Back in the day, the government used to issue notices and a reward for the capture of certain individuals. Those notices were called “bounties” and the people who used to capture these criminals for the reward were called “bounty hunters”. Well, bounties and bounty hunters persist to this day. BUT the context has greatly changed.
The Ultimate How-To Guide on Becoming a Successful Bounty Hunter
Nowadays, especially in the cryptospace, a bounty program is an offer made by all these blockchain startups to incentivize their users to perform various tasks to promote and improve their product. In simpler terms, via bounty programs like BountyOne, users can receive a compensation for promoting and improving the ICO product, either in the native token, Bitcoin/Ethereum, or even fiat.
There are lots and lots of bounty programs out there, and if you navigate properly, then you will come across many genuinely amazing programs which can earn you a ton of money. However, as any experienced bounty hunter will tell you, there is a lot of garbage out there.
In this guide, we are going to give you some guidelines to follow when you are choosing your bounties.
Inspect the Project Credibility
We guess this is a no-brainer but please do not accept any bounties without looking into the project! There are many scams out there, the last thing you want is to waste your time and resources on an undeserving project. There are various ways that one can identify whether the project is credible or not.
#1 The Team
You must have seen this photo floating around the internet:
Image Credit: Reddit
Funny as it is, it does give a pretty healthy indication of what you are looking for. The simplest and the most straightforward way to find out the credibility of the project is to look at the team.
When you are looking up a project, just go to their website and google the names of the team members. In fact, you may even want to check out their LinkedIn. If nothing concrete comes up, then you know that you are dealing with a, let’s just say, not that competent a team.
You need not be that harsh with the past achievements of the team members, however, there is a simple rule of thumb. If the project says that they have Ryan Gosling in their team, then dump them.
Image Credit: Reddit
#2 Pyramid Scheme Resemblance
Let’s take the most infamous example of this. Bitconnnnnneeeeecccccttttt!
Ah Bitconnect…the gift that keeps on giving.
The thing that attracted a lot of investors to Bitconnect was that they guaranteed profits and rewards. In fact, they had a whole plan laid out on their website:
Any website that has anything like this screams of a Pyramid Scheme and should be dumped immediately. Any crypto-enthusiast worth his salt will tell you that there are no guarantees in the crypto world.
#3 White Paper Quality
A white paper is the bread and butter of any and all ICOs. According to Wikipedia. “A white paper is an authoritative report or guide that informs readers concisely about a complex issue and presents the issuing body’s philosophy on the matter. It is meant to help readers understand an issue, solve a problem, or make a decision.”
In simpler terms, a white paper can tell potential investors everything they need to know about the project. This is the reason why an ICO which doesn’t have a whitepaper should simply be looked over.
Another thing that most ICOs realize is that majority investors simply won’t bother to read the whitepaper. This is the reason why they simply outsource their whitepapers to cheap freelance writers who end up creating proper works of art. “Art” is being used extremely liberally here of course. Check out this gem of a whitepaper by “Arbitrage Crypto Trader”.
Here is an extract from the whitepaper:
“However, the arbitration did not die definitively. He again in favor, thanks to the appearance of crypto currency. All of us see that right now quotations bitkoyna on different stock exchanges differ from each other by 1-5%. And for some of the Altocums, the difference can sometimes be as high as 50%.”
Its ok, don’t bother making sense of it.
A well-crafted whitepaper can define a generation. Just look at what Bitcoin’s whitepaper has done to this era. An ICO which doesn’t bother putting in any effort shouldn’t be given any attention.
Checking out the purpose of the token
This is another useful indicator of the validity of the project and to see whether they are worth your time or not.
You are probably asking,
“Why should I bother with all these checks?”
The reason for this is pretty straightforward.
Mostly, you will be getting paid in their native tokens. If that’s the case, then the first thing that you should do is to make sure that you are getting paid in tokens which have a potential to appreciate exponentially.
Now, what determines the appreciating quality of a token? In order to know that, you must know about token utility.
When you are reading up on a project, ask yourself this question: If you take away that ICO project’s token does its business model fall apart? If the answer is no, then they don’t need a token. Simple as that.
A quality business model should be such that they are exploiting their tokens to the maximum possible limit.
As William Mougayar points out in his Medium article, there are three tenets to token utility and they are:
These three are locked up in a triangle and they look like this:
Each token role has its own set of features and purpose which are detailed in the following table:
Let’s examine each of the roles that a token can take up:
By taking possession of a particular token, the holder gets a certain amount of rights within the ecosystem. Eg. by having DAO coins in your possession, you could have had voting rights inside the DAO to decide which projects get funding and which don’t.
The tokens create an internal economic system within the confines of the project itself. The tokens can help the buyers and sellers trade value within the ecosystem. This helps people gain rewards upon completion of particular tasks. This creation and maintenance of individual, internal economies is one of the most important tasks of Tokens.
It can also act as a toll gateway in order for you to use certain functionalities of a particular system. Eg. in Golem, you need to have GNT (golem tokens) to gain access to the benefits of the Golem supercomputer.
The token can also enable the holders to enrich the user experience inside the confines of the particular environment. Eg. In Brave (a web browser), holders of BAT (tokens used in Brave) will get the rights to enrich customer experience by using their tokens to add advertisements or other attention based services on the Brave platform.
Can be used as a store of value which can be used to conduct transactions both inside and outside the given ecosystem.
Helps in an equitable distribution of profits or other related financial benefits among investors in a particular project.
So, how does this all help in token utility?
If a business wants to maximize its token utility, then they need to tick off more than one of these properties. The more properties they can tick off, the more utility and value their token will brings into the ecosystem, and as an extension, the more valuable your bounty reward will be.
Finding your specialization
There are different kinds of crypto bounties out there. Some of the most popular crypto bounties are:
- Bitcointalk signature bounties: Bitcointalk is one of the most famous Cryptocurrency forums out there. In order to understand what signature bounties are, the following explanation by user “HiringYou” is pretty helpful:
“It is very simple to join a signature bounty. Every campaign provides a signature and avatar and sometimes pm also. First of all you should copy the signature provided for your rank and then you should go to your profile and on the left hand side you will find an option named “Forum profile information”.
Click on it you will find a checkbox where you have to paste the signature you copied and then click on change profile button.Your signature will be changed. Check if there is an avatar or pm for your rank. If yes then follow the same procedure you followed for signature. Afterward, go to their thread and read “how to apply ” section. Fill the required information and post it on there thread. Your request to join the campaign will be sent.”
- Social Media bounties: Post certain promotional material on your social media platform and get paid accordingly.
- Blog/Video post: If you have a blog/video following then simply create a blog and a video post to promote a particular ICO.
- Translation Bounties: Simply translate the whitepaper or the website into another language so that the project can reach a wider audience.
You should choose a bounty based on your specialization. Eg. if you are fluent in a foreign language, then translation bounties are perfect for you. If you are a good writer or have a lot of Youtube followers, then blog/video posts are good for you. Similarly, if you have loads of twitter followers then social media bounties are great for you.
Connect, connect, and connect
As a bounty hunter, you should always be looking to connect with the developers of the projects that you are interested in. Strike up a conversation and build a rapport with them and get to know more about the project and business model and come up with ways to improve it.
This serves three purposes:
- It gives you a clearer insight into the project.
- They may give you higher rewards for your work.
- They may even invite you to be a part of their team.
So, there you have it.
What we just gave to you are the guidelines that you will need to follow in order to become a successful bounty hunter. Well-versed and competent bounty hunters are the need of the hour. You must do your part for the evolution of the cryptospace. If you are looking for a great platform for bounties check out bountyone.io
Read more at Blockgeeks.