The crypto-world is becoming bigger and interesting as we speak. The industry experts are ever restless, launching new alt-coins almost every day. But this is not the only thing that is being done in this industry. Once you start following the news, you will see a lot of new terms and activities that quite frankly don’t make any sense to some people as well. One of these terms is ICO bounty program. You must be wondering, Wait, what is that?
If you had a chance to get familiar with some unorthodox marketing techniques in the past, then there is a good chance you can guess what ICO bounty is all about. And no, it doesn’t involve anyone becoming a pirate at any given point in time. Let’s see what ICO bounties are, and what role they play in an ICO campaign.
What is an ICO Bounty?
The Initial Coin Offering is an effort made by cryptocurrency startups to raise money for their project. Everything starts with the whitepaper, which translates into a business plan. The whitepaper usually contains:
• A detailed explanation of what the project is about.
• The reason why the project was started, and whether there’s a real need in the world for it.
• A financial plan, where the key point is how much money the startup needs to get things going.
• The precise number of newly created crypto tokens that the project creators will keep for themselves.
• Information on whether the startup will accept only cryptocurrencies or regular cash as well.
• The end date for the ICO campaign.
During the ICO campaign, a cryptocurrency startup’s main goal is to raise as much money as they can. On the other hand, investors are motivated to invest in it by the quality of the whitepaper, especially by the part where the real need for the cryptocurrency is explained, and the hope that the cryptocurrency’s price will spike after the plan launches.
The more people learn about the ICO, the better, simply because the number of potential investors rises. This is where the ICO bounty comes in. Some startups don’t have the money to hire PR and marketing firms to help them raise money. An ICO bounty is an efficient and cheap way to spread the word about the ICO by outsourcing marketing to regular people.
An ICO bounty can be something very simple, such as logo creation, a mention in the comments of a popular YouTube video, a full YouTube video, forum posts, content creation, and so on. Upon completing it, the startup rewards the bounty hunters with the brand new cryptocurrency.
What is an ICO Bounty Program?
The ICO bounty program is a specific marketing effort a startup decides to implement. The more detailed the ICO bounty program is, the greater the chances for the startup to reach success. ICO bounty programs help startups in two distinctive ways.
First, they help them spread the word of their ICO, and, secondly, bounty programs can help startups get the bugs out of their code by using high-end programmers which they cannot afford to have on their payroll.
An ICO bounty program may involve all sorts of activities ranging from signature and social media campaigns, to content creation and translation campaigns as well. Companies like ICO Bounty incorporates and offers multiple types of ICO bounty programs, both pre-ICO and post-ICO ones. All of this isn’t done in an erratic fashion. Over the years startups in the crypto world have learned a lot. Let’s see what types of ICO bounty programs there are.