What is a bounty program?
Google's definition: A sum paid for killing or capturing a person or animal.
Woah woah woah Google - that's not the kind of bounty we're talking about.
Let's take something a bit more relevant from Hackernoon - "Bounties in the digital world take their origin from online gaming platforms that offered rewards for participating in their game development."
Bounty programs have become a way for projects to incentivise their community to do something - from hacking their code, liking a Facebook page, or creating fan-art - and in the context of cryptocurrencies and their initial coin offerings (ICOs), bounties are used in this way to reward bounty hunters with cryptocurrency.
Bounties are a unique way for a project to directly incentivise certain behaviours within a community.
So what about Liven's bounty program?
At Liven, we're currently running an ICO for our network utility token LivenCoin (LVN). We've been considering how to go about our bounty program for a few months now and we're in an interesting position considering we have a direct connection with thousands everyday spenders and real brick-and-mortar businesses.
Traditionally (in the last few years) cryptocurrency bounty programs have been announced on Bitcointalk which is one of the biggest cryptocurrency forums around (it's where the famous bitcoin pizza story lives too). Launching bounty programs on bitcointalk makes sense for these projects, given they are using their ICO primarily as a means to fund the development and execution of the project - so they want to attract crypto-enthusiasts.
With Liven, it's closer to the opposite - we have an existing platform already serving thousands of users and merchants, and we're implementing a crypto-token to enhance and scale this service into an ecosystem for life-style spending. This results in a unique opportunity to educate those who may not have come in contact with cryptocurrency for years otherwise.
Our bounty program looks to appeal to our existing stakeholders in users and merchants, as well as potential ones among global cryptocurrency communities.
Welcome to Liven's bounty program, let's get you some LVN.
Liven's bounty program will echo similarities to other crypto token bounties, though will cater to the various stakeholders in our ecosystems from users, merchant partners and enthusiasts. This also means using our bounty as a means to strengthen different parts of our business; our community, tech-stack and ecosystem in general.
Out of the total 10billion LVN tokens to be minted, 2%(200million) are allocated to Liven bounties.
These 200million LVN tokens will be split between seperate Liven Bounty Campaigns.
As above, these campaigns will be focused on stimulating the community, strengthening our back-end and expanding the LVN ecosystem.
How much LVN do you earn for each bounty?
Bounties are likely to be organised into bounty camapigns, which will each have respective timelines and participation and reward structures.
As for each campaign's structure, they are still being designed and thought out (we could use your help). One potential structure for a campaign, is to have x amount of LVN up for grabs in y bounty campaign - for each bounty 'quest' completed in the campaign, a stake is earned. On campaign end-date, your individual stake is divided by the total stakes, this % will determine your LVN reward for that campaign - there may also be minimum and maximum rewards for participation.
If you don't understand, don't worry - each bounty campaign will have its details explained in respective posts, this is just an introduction.
And if you have your own ideas for structure, or a particular bounty idea, we would love to hear from you - if your submission is used as inspiration or implemented as is, we'll give you something special!
Where will you find details about each LVN bounty campaign?
This post will not be updated with details about each campaign, it is simply an introduction.
Each bounty campaign will have an up-to-date post on this blog & Medium - This will include start and finish dates, total LVN allocation, participating and reward structures and of course, the specific bounties to complete.
Got an idea for a Liven bounty?
Bounty programs have been used to reward the community for creating fan-art, fixing software bugs, following and joining social media channels and with Liven, we've got a real-world product with real-world businesses and we intend to use these tools.
Submit your bounty idea here, as above, if we implement it or take inspiration from it we'll give you something special!