Initial Bounty Offering (IBO) refers to the crowdsourcing of human resources with the required skill set and talent to work on an ongoing blockchain or cryptocurrency project with native-tokens being issued in exchange for services provided.
IBOs require a certain level of mental commitment from the participant. The rewards can only be converted to fiat after the tokens have launched on an exchange or simply keep them in hopes of a bigger cash reward in the future.
The projects are broken down into smaller tasks and offered as bounties to a bounty hunter – any individual who completes the tasks for token/coin rewards. Tasks can cut across a wide range of industries -financial services, affiliate marketing on social networks, advertising, and conversion services to gain attention from investors – basically, any task that furthers the project in the crypto space. Bounty hunters may also choose to exchange tokens earned for other digital currencies in the crypto financial markets.
What is an IBO? What Is The Difference From ICO?
While ICOs (Initial Coin Offerings) focus on identifying a community of potential investors and offer tokens in exchange for fiat currencies, IBOs are more centered around finding talent and crypto enthusiasts that will form a basis for the project’s blockchain community.