What is Initial Bounty Offering (IBO)?
Let's find out Initial Bounty Offering (IBO) meaning, definition in crypto, what is Initial Bounty Offering (IBO), and all other detailed facts.
During initial bounty offerings (IBOs) people provide specific services, and in exchange receive free or discounted tokens. This is the complete opposite of initial coin offerings (ICOs) where people have to purchase the tokens via a fiat currency.
After receiving their tokens through an IBO, people can either wait for them to grow in value or cash them out as soon as possible.
Eligibility for an initial bounty offering is dependent on the individual contribution in high-skill areas such as business development, marketing, human resource management, or translations.
Initial bounty offering takes advantage of people’s emotional involvement to ensure they’re committed to the project and want to see it succeed. Plus, when people contribute to improving the project themselves, it helps with creating and upholding a community.
Bounty programs are often put to use after finishing an IBO project. They have been utilized by popular cryptocurrencies like Zcash and Ethereum.
A bounty program’s goal is to receive feedback on the project’s code. It’s also used to reward someone’s efforts in promoting the cryptocurrency.
Additionally, there are bug bounty programs to reward anyone who identifies issues within the project’s blockchain. These incentives can have a huge payoff for the programmers.