A Bounty campaign is a marketing tactic that allows a company to allocate a small amount of their tokens to promoting their ICO through the crypto community. Bounties are simply jobs, tasks, or projects that token developers creat. If participants complete the job, then they will receive a reward in token form.
The tasks are never too complicated, and almost never involve any sort of computer programming. That’s what the developers do. However, there will be other things that the developer either can’t do, or just won’t have time to do. However, those tasks are necessary for the success of the token they created. So what do they do? They get other people to do those tasks, rewarding them with tokens of their creation.
Examples of typical bounties include promoting the new token on Twitter, or translating promotional content for that token. Something anyone can do in their spare time.
ICO bounty programs allow companies to use their platform tokens for maximization of their marketing efforts.
Within the cryptocurrency scene, bounties have become a useful part of any ICO campaign. Many startups usually incorporate a Bounty program as part of their ICO campaign. During the bounty program, the ICOs provide compensation for a number of tasks spread across marketing, bug reporting or even improving aspects of the cryptocurrency framework. The reward is usually in the form of cryptocurrency tokens or fiat currency (this option is rare).
Bounties are essentially tokens of appreciation for helping the blockchain project progress.
They cut down on costs for startups while simultaneously incorporate members of the blockchain community.
However, the ICO landscape is extremely competitive. It is not uncommon for dozens of ICOs to be happening at the same time.
One way that startups can get ahead of their competitors is through running a successful ICO bounty program.