Understanding Cryptocurrency Bounty Programs: Risks & Rewards

Yes, you can be the Bobba Fett of cryptocurrency!

While these bounty programs are mostly used to reward developers for spotting vulnerabilities in code, they’ve expanded to not only offer general coding requests, but also marketing-like services, such as writing content and tweeting out links.

But bounty hunters also play an important, active role in helping bring criminals to justice who seek to disrupt the benefits digital currency brings.

How It Works

Source: HackerNoon

Whether you are tech-savvy or non-technical, bounty hunting provides numerous tasks that can be completed. All new cryptocurrency projects need marketing to help sell their coins during its ICO. Many of these projects choose to do their own marketing in-house or using a marketing agency. But they also add a “bounty program.

A bounty program offers cryptocurrency in exchange for promotion, if the ICO turns out to be a success. In other words, payment is never guaranteed up and until the ICO closes. Each given cryptocurrency has its own percentage of their tokens reserved to be given for these bounty programs.

The program is broken down into two stages:

The first stage, pre-ICO, is marketed to prospective investors, including social media influencers, blog writers, and BitcoinTalk Signature bounty hunters.

The second stage, known as the post-ICO stage, which focus on the final touchups to the released blockchain. During this stage, bounty rewards are offered to translators, who help distribute it globally, by putting together translated documents on the development and marketing.