What is a Bounty Campaign? - Hitecher
What is a Bounty Campaign?

What is a Bounty Campaign?

by Ethan Oakes

One of the key objectives of any marketing strategy is to ensure the maximum possible distribution of the promoted product...

One of the key objectives of any marketing strategy is to ensure the maximum possible distribution of the promoted product or service in the marketplace. Thus, many people will learn about the company, its offers, and features of their product line. This contributes to word of mouth and subsequently an increase in sales. From the very beginning of the digital technology era, much attention has been paid to social media marketing and other online platforms. In the context of this trend, so-called bounty campaigns are widespread today. We will talk about them today.

What is a bounty?

Bounty appeared for the first time in the field of online games when developers began to offer rewards to gamers for all kinds of help on the project. At the core of this phenomenon is a customer reward mechanism, as a result of which a person becomes a devoted follower of the brand. This is a little reminiscent of barter trade: the company rewards the client, and in return he provides them with all possible assistance.

Today, bounty has become a useful tool within an ICO. Many blockchain startups readily use various bonus systems and other incentive options, and in return receive quick and relatively cheap promotion. Generally, people are rewarded with tokens or cryptocurrency. Usually a bounty is held before or after an ICO.

Bounty before an ICO

As the name suggests, these are bonus programs that are held before an ICO. At this stage, the founders of a crypto-project are interested in creating a sustainable user community and maximizing their reach, and bounty programs can help them do this. These are the following programs:

  1. Charity events on social networks
    Reposts, comments, likes — all of this helps to promote the project and convey information to other users and the reward may vary, depending on the action taken.
  2. Advertisement on blogs
    This measure is aimed at members who have blogs with a large number of subscribers. Why shouldn’t they share their audience with a good project? Especially if they also get some promising coins! And the reward will depend on the number and duration of articles or videos in the blog, as well as on the number of views.

Bounty after an ICO

At this stage, the ICO is completed and funds have been raised. Now we are talking about improving the project based on the opinions and suggestions of the community. A bounty after an ICO is aimed at improving this feedback. Here are some options for incentive programs after an ICO:

  1. Translations
    This type includes translations of project documents into other languages, as well as moderation of multilingual forums. This is an ideal reward program for users who speak foreign languages.
  2. Reports
    Start-ups can also benefit from detailed reports on the bugs encountered in the system. A good report allows you to identify the shortcomings of the platform, and make it much better.

Future bounty programs

As the popularity of ICO’s grow, the number of bounty campaigns is increasing. The opportunity to get a promising currency for nothing seduces people, and they contribute to the growth of the project’s popularity by telling friends and acquaintances about it. Among the main risks are increased attention to bounty campaigns by governments. The reason is simple: such «auctions of unprecedented generosity» essentially push people to participate in projects that are not scams but which are associated with financial risks. Therefore, until transparent regulation of the crypto-market is achieved, the future of bounty, and ICO’s as a whole, remains unclear. We, in turn, can only hope that common sense and practical benefits from blockchain technologies will overcome backwardness and bias.

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