One word that can aptly describe the world of blockchain and ICOs is “unorthodox.” And, one unorthodox way of spreading the word about your upcoming token launch is through a bounty programme. The only difference is that such bounty programmes don’t need you to become a ruthless mercenary!
What is a Bounty Programme for ICOs?
When you have created a viable blockchain-based solution for an existing problem and have finalised your crypto token, the next thing you might ask is, “How can I launch an ICO?” The most important thing in launching a successful ICO is to have an excellent marketing strategy. After all, the more people who know about your token launch, the more likely you are to find investors. The problem is that marketing is usually a cost and effort intensive exercise. This is where bounty programmes come to the rescue. What it essentially entails is outsourcing your marketing to individuals, who might also be crypto enthusiasts.
The concept of such programmes actually comes from the world of online gaming, where a bounty or reward is paid to a gamer or a group of gamers for achieving certain goals in the game. Similarly, an ICO owner rewards people according to their help in spreading the word about their token launch. Each participant in the programme can choose a task that they feel they excel at and the ICO owner rewards their efforts either through fiat currency or with their crypto token.
So far, these programmes have proven to be an excellent way to publicise an ICO and garner a loyal base of supporters.
Types of Bounty Programmes
There are basically two types of bounty programmes, with each including specific tasks that are a part of the ICO process.
1. Pre-ICO Bounty Programmes
These include marketing-related activities. The objective is to spread the word about the upcoming token launch and drum up as much support for the token as possible. Some of the key tasks during this period include:
- Social media campaigns: Bounty programmes have proven to be exceptionally effective. Participants in the programme help by putting up information about the blockchain project and the token on popular social media channels, such as Facebook, Twitter, LinkedIn and even videos on YouTube. They also help engage with crypto communities across channels, including Telegram, Reddit and more. The reward is usually based on the level of engagement they are able to achieve.
- Content creation: While the whitepaper provides all the information about the project and associated tokens, it might not be easy to follow for the layperson. Through a content creation bounty, you can get bloggers to take advantage of their readership and publish articles about your ICO. They can even help with a newsletter that provides updates on your project, translating your whitepaper into other languages, creating infographics to generate a buzz and more. Again, the reward will be determined by engagement levels.
- Signature bounties: The Bitcointalk forum is possibly the most active crypto community online, with a huge member base. Bitcointalk signature bounties are popular and open to all participants of the forum – but what’s involved? Well, The ICO releases a signature with a code embedded in it. The ranking of the participants who post this signature determines the number of stakes they get.
2. Post-ICO Bounty Programmes
If you’ve reached this phase, you’ve obviously successfully answered the question, “How can I launch an ICO?” Now, it is time to gather feedback about your project in order to make the needed improvements to your project and ecosystem. It is also time to keep investors engaged and reassured regarding the progress on your roadmap. Key tasks during this phase include:
- Translation bounties: The primary aim now is to translate key documents, as well as your website, into multiple language to make your ecosystem a truly global one. So, the bounties at this time are meant for native speakers of the languages that you wish your website, whitepaper and other key documents translated into. Don’t forget to include the Bitcointalk ANN thread as part of the translation jobs.
- Bug reporting bounty: A crucial part of developing any kind of software is to identify and then fix bugs. This is quite an effort and a time intensive exercise. Rather than tying up your limited human resources in this, you can put up bug reporting bounties, where crypto enthusiasts with expertise in software development can search for and immediately report any bugs in the system. This programme has proven to be extremely effective in taking a blockchain platform from being good to being great.
Apart from all this, you can also put up community management bounties. This is a vital part of both the pre-ICO and post-ICO phase. Engaging members of top online forums is crucial and managing your communities, whether on Telegram or Reddit is equally important.