What are Bounty Programs
Bounties in the digital word take their origin from online gaming platforms that offered rewards for participating in their game development. Bounty Programs are essentially incentivized reward mechanisms offered by companies to individuals. What this means is that a company introducing a product or a service offers some rewards to people in exchange for performing certain tasks. It is akin to a barter trade of sorts; the company gives rewards to a person and the person in return does some simple tasks for the company. It is a veritable means of advertising for many companies.
Within the cryptocurrency scene, bounties have become a useful part of any ICO campaign. Many start-ups 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 however rare). The cryptocurrency space has proved to be a massively conducive environment for bounty programs. This is because it offers great rewards and incentives for both the cryptocurrency start-up and individuals alike.