Online gaming has led to the idea of a bounty program. A bounty is an award that is given to an individual, or group of people, for completing a task. Blockchain startups use bounty programs to complete their assigned tasks at the cost of tokens. ICO teams use bounty programs to finish their marketing plan. They don't spend their time and money on expensive press releases, banner ad campaigns, or Google Adwords.
The bounty program is used by the ICO team. If a bounty program is successful as a marketer, it eliminates the need for a marketing company. It is possible to keep a portion of the token they have earned as a reward for participating in their bounty program. They can then decide what task to do with smart contracts.
Tips that will make your ICO Bounty Program stand out
Make your prototype and launch your ICO
Many investors believe that a working prototype is crucial. Always start your ICO once you have a working prototype. There are many great ideas on the market, but investors want to invest only in the obvious. Your decisive factor can be a prototype that is in a working state.
Create a valuable project
Begin to form your team and discuss the project's values. Are you open to being part of crypto's original philosophy, which is to distribute wealth and gains among all? You should establish a maximum individual limit if you are interested in participating in your ICO. This will ensure that only those who are truly interested can participate. If your motive is to grow quickly, you can set a minimum cap to ensure that everyone participates.
In the first 24 hours, set maximum individual caps
If given the opportunity to participate, interested participants may do so. To give everyone a fair chance, set a maximum individual cap of $250 for the first 24hrs of your public token sale. If the hard cap is not reached after the first day, you have the option to remove the cap. If you have a solid project, a roadmap that is clear, a team with determination, and a prototype that can be used to prove your idea, you won't need to worry. You will be refunded.
Convey your hard cap clearly
Be clear from the beginning about the hard cap for your project. If your project is worth $10 million, don't raise the hard cap of $50 million. You are only giving investors and influencers the chance to ridicule your $50 million hard limits. A high hard cap can be a threat to future growth. It can discourage investors.
Scamper a presale with a conservative bonus
A portion of the hard cap can be used to run a pre-sale, and then to issue traditional bonuses. Although tokens such as percentage bonuses are attractive to investors, they could become counterproductive if the rewards are too high.
Create a Performance Model based on Pay Per Basis
Each investor has the right to offer a discount to his contacts. Let the investors be part of a secret club. Give them something to refer friends. This program is known as a double-sided referral program.
Conclusion
Follow these tips to succeed and you will be picked up by reviewers and influencers. There's a chance you will reach your funding goal if you become a viral sensation on Telegram or Discord. The power of a bounty program is not to be underestimated. It is just as important as a smart contract. Errna is a leading expert company in the areas of blockchain application development, helping businesses set up their cryptocurrency exchanges, and blockchain consulting, among many other things. We can offer you the complete design, developmental and infrastructural support for your new ICO.