Initial Bounty Offering (IBO)
A novel way of launching a project that focuses on people contributing skills to a platform rather than money.
What Is an Initial Bounty Offering (IBO)?
Enthusiasts who dedicate their time and skill to further a project — by completing tasks related to translation, marketing, business development or human resources — can be eligible in an IBO.
This can mean that they’re emotionally invested in a project and more determined to see it succeed, and this approach can be more effective in building a community.
As a result, IBOs require more mental commitment from the receiver.
Those who receive tokens can cash them out at a later stage once they are listed on an exchange, or they can hold on to them in the hope that their value grows.
Upon completion of an ICO, bounty programs may be utilized to obtain feedback on a cryptocurrency project’s code or to compensate for efforts for promoting the coin.