Part 4: Types of Bounties and How They Work

We covered the original type of bounty in Part 1 that focused on security and vulnerability. In this section we look specifically at the types of bounties offered by ICOs keen to promote their projects, and how these work, based on the actual bounty management work that AmaZix does for its partners.

As you will see from this list, most of the bounties require you to perform tasks on social media platforms or crypto discussion groups, so you will have to have some knowledge (and preferably, a good following) for you to participate in them.

1. Video bounties

Video bounties require participants to create video content, usually posted and publicly viewable on video sharing platform YouTube. Videos don’t need to be too long, but good ones often range from 5 to 10 minutes.

Higher quality videos with original content or creative presentation are prized by bounty programs as this is the most interactive and engaging type of bounty available. Therefore, rewards for video bounties tend to be most lucrative, assuming the video gets a lot of views!

Complexity and effort required: medium to high
Bounty potential: very high

2. Content creation bounties

Know how to write well? Then this bounty could be your ticket to bounty hunting. Content creation or article writing bounties require you to create written pieces, which are posted on several blogging platforms such as Steemit, Medium or Newbium or sometimes on forums such as BitcoinTalk. If you have your own website or blog and have a good readership, that works too.

Articles don’t have to be verbose – the content creation bounties that AmaZix manages typically has a 250-word minimum, the focus here is on creativity and originality, and of course readership!

Complexity and effort required: medium to high
Bounty potential: high

3. Translation bounties

Multilingual bounty hunters have an added advantage of being able to access translation bounties. Crypto projects and ICOs very rarely produce materials in more than two or three major languages, but they still want to reach out to international audiences. The only way to do this is to have their major documentation translated – and this is where bounty hunters can come in.

The usual documentation required for translation are websites, roadmaps, white papers, announcement posts and press releases. Because some technical knowledge is required to translate tech jargon, only native speakers are accepted for these bounties.

Complexity and effort required: medium to high
Bounty potential: medium to high

4. Forum signature bounties

Simply known as “signature campaigns”, these types of bounties are also very popular because they require little to no extra effort on the part of bounty hunters. This is because they only require crypto forum users (usually on BitcoinTalk, having the largest crypto-related membership) to attach a code to their forum account, which results in a small advertisement or message promoting the project automatically posted at the end of every forum post.
For ICOs, this bounty can reach a large audience, especially as all posts ever made by the user will display the ad/message. Generally, bounties are paid per post or per period, with minimum and maximum posting limits.

Because higher-ranked forum users (gained through active use over longer periods of time) can display more code (as well as an avatar) and are generally regarded to be more reputable, they tend to earn more than lower ranked-users.

Complexity and effort required: low to medium
Bounty potential: low to high

5. Social media bounties

Finally, we arrive at the most popular form of bounties sought after, due to their ease and accessibility. As almost everyone has a social media following, ICOs can reward users for the simplest of tasks, hoping to get the word out to the huge following of social media users and influencers.

For Twitter, users are usually required only to reTweet posts, or display hashtags in their Tweets. For Facebook, it mostly only requires liking and sharing of pages or posts, and a few posts with hashtags displayed.

Complexity and effort required: low
Bounty potential: low to medium

Wondering how to make the most of your bounty hunting? Read our next article, Part 5: How to Maximize Earnings With Bounty Programs.