the next “sect” or pyramid. However, actively following the news of digital currencies, users also look with skepticism: knowing about the percentage of unsuccessful ICOs, failed projects and fraudulent frauds, not everyone will be led to the offer to “earn without investments”.

However, it cannot be said that the rewards offered by startups are “pennies for bad work” or unambiguous “prokid”. The organizers of the ICO themselves are interested in attracting new investors, and this is practically impossible without promoting and disseminating information.

Bounty hunter

First of all, it is important even before applying for participation in the bounty to honestly answer the question: what exactly are you ready to do for the project? Depending on the type of tasks chosen, the sum of award tokens is calculated:

  • placing ads / signatures / using avatars with a company logo – the easiest and lowest paid quest;
  • placing advertising information in social networks and blog will bring a little more tokens;
  • translation of articles and materials of the site will add “tokens” to the final award;
  • Writing a detailed review, creating news notes, or recording a video clip requires certain skills from the “bounty hunter”, therefore it is paid accordingly;
  • Aerobatics is testing prototypes and working with codes, a person with relevant skills on a project is invaluable.

It is worth noting: the less effort is needed to complete the tasks, the less reward, however, it allows you to participate in several projects in parallel. How to properly allocate time and energy – everyone decides for himself. Some prefer to tackle several parallel startups with the idea that at least a couple of them and shoot. Others – carefully choose the project with which they intend to cooperate, and give it maximum attention.

Summary

Participation in the ICO bounty is a fairly easy way to get your first tokens and become a participant in a large and rapidly developing cryptocurrency market. In order to become a “hunter”, you will have to spend some time looking for an interesting project and studying it further. But such efforts, as a rule, pay off, if the startup turns out to be really interesting.

The method does not provide any guarantees of real earnings: CIOs are not insured against failures. And, nevertheless, this is one of the safest ways to join in the transformation of economic spheres.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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