What is an Initial Bounty Offering (IBO)?

Initial bounty offering (IBO) is part of the crypto earning methods that people can participate in.

We explained about initial coin offerings in our previous post. A recent blog, crypto faucets, also gave insights on how you can earn free crypto.

Let’s now learn about IBOs and what benefits it brings. 

What is an Initial Bounty Offering?

An initial bounty offering is a way for investors to earn tokens. Initial bounty offerings (IBO) offer tokens or digital currencies in exchange for completing a specific task. These tasks commonly involve finding bugs, translation tasks, and marketing. However, all these are for a limited time only.

Contrary to initial coin offering (ICO) where you have to invest a certain amount, bounty programs do not require any kind of initial investment. You just need to be ready to give a portion of your time in completing the tasks. 

Initial Bounty Offering (IBO) Features

The range of tasks included in IBOs make use of a diversified skill set. This means that it can be attractive to a wider population because the work is not computer or technology-centric only. For instance, some bounty programs will need participants in human resources or business development projects.

This approach inspires a greater level of emotional and mental commitment from the participant because its impact differs on certain levels. Also it enhances the sense of cooperation within the crypto community. 

Bounty hunter is the nickname for participants who eagerly seek out and accomplish IBO tasks.

What is the Goal of Initial Bounty Offering (IBO) ?

Moreover, once the participants fully accomplish the task, their feedback is needed. Aside from distributing token rewards, bounty programs also gather opinions about the crypto project’s code or protocol. 

Since IBO is another technique for launching a crypto project, it can gain more support from investors by letting them know that their opinions matter. 

What are Bug Bounties?

Bug bounties are a specific kind of reward that is given to people who successfully identify problems in the project’s blockchain. Rewards for this type of task can reach up to thousands of dollars

Summary

All in all, IBOs operate by making use of their potential investors’ talents and skills. This means that the users are active participants instead of just relying on money to give them access to the token. Ethereum and Zcash have used this program to reward their users who participated in the development of their native blockchains.