What is Bounty Reward Program?

The Started

Bounty reward is one of the essential goals of any marketing plan is to make sure as much market penetration as possible for the cryptocurrency product/service.  By so doing, a lot of men and women get to know about the business, what they provide and how to interact with their products and services.  This helps to boost word-of-mouth marketing which contributes to increased earnings. Since the dawn of the electronic age, there has been a lot of focus on social networking marketing.  The use of affiliate programs to market a business enterprise.   Bounty applications are often an integral component of any digital marketing and promotional firm.

Bounties are basically incentivized reward mechanisms provided by firms to people.  This signifies is that a business presenting a product or a service provides some advantages to individuals in exchange for accomplishing particular tasks.  It's comparable to a barter exchange of forms; the provider provides rewards to an individual and the individual in yield does some basic jobs for the business.  It's a veritable way of advertising for several businesses.

What is Bounty Reward Program?

Within the cryptocurrency scene, bounties have become a helpful part of an ICO campaign.  Many start-ups generally incorporate a paralegal application as part of the ICO campaign.  Throughout the bounty application, the ICOs offer reimbursement for lots of jobs spread across advertising, bug reporting as well as enhancing characteristics of their cryptocurrency framework.  The reward is normally in the kind of cryptocurrency tokens or fiat money (this alternative is nevertheless rare).  The cryptocurrency area has been shown to be a conducive atmosphere for bounty programs.  This is only because it provides great advantages and rewards for the cryptocurrency startup and individuals equally.

The ICO Bounty Scheme

It's become something of a convention for cryptocurrency ICO campaigns which incorporate bounty applications to either perform a Pre-ICO faculty or even a post-ICO bounty.  Bounties are normally not done collectively with ICOs.

Pre-ICO Bounty Reward Program

Such as the title suggests, these are bounty programs which are completed before the true ICO.  They are normally done to find the buzz going and also to provide the cryptocurrency job a better existence on social networking platforms.  It's about generating awareness for your own cryptocurrency ICO and to receive the word moving.  The frame is such that casual advertising channels are used to improve market penetration.  The purpose of these bounties is that as participants move about executing the many actions, the people in their own circle start to find out more about their own cryptocurrency.  The typical Pre-ICO bounty activities comprise:

1. Bitcointalk Signature Bounty

This is a favorite bounty for several ICOs.  It's available to participants of this Bitcointalk forum.  The ICO releases a touch using a code embedded inside.  The standing of those participants that post this touch determines the number of bets they get.  For many faculty programs, only individuals on Bitcointalk that are Jr.  Participants and above can take part.

2. Social Media Campaign Bounty

This entails activities that promote the ICO on the societal media accounts of participants.  The benefits earned depend on the engagement levels generated by these kinds of posts.  This can be in the form of retweets, enjoys shares, perspectives, and opinions.  The popular social networking platforms employed for ICO Enforcement programs comprise Facebook, Twitter, and YouTube.

3. Article   Bounty

That is for participants that have sites using a high number of readers and followers.  ICO bounty applications can provide benefits to bloggers to compose featured posts about the ICO in their own blogs.  The same as the social networking bounty, the benefits will be determined by the participation level of their content and blog articles.

Post-ICO Bounty Reward Program

Now, the ICO was completed and funds are raised.  Now, it is about making improvements to the cryptocurrency jobs based on neighborhood ideas.  Post-ICO bounty applications are targeted toward enhancing opinions from the project community.  A few of the common Kinds of Post-ICO bounty apps are as follows:

1. Translation Bounty Campaign 

This entails translating all documents regarding the cryptocurrency project in addition to moderating distinct forum groups.  It's the best bounty program for native speakers of languages such as French, Japanese, Spanish, Dutch, and German, etc..  The frequent translation actions include cryptocurrency site, white paper along with the Bitcointalk ANN thread.

2. Bug Reporting Bounty  Campaign 

Aside from being a successful bounty campaign action, insect management also assists the programmers.  A fantastic bug report clearly and concisely identifies issues with the cryptocurrency software or platform. It is important to be aware that there is not a hard and fast rule as focus the activities for Pre-ICO and Post-ICO campaigns.   Cryptocurrency ICOs can opt to utilize any of the aforementioned activities in Pre or Post-ICO Enforcement applications.  It is common for a cryptocurrency startup to put aside a proportion of their total coin supply for your bounty program.  Information regarding this amount can usually be found on their site, white paper or Bitcointalk ANN thread.

How to Join in Bounty Reward Program

ICO Enforcement applications are a terrific way to take part in the sector and get tokens.  These tokens may even be traded for fiat money.  The majority of the activities are not really technical in character because they rely on shared internet actions and interactions.  Among the most effective ways of getting involved with faculty, applications are through the Bitcointalk and Cryptocointalk forums.  Virtually all ICO bounties are recorded here.  

The Bounty Programs Future 

As ICOs rose in popularity in 2017, so failed bounty programs.  The allure of having absolutely free tokens for promotional actions was something which appealed to lots of crypto amateurs.  But, bounty programs have come under scrutiny from several financial regulators like the United States SEC.  The reason for this can be that bounty programs essentially encourage people to participate in a commodity which has a monetary risk.

The most important point of the SEC's evaluation relies upon the Howey Test and how it applies to bounty programs.  The fact that gains come from the attempts of a third party promoter (in this scenario, the participant at the bounty), then the bounty campaign represents an investment contract trade.  This, therefore, means that nearly all bounty-promoted tokens have been actually securities, and so are consequently subject to the SEC's regulations.

The SEC is not the only one towing online, together with financial authorities in the united kingdom also coming to the identical conclusion.  Together with the regulatory frame in the crypto marketplace getting more clearly explained, the bounty program might become the focus of more government examination.