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Bounty

Updated on :  

08 min read.

Every business needs a sound marketing strategy for advertisement and exposure. In this regard, the cryptocurrency business has the same requirement. To achieve this, they use a strategy called a bounty. Companies use bounty programs to make themselves visible to a wider audience. 

To know more about bounty, read on. 

What is a crypto bounty?

Cryptocurrency bounty is a reward that a crypto company or blockchain project gives its users for promoting their token or spreading awareness about its services. 

The primary motive behind such a program is to promote the Initial Coin Offering (ICO) of a token. Like Initial Public Offering (IPO), ICOs also need exposure and recognition to succeed. The bounty serves as a marketing strategy to make users validate the token or services of a blockchain project.

What is a bounty program?

A bounty program is a system of giving rewards to participants in activities related to the Initial Coin Offering (ICO) of a token. A crypto coin developer may also launch a bounty program to incentivise actions by developers and marketers before the ICO. 

Bounty programs may include the following activities:

  • Bug reporting

This segment of the bounty program aims to reward security researchers and developers for reporting bugs and potential flaws in the software or blockchain infrastructure. The reward depends upon the type of bugs you identify and the severity of the software problem. 

  • Social media promotion

The social media promotion aspect of the bounty programs is one of the easiest ways to participate in a bounty program. It can include viewing, liking, commenting, and sharing content on popular social media platforms. Staying active on Telegram, Twitter, and other social media will help you easily track such events.

  • Content creation drives

Participating in content creation drives can be fruitful if you are a writer, blogger, video blogger or enthusiast. You will be asked to create awareness about the coin offering through your content, which will be posted on various social media platforms. Your reward will depend on the level of engagement you create through your work. 

  • Translation events

To ensure that a coin offering has the attention of a global audience, companies offer a bounty on translation events. You will have to translate important documents related to the project. They generally include the ICO Whitepaper, the Bitcointalk ANN thread and the official website. 

  • Bitcointalk signature

If you are a member of the Bitcointalk forum, you can participate in this segment of the bounty program. You need to add the official ICO signature to your profile for participation. Based on your rank, you will receive the designated number of stakes. To be eligible for such events, you must have a Jr. Member rank or above in the forum.

How to take part in a bounty program?

To take part in a bounty program, you need to do the following:

  • Be part of a blockchain network 
  • Have a crypto wallet with a significant number of tokens in it
  • Stay informed of various airdrops and bounty programs being launched by different companies 

Bounty programs are a unique way to get a taste of the crypto world without much risk. However, before opting for such a program, you must conduct thorough research before investing your time in them.