What are Bounty Programs in IEO campaigns?
A crucial objective of every marketing strategy is to warrant as much market penetration as possible for a particular product/service. In the process, several people get adequate knowledge about the company, what they offer, and how to communicate with their products and services—this aids in increasing the word-of-mouth advertisement, eventually leading to boosted sales. Following the advent of the digital era, there has been a lot of weight on social media marketing—the application of internet-based platforms to develop a business. Bounty programs are customarily an elemental part of any digital marketing and promotional campaign.
What are Bounty Programs?
Bounties in the digital world draw their origin from online gaming platforms that gave rewards for partaking in their game advancement. Bounties are mostly incentive and reward tools granted by companies to people. In simple terms, it means that a company introducing a product or a service renders some rewards to people in exchange for executing specific tasks. It is similar to a barter trade of sorts; the company proffers rewards to an individual, and in return, the individual does some easy jobs for the company. It is a legitimate means of advertisement for many companies.
From the cryptocurrency viewpoint, bounties have become an essential element of any IEO campaign. Several start-ups usually include a bounty program as a segment of their IEO campaign. Throughout the bounty program, the IEO grants compensation for numerous tasks dispersed across marketing, bug reporting, or even enhancing features of the cryptocurrency framework. The reward is generally in the form of cryptocurrency tokens or fiat currency (though this option is uncommon). The cryptocurrency expanse has demonstrated to be a highly favorable habitat for bounty programs. This is because it grants excellent rewards and incentives for both the cryptocurrency start-up and individuals likewise.
The IEO Bounty Framework
This has become a ritual for cryptocurrency IEO campaigns that incorporate bounty programs to either go for a Pre- IEO bounty or a post-IEO bounty. Bounties are generally not done synchronically with IEOs but have grown over the last few months.
Pre-IEO Bounty Programs
As the name suggests, these bounty programs are implemented before the actual IEO. They are typically done to create a buzz and to supply the cryptocurrency project an augmented appearance on social media platforms. These programs all about building awareness for the cryptocurrency IEO and getting word-of-mouth going. The framework is such that informal advertisement channels are employed to expand market penetration. The purpose of such bounties is that as participants go about conducting out the diverse activities, the people in their sphere start knowing more about the cryptocurrency. The standard Pre-IEO bounty activities include:
- Social Media Campaign Bounties
- Article Writing Bounties
- Bitcointalk Signature Bounties
Post- IEO Bounty Programs
At this juncture, the IEO has been completed, and funds have been allocated. Now, it’s all about securing reforms to the cryptocurrency projects based on community recommendations. Post- IEO bounty programs are directed at enhancing feedback from the project community. Some of the popular types of Post-IEO bounty programs are as follows:
- Translation Campaign Bounties
- Bug Reporting Bounties
It is essential to note that there isn’t any pre-determined rule that concerns the activities for Pre-IEO and Post- IEO campaigns. Cryptocurrency IEO can determine to exercise any of the activities mentioned earlier in either Pre or Post-IEO bounty programs.
It is usual for a cryptocurrency start-up to set aside a portion of the total coin supply for the bounty program. Knowledge concerning this amount can customarily be obtained from their website, white paper, or Bitcointalk ANN thread.
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