Security Token Offering (STO) is considered one of the safest crowdfunding methods for blockchain and fintech companies. However, for it to be secure, there are quite a number of regulations that go along with it and anyone who chooses to use it have to adhere to all the regulations provided.

The entire scenario is complicated by the fact that there is no internationally recognized legal framework governing cryptocurrencies around the world. Therefore, individual countries are left to fetch for themselves as they race to feel the gap by establishing their own rules and regulations for cryptocurrencies together with anything else like STOs, ICOs and IEOs that goes along with them.

Generally, things have gradually changed with most governments accepting cryptocurrencies contrary to the past. For instance, when the first cryptocurrency, Bitcoin, was launched, it took some time for governments to accept it. At the time, governments were wary of digital currencies since criminals became too much fond of them since they could enable them to transact anonymously.

The adoption of cryptocurrencies around the globe can be attributed to the various legal frameworks put in place by the various governments together with regional regulatory authorities.

Today, blockchain projects can almost flourish within any part of the globe. Most countries have accepted cryptocurrencies, with some even laying foundation for the development of their own state-owned cryptocurrencies. However, since blockchain technology is evolving fast, governments are now caught up with yet another handle, the regulation of the crowdfunding of blockchain projects.

To begin with, Initial Coin Offering (ICO) and Security Token Offering (STO) were among the first crowdfunding methods that was invented by blockchain developers. However, due to the fact that it was not easily regulated, scammers could easily get their hands on it to swindle funds off investors. That led some countries like China and South Korea to ban the use of ICOs in funding blockchain projects.

The embattled ICOs led to the invention of Initial Exchange Offering (IEO), which is simply an ICO run through a crypto exchange, so as to ensure that it was easy to apply some regulations to the crowdfunding.

STOs, on the other hand, were well regulated from the word go. Just as the name suggests, STOs deal with securities and governments already had certain laws governing securities within their borders. Therefore, it was easy to draft regulations for the STOs. Interestingly, these laws and regulations have made it quite difficult for developers to use it. Some fear the long process while others fear the strict rules that they have to adhere to in order to be allowed to conduct an STO.

What is an STO?

Before indulging into cracking the nut on the regulations and rules governing STOs, it is quite important to clearly understand what these STOs are.

An STO is a funding method that involves the selling security cryptocurrency tokens to potential investors.

The next question then becomes, what are these security tokens?

Security Tokens

A cryptocurrency token can only be classified as a security token if it passes the Howey Test and is consequently subject to the federal regulations. Different countries have different regulations for STOs.

Holders of security tokens become part of the company behind the security tokens and are therefore entitles to some dividends out of the overall profit that the company makes.

There are four types of security tokens that a company could choose to use. These include:

  1. Equity tokens

These tokens are basically used to state the ownership of an asset like stock or debt for a certain company.

  1. Debt tokens

These are just like short-term loans to a company where there is an interest rate on the loaned amount.

  1. Utility tokens

These are the most common security tokens and they give users the ability to access the products or services of the project once the project becomes operational.

  1. Asset-backed tokens

These are tokens whose value is tied to a tangible or nontangible asset. For instance a company could have a security token whose value is tied to the value of real estate assets.

Reasons why security tokens stand out

  1. It provides an improved way of accessing real-world assets that have been digitized. Companies can digitize almost anything from debt, real estate assets to the parking fee.
  2. It provides investors with some degree of ownership and they are entitled to dividends out of the total amount of profit made by the company.
  3. Security tokens also provide increased liquidity.
  4. In comparison to traditional tokens, security tokens ensure that the founders or board members do not have to surrender board seats in Venture Capital deals.
  5. The regulations set in place ensure that there are no loopholes for scammers.

Steps of developing an STO

  1. Come up with a viable idea that entails solving a certain problem within the society/community.
  2. Carry out research on the probable solutions to the problem(s) that you intend to solve.
  3. Carry out research on other companies or projects offering solutions to the identified problem and identify key areas of improvement.
  4. Recruit a competent team for the development of the project and the STO. At this stage, you should also look for a competent legal advisor or a consultancy firm like Gravitas International to guide you through the regulatory handles. The regulatory mainly depends on your geographical location and you should ensure that you clearly understand what STO regulations are in place for your location.
  5. Identify the exact security within your project that you wish to tokenize. This tokenized security is what you shall offer in the STO.
  6. Choose the security platform where you shall launch your STO. Examples of such platforms are Polymath and Harbor.
  7. Create a compelling website that clearly outlines your project goals and asset tokenization.
  8. Develop the security token with the help of your development team, and legal advisors.
  9. Market your STO in accordance with the set rules within your location.
  10. Launch your STO and offer the security tokens for sale to accredited investors in accordance with the set regulation within your location.
  11. Look for a good partner Security Token Exchanges where you shall list your security token.

Security token development

This is normally one of the hardest phases of STOs that make developers crack their heads. However, it is not as hard as people may think. All that is needed is the right team and legal advisor.

With STOs, you have to be careful to ensure that you stick to all the set regulations within your location from the word go. Normally, you should go for a consultancy firm that will help in auditing both the financial and legal matters concerning your project. The legal team should run jurisdiction checks on the security titles like credit ratings among others that you may specify for use.

STO becomes an exception when it comes to the type of tokens. Contrary to other crowdfunding methods that easily depend on Ethereum ERC-20 tokens, STOs do not use ERC-20 tokens due to the gas prices, protocol changes and network congestion that is associated with the ERC-20 tokens.

You could be wondering if Ethereum is not used, then what other platform is there for token creation.

Well, experts had to come up with platforms that could solve the issues with the ERC-20. Organizers and companies came up with new standards that enabled whitelisting and locking, which could enable tokens to comply with the required security regulations.  These standards include ST-20, R-Token, ERC-1404, and ERC-1400. The standards still use Ethereum smart contracts, but they are improved versions compared to the ERC-20 standards.

To make the process of creating security tokens, there are platforms dedicated to the creation of security tokens. Examples of these platforms are the Polymath, and Harbor platforms. These platforms provide an easy way of creating your security tokens.

The selected security token issuance platform should ensure that the value of the token is well scrutinized and in line with all the required regulations. It also takes you through all the remaining steps from setting the STO start or end date/time and payment acceptance.

The most important thing with STOs is that the required regulations have to be embedded within the smart contracts used for the STO.

What happens if your STO doesn’t meet all the requirements

  1. You will have problems getting your security token listed on security token exchanges. Normally, security token exchanges do not list STOs with legal issues. Worst, delisting from an exchange could greatly hamper your project brand.
  2. Failure to comply with the Anti-Money Laundering (AML) and Know-Your-Customer (KYC) requirements makes future relationships with banks a problem. In case you already had funds deposited in the banks, the banks could seize the funds.
  • If you do not comply with all the regulations and laws set in place by the regulatory authorities within your location, the authorities could penalize you or even shut down the STO.

Security Token Offering (STO) is for sure one of the safest methods to conduct crowdfunding for your blockchain project. Nevertheless, if you decide to go for an STO, you have to be ready for the strict regulations that go along with it.

Security tokens are normally backed by real assets, therefore they have to comply with the US Securities and Exchange Commission regulations. Therefore, before marketing your STO, you have to ensure that you have fully complied with all the required rules to avoid being on the wrong side of the law.

Once you start marketing your STO, your project becomes known by many including the authorities. If the authorities get wind of your project and you have not complied with the set rules, you can be sure you will not like the repercussions.

Therefore, before marketing your STO, you have to adhere to a number of prerequisites generally referred to as general solicitation which allows any security issuers to solicit and advertise their offering widely. The conditions that must be met include:

  1. All the purchasers of the security tokens in the STO should be accredited.
  2. The token issuer must take all the required steps to confirm that the investors are accredited.
  3. For US issuers, all the conditions provided in Regulation D must be satisfied.

To understand what Regulation D entails and how it influences STO marketing, let us have a look at it.

Regulation D

Rule 506 (b) of Regulation D states that a company can be assured of exemption from Section 4 (a) (2) by complying with the following:

  • The company should refrain from general advertisement or solicitation in order to endorse the securities.
  • The company offering the securities can sell its securities to a limitless number of accredited and verified investors and up to 35 extra buyers.
  • The company should ensure that it gives the accredited and verified investors the correct information to avoid misleading information.

Therefore, for a company to solicit and market its security token offering, all the investors must be accredited and it must take all the necessary measures to confirm that the investors are accredited.

STO marketing depending on the STO development stages

  1. Initial Stage

These are normally the things that one should do to ensure that the general public is aware of the project and STO. The activities under this stage include:

  • Writing a whitepaper
  • Coming up with a one-pager
  • Creating a responsive website
  • Simplifying your project idea to interested investors
  • Blog writing about your project and Search Engine Optimization
  • Guest posting

When writing the whitepaper, you should ensure that you clearly explain your project and also lay out all the regal compliances for the STO. Furthermore, it should give a detailed technological, financial and commercial overview of a security token. Therefore, you ought to look for a professional writer who clearly understands about STO whitepapers.

The one-pager, on the other hand, is a one-paged document which is actually a summary of your project, giving clear reasons as to why investors should invest in the project.

For STOs, the websites created for the projects should be HTTPS sites to ensure that they are secure.

  1. Pre-STO stage

This is the stage just prior to the launch of the STO and the marketing team should ensure that word about the STO has reached as many people as possible. Some of the most commonly used marketing strategies used at this stage include:

  • Press Releases and Media outreach
  • Getting High Domain Authority backlinks
  • Getting the STO listed on STO listing websites
  • Creating profiles on professional websites like LinkedIn and CrunchBase
  • Social media marketing (using platforms such as Facebook, Twitter, Reddit, Telegram and Steemit)
  • Running video campaigns depicting use cases

For the Press Release, you can pay for articles to be written and published on websites, especially those that you are sure that they receive a high amount of traffic. You can have some of those articles posted on High DA websites with backlinks to your website.

Listing your STO on popular STO listing websites like ListICO, InitialCoinList, and CoinIntelligence also go a long way in ensuring that investors looking for prospective STOs to invest in easily find you. When listing your STO on such a website, you should not forget to include the following:

  • A summary of the entire project and why investors should cash in
  • Link to the website of the projectLink to the project’s whitepaper
  • All the regulations that have been applied to the Security Token.
  • Know-Your-Customer and \Anti-Money Laundering Regulations
  • The specific STO Launch date
  • The Roadmap of the entire project
  1. STO running Stage

At this stage, the STO has already been launched and it is running meaning investors are flocking in to invest. Though not much awareness can be done in this phase, the marketing team should ensure that they are able to catch the attention of every investor that comes across the STO.

Some of the most effective methods used include:

  • Carrying out Airdrops of the security tokens
  • Building on the project’s credibility via networking
  • Deal marketing
  • Contributing to related forums

Nevertheless, these activities should be done in moderation to ensure that the main goal of raising funds for the project during the STO is maintained. For instance, when carrying out airdrops, you should refrain from giving away too many free tokens since it would compromise the amount of funds you shall receive during the STO.

As a blockchain or fin-tech investor, you have to keep up with the pace of the ever-changing market and investment opportunities. Two years ago, ICOs had dominated the fin-tech industry, especially the blockchain/cryptocurrency space. Blockchain startups easily raise funds through ICOs as long as the whitepaper is convincing enough to prove that the underlying project is viable. For the startups, they benefit by raising the required capital while investors benefit by making profits from the sale of the tokens at a later stage or using the tokens in paying for services connected to the project.

However, since mid-2018, ICOs have gradually become less attractive to investors, especially due to scammers taking advantage of the lack of proper regulations on the ICOs. Instead, investors are now going for IEOs and STOs since they have some degree of safety compared to the ICOs.

However, IEOs seems to be stealing the show. Though IEOs are newer than the STOs, STOs are yet to pick in the industry probably due to their strict requirements.

But how do you go about investing in IEOs to ensure that you make the most profits? How can you be sure that the IEO is profitable or not?

Below are the number of things that you should consider as an investor before commit yourself in an IEO:

  1. Carry out thorough research about the IEO

You may wonder why the research and the project have already been Okayed by the exchange platform that has better experts than you. But remember, the Exchange does not look too much at the end result of the project. The exchange is only concerned with whether the project is genuine and whether its users will be attracted to the IEO token sale. The exchange is in business and it has to find something that will be well received by its customers. Therefore, it is paramount that you do in-depth research about the project itself to find out if it is a viable investment opportunity.

As you do the research, you could try to find answers to the following questions:

  • Does the project seem to attract the interest of the general public?
  • Is the project a new concept or just a copy-paste?
  • Who are the people behind the project offering the IEO?
  • How experienced are the members of the development team?
  • Is the exchange listing the IEO reputable?
  • Is the exchange secure?
  • Has the exchange been involved in any malpractices?
  • What is the history of the exchange in line with IEOs?

Always remember that the exchange is also looking for profits from the IEO token sale. Therefore, don’t just rush to buy the tokens, do a background check on the project first.

  1. Find out about the work that the development team has done so far

You have to look at what the team behind the project has done so far. You can’t just invest your money into a project that is not yet started; it might end up not starting at all. The software should be completed. You should be able to look at the program to verify if it will indeed be applicable.

You should invest in a project that has already started and the team can show some commitment to the project. This shows that the team behind the project is serious about the entire project.

Things like a whitepaper, well-designed websites, and the development team must be there.

  1. Research about the exchange that offers the IEO

Once you are convinced that the project behind the IEO is viable and looks to be profitable, you have to consider the platform where the IEO is launched. For security reasons, you have to look at the reputation of the exchange platform.

In addition, you have to consider the onboarding processing that the platform requires for you to participate in the IEO. Remember, different exchanges have different requirements for you to become an investor in an IEO. But most importantly, you have to be a registered member with the exchange for you to participate. You have to go through the entire registration process, including the KYC/AML process.

Since it may take some time depending on the exchange that you choose, it is important to do this some days before the actual IEO.

The common exchanges with IEO Launchpads are Binance, Huobi Global and Gate.io.

  1. Find out how the payments for the IEO are to be made

This is a very important factor. You cannot participate or invest in an IEO unless it allows you to buy tokens through a means that is accessible to you. Again, you have to consider the asset that the development team together with the exchange sets as the accepted currencies to buy the project tokens. Some of the most used currencies include Bitcoin (BTC), US Dollar (USD), Great British Pound (GBP) Euro and Ethereum (ETH).

You should also look at the processing time. How long does the processing take after making a purchase?

  1. Look at the tokenomics of the IEO

You have to closely examine how the tokens are distributed. You have to clearly understand the number of tokens available. You also have to see what percentage is assigned to what.

One of the things that you should carefully look at is the percentage of tokens given to the development team. If the development team is given the majority share of the tokens, then that is a red flag. Most of the tokens should go to the investors so as raise sufficient funds for the project.

You should also closely look at the distribution of the funds that are raised through the IEO. How does the development team intend to distribute the funds? The development team should not be the one taking the lion’s share of the funds. A good IEO distributes the majority of the funds to the project development.

Initial Exchange Offerings (IEOs) may be headed for a more complicated scenario than the ICOs. ICOs got banned in a number of countries, including China and South Korea for poor regulations. When IEOs were invented, they proved to be the tie-breaker, especially in these countries.

However, the fact that the exchanges offering the IEOs act like brokers by bringing the development team and investors together, these exchanges could be headed for a legal confrontation with the US Securities and Exchange Commission (SEC).

Lately, a senior official indicated that the crypto exchanges that are offering IEOs could be violating the U.S. securities laws. The official argues that if an exchange has a set fee for listing an IEO and either the issuer of the token or any of the investors is from the US, the exchange can best be classified as Security Dealer (better referred to as a broker-dealer) under the US securities laws.

And according to the Law, security dealers engaging in broker-dealer activities should be registered and licensed as broker-dealers, national securities exchanges or alternative trading systems (ATS). But unfortunately, none of the exchanges that have listed IEOs in the past have met with these requirements despite the fact that a significant amount of IEO investors come from the United States.

At the look of things, this could be signaling the wake of a SEC crypto-crackdown targeted towards IEOs. However, we are yet to see if the exchanges interested in offei8rng the IEO and targeting US citizens shall choose to comply with the SEC regulations or choose to leave the US market.

By the look of things, one may argue that this is true. Initial Coin Offering (ICOs) were doing very well in 2017 and early 2018 and many startups were able to collect billions of funds as capital to get their projects started. However, to date, no proper regulations have been put in place to monitor how the ICOs are carried out.

ICOs lack a third-party overseer. Therefore, scammers have found it to be a great opportunity to reap from the uninformed investors. As it stands, basically anyone can launch and run an ICO provided they are able to convince people that they have something they want to do and money is the hindrance.

Some governments like those of China and South Korea have banned ICO completely making it very hard for the genuine startups to fundraise through the ICOs.

The introduction of Initial Exchange Offering (IEO) was a game-changer. Startups even in those countries that had banned ICOs can now easily raise funds through crowdfunding since they shall not be breaking any laws.

In addition, though both ICOs and IEOs share some degree of rationales, in IEO, there is an overseer who is normally the exchange platform through which the IEO is being run.

For a development team to run any IEO, they have to meet and comply with the requirements set by the exchange. Therefore, the exchange acts as a cushion for investors. Investors are guaranteed that whatever the exchange is offering is well cross-examined and that it is not a scam. As a matter of fact, if the IEO was to be a scam, it would ruin the reputation of the exchange which still needs to continue with its activities after the IEO.

It is always important to factor in the cost before undertaking any project. Otherwise, you may get stuck along the way due to a lack of funds. A clear picture of the cost will enable you to financially plan in advance to ensure that you have enough funds to run all the necessary activities for the success of any project.

For a STO, the cost depends on a number of things throughout the various phases of the STO, which include:

  1. The concept phase: this includes the development and drafting of the project concept and it entails the selection of the token standard and the whitepaper.
  • Choosing the token standards

For the token standard selection, you will need to choose the best standard to build your token on. The most commonly used standards are the ECR20 though there is a large list of standards ranging from the ERC20 to ERC1450.

The selection of the right token standard can be easy with the right standard consultant. Ideally, it is better to engage a consultancy that provides the full suite of STO services including legal instead of looking for a consultant for every task.

  • Whitepaper

As the founder or owner of the STO, you could have the best description of the project, but you require a professional to draft the whitepaper nicely and professionally.

  1. The development phase: This is the bulk of the entire project. It includes the creation of the smart contract, deploying the smart contract, and creation of an investor panel.

You will need to hire a development team depending on qualifications. Most importantly, you will need UI and UX experts, blockchain engineer (s) and product experts. All these professionals come at different costs depending on their level of expertise.

At this phase, it is wise to go for the highest experienced individuals to ensure that you get the best. You can always negotiate your way out with the professionals to charge you fairly instead of going for novices who may compromise your entire project.

  1. Security and legal audit: You will have to test your blockchain project for bugs before launching the STO. The testing requires an internal auditor and a third-party auditor who can also be a community auditor.

Above the security, you should also ensure that the tokens are checked for compatibility with the available crypto exchange platforms.

Most people ignore this phase due to the added cost, but it is an important phase which would prevent future problems with your STO.

  1. Legal and marketing: Contrary to ICOs, STOs have rules that they must adhere to. Therefore, you will require a good legal team to follow up on the issue of KYC, AML in addition to the other rules and regulations touching on STOs.

You also need to market the STO so as to attract as many investors as possible. However, you will need to involve the legal team to ensure that marketing is GDPR compliant. Most importantly, you will require website developers to create an attractive landing page.

You will also have to explore all the marketing avenues, especially through digital platforms. However, you have to strike a balance to avoid overspending on marketing.

 

Localcoin, a crypto exchange, has been receiving a backlash from the online community as well as investors for possible whitepaper plagiarism.

It is so embarrassing for a company or startup to be caught up in a plagiarism scandal! It throws the entire ICO project into jeopardy. It becomes extremely difficult to convince investors that it was just a mistake since a whitepaper should be a very original document explaining a project that should be original. Otherwise, any similarity in whitepapers shows that the project could also be a “Copy Paste” or a scam. It becomes extremely hard for investors to believe that the project is real.

This is what is happening to Localcoin exchange. People, especially on Bitcointalk, have concluded that the whole project is a scam.

Localcoin blames the whitepaper author, whom they say they had outsourced, for the misfortunes but it will be hard to persuade investors into buying into this narrative. The back still stopped with them even if they outsourced the author. An author can only write depending on the information he/she gets from the project developers. And further still, the development team out to have gone through the whitepaper before publishing it.

But what could have made the author make such grave mistakes? Was it deliberate?

From a closer look at things, the author could have made deliberate plagiarism possibly from a misunderstanding with the development team. There are allegations that Localcoin owes marketers over $15,000 and this could be the reason behind the plagiarism.

However, all in all, it shows that the team behind the whole project isn’t serious.

Tokenomics simply refers to a detailed outline of how your token works within the blockchain ecosystem, its viability and also how you plan on attracting investors.

Due to the lack of proper regulations, scammers are taking advantage of ignorant crypto investors who just invest their money in projects without first scrutinizing them thoroughly. In 2017 alone over 70% of ICOs were frauds mostly because at the time not many investors knew much about ICOs.

However, over a period of 2 years, investors have gained more knowledge making it is hard for scammers to con them. Investors are now more educated about what a trustworthy token entails and you will have to include all that in your whitepaper to convince them that you are not just another scammer.

The whitepaper informs the world about your project

The whitepaper is a very crucial aspect of an ICO/STO. It tells potential investors all about your project. Therefore, you will have to make it as much detailed as possible.

Most specifically, you will have to include everything about the tokenomics. You will have to clearly show that your crypto token is just not a way of raising funds but it goes beyond to become a robust alt coin in the near future. Investors must be able to clearly understand how your crypto token interlinks with the whole project and also understand its economic value.

What is included in the tokenomics?

For your crypto token to be proved to be viable, you should include a number of things, which include:

  1. The function of the token

You should explain how your token shall be used within the blockchain network and how users will benefit from it. You have to paint a clear picture to the investor of why you are creating the crypto token.

For instance, you could outline a number of services that can be paid for using the token or even give a number of goods that the user shall be able to purchase using the token if there are any.

  1. Token distribution

The token distribution gives a detailed outlook of how you intend to distribute the total amount of the available tokens. You should give the actual number of tokens that shall be available for the Pre-sale and also for the ICO itself.

You should also breakdown the information and show the potential investors out of the available tokens what number of tokens will be used for what. For instance, you could have a project with 1 billion tokens and decide that 60% will go to the token sale, 20% for marketing, and 20% for the team. This way, the investors will be able to get a clear picture of how you intend to fund your project.

You should also give a detailed outlook of how the funds collected through the token sale shall be used and show what percentage will be used for what.

  1. The token governance

You will also need to stipulate how the tokens shall be used within the blockchain ecosystem of your project. You need to clearly outline the rules on which the token shall operate. For example, you should include the pricing guidelines for transactions and many more.

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.