The idea of a bounty program generated from the online gaming world. A bounty is a form of reward given to an individual or group of individuals on achieving a specific task. In the realm of ICO, blockchain startups use bounty program to conclude the assigned job at the cost of project's token. Through bounty program, ICO team tries to complete their marketing program. They do not disburse their money and time on banner ad campaigns, expensive press release, and Google Adwords, the ICO team, uses bounty program. When bounty program works as a marketer, then the need to hire a marketing firm is banished. That way, it becomes easy to keep a small portion of their token as a reward for their bounty program. Then, with the help of smart contracts, they can decide the task they need to complete.
Here are the tips by Yee Kok Siong to make your ICO Bounty Program standout.
Fabricate your prototype then launch your ICO
There are many investors for whom working prototype is the deciding factor. So, always begin your ICO when you have a working prototype. The market is full of great ideas, but people want to invest in obvious thing. A prototype in working state can be your decisive factor.
Create Valuable Project
Assemble your team and try to discuss the values for your project. For example, are you interested in being the part of crypto's original philosophy of distributing wealth and gains among the many? If you are interested, then you should set a maximum individual cap so that interested people will have a chance to participate in your ICO with small amounts. In case, your ulterior motive is to grow as quickly as possible; then you may set a minimum cap and make sure 'crowd' participate.
For the first 24 hours set up maximum individual cap
Interested participants can participate if given a fair opportunity; try to give every participant a fair chance by setting up maximum individual cap for the first 24 hours of your public token sale. The option to open the floodgate by removing the cap if after the first day the hard cap has not been reached. Having a substantial project, a detailed roadmap, a determined team and a prototype to understand and prove your concept, then there is no need to worry: you will get refunded.
Convey your hard cap clearly
Decide the hard cap of your project and be clear about it from the beginning. In case your project requires an investment of $10 million then do not raise the hard cap of 50 million dollars. By doing so, you are only giving the opportunity to investors and the influencer to raise an eyebrow at your $50 million hard cap. High hard cap is a risk to future growth. Therefore, it may discourage the investors.
Scamper a pre-sale with conservative bonuses
With a portion of the hard cap run a pre-sale and then issue traditional bonuses. Giving additional tokens as percentage bonuses to early participants attract few investors, but if, rewards are too high they can become counterproductive.
Build a Performance Model on Pay Per Basis
It's the right of each investor to get a chance to expand discount to his connections. Allow the investors to be in a secret club and let them take advantage of it by gifting them something for referring friends and why not give friends something too! This type of program is called double sided referral program.
Conclusion
To succeed, follow these tips by Yee Kok Siong and get ready to be picked up by influencer and reviewers. Once you go viral on Telegram and Discord channels, there's a possibility you"ll meet your funding goal. Don't underestimate the power of bounty program. It is as essential as having a smart contract.