Blockchain and ICO can best be explained as eccentric. Therefore, you need to look for eccentric ways of getting people to know about your ICO token sale. And one of the unorthodox methods of spreading the word is by using bounty programs.
Bounty programs for ICOs
Bounty programs were initially introduced for gamers where they could get rewarded for reaching a certain level in a game. Later, the idea was adopted by blockchain developers and it is now commonly used in finding loopholes in blockchain programs; and they have turned out to be such great avenues for developers to identify weak points in their programs for correction to prevent future hacking.
In our case, bounty programs for ICOs are programs in which people are rewarded for spreading the word. It is a great marketing strategy since the main theme in ICO marketing is getting the word about your ICO to as many people as possible since the many the people the more the probability of finding interested investors.
As an ICO owner, you simply reward people according to how much they help in spreading the word about your ICO. You can decide to reward them in fiat currency or crypto tokens being used in the ICO.
There are normally two types of ICO bounty programs which are very specific to the tasks they are oriented for. These are:
1. The Pre-ICO bounty
Just as the name suggests, the purpose of this bounty is to drum up as much support as possible for the upcoming ICO. It basically sensitizes people that there is an upcoming ICO they could be ready to invest in.
Some of the activities that individuals can involve in in the pre-ICO bounty programs include but not limited to:
- Social media campaigns: Social media has turned out to be a major tool when it comes to advertisement. Participant help by posting information about the upcoming blockchain project on popular social media platforms like Facebook, WhatsApp, Twitter, LinkedIn, etc. Other means are by participating in discussions in crypto communities through Reddit or Telegram.
The reward, in this case, is normally based on how much the participant has engaged the general population.
- Creating content: In addition to the whitepaper, you may still require bloggers to produce shorter and captivating articles to attract people since not all people find it interesting to go through whitepapers since they appear to be too technical.
The bloggers could also help in producing newsletters and even translate the content into different dialects for different communities around the world to understand.
Also, the reward is determined by how much the participant is able to engage the general crowd.
- Bounties for signatures: These are programs where the ICO owner provides a code embedded signature. Then the participants post this signature and the more they rank the more they get. A good example of this bounty is the Bitcointalk signature bounties.
2. Post-ICO Bounty
The purpose of this bounty is to gather as much feedback as possible and also keep on indicating the progress in accordance with the roadmap. This bounty programs normally involve:
- Bounties to translate: the participants compete in translating the key documents into various languages. Key among the documents is the whitepaper and the website.
- Bounties for reporting bugs: This is normally done to help in identifying and fixing any mistakes that may be present in the blockchain program.