Prince John was annoyed at the insolence of Robin Hood (who robbed him, pretending as a fortune teller), and offered a price for whoever brings him his head. This was in the 1973 Walt Disney movie, Robin Hood.
The money he placed on Robin Hood’s head is called a “bounty”.
I believe with the references above, you already know or have an idea of what a bounty is.
A bounty is a reward given to a person who volunteers in a task or engages in an activity.
The concept of bounties is still common in today’s security system. Rewards are promised to anyone who apprehends or provides usual information on the whereabouts of a criminal.
This practice is now being used as a marketing tool in business.
Businesses use bounty programs to boost their brand awareness and promote their product or services. This is common for upcoming products. The idea behind using this form of marketing is to make use of word-of-mouth advertising; which has proven to be one of the most effective forms of marketing. If your friend tells you about a new product or service in the market, you’re more likely to check it out than if you found it in an ad.
In the crypto world, bounties are common. In fact, there is practically no ICO without a bounty program. Startups use it to get people involved in their ICO either for promoting the project or joining in its development. Rewards in the form of fiat money or tokens are given (or discounted tokens) to participants in the bounty programs. In the case where tokens are given, they can be exchanged for normal currency once the Tokens are listed on exchange.
ICO bounties are usually in two stages. The pre-ICO and post-ICO bounties. They are never in direct interaction with the main offering.
For the pre-stage, ICO promotion and development is the target.
For promotion, the bounty participants are rewarded for engaging in tasks such as social media sharing and engagement. Here participants are rewarded for spreading the word about the ICO among their social media network and community. Bloggers and writers are also targeted here. They are rewarded for writing articles aimed at promoting the project and getting them on major publications. Respected members of the Bitcointalk Forum who join to promote and create awareness about the ICO on the forum are also rewarded.
For the post-stage, the major target is developers who engage in helping to secure the platform by checking for and reporting bugs and loop-holes in the platform. Translation bounties are also post-ICO. Here the website, platform and white-paper of the project are translated into other languages.
The aim of bounties is to increase media presence and engagement in an ICO. As well as get the public’s opinion and input in building a stable and solid project.
The cost-effectiveness of bounties as a marketing strategy for ICOs has made it a common practice. There is practically no ICO without a bounty.
Joining a Pre-ICO bounty program is the cheapest way to earn tokens and join the cryptocurrency market. This is because you earn for engaging in activity which you’re already doing- like social media engagements and writing. And these tokens can be exchanged for fiat currency once the ICO is on exchange.
Forums like Bitcointalk and Cryptocointalk always have all the available ICO bounty programs listed. You can join these forums to take a pick from the many available bounties. You can also follow the social media handles of ICOs and crypto startups to get news on their bounty announcement. A quick google search will do the job.
Join our bounty
Our pre-ICO bounty program is on. Start earning free Cur tokens today by engaging in tasks as simple as Translating to other languages, sharing our videos on social media platforms, tweeting about Cura Network, writing about Cura Network on your blog or other high authority blogs, writing on Linkedin, Facebook, Reddit and on Telegram. Our ICO kicks off on the 7th of April, which means you’re only a few weeks away from exchanging your tokens for whichever fiat currency you want.
The tasks are very simple, they’re what you already do daily, only that you’re currently doing it for free or fun, how would you like to earn while connecting with your friends?