Hey guys, I just wanted to drop a quick post this morning to give you a taste of what is coming soon. MediaCoin, the software development company creating the world's first secure music store, will be re-releasing our Bounty Program soon in order to begin our social media campaign.
If you don't know, here's the way a bounty program works and why we would do one: When a company is releasing a cryptocurrency they can choose to allocate some of the original tokens for specific actions. It can be for pretty much anything but is usually limited to either talking about or promoting the crypto/company on social media, or translating certain pieces of info for that company (such as the whitepaper or website).
This is done to get the currency out into the hands of the public, but also as a tool to reward those who help cryptocurrencies gain traction through social engagement. There is a lot that goes into a bounty program and it is not as easy as it seems to set up correctly and fairly, but without loopholes that can be exploited by fake accounts, bots, ect.
I created ours, and it is a pretty easy to participate in-easy to qualify for kind of bounty. My goal was to make it so literally anyone could participate if they wanted to. (obviously, people in remote areas with no internet cannot participate... thanks.)
I had released a version of a bounty, however there were a lot of issues with the structure, as well as the sign up forms, and the token allocation... so it was just a mess. I learned however, as one should, from my mistakes and made a pretty good one this time around.
Once the date is decided for this new one, I will let you all know. In the meantime get ready for it by creating an address at myetherwallet.com or download the chrome and firefox plugin classicmask, as you will need to give us your ethereum wallet address so we can send you the tokens you earn.
Overall, Bounty Programs are a pretty cool idea. The world is much more digital, and social media has a HUGE impact on the psychology of humans right now, so this is just another way crypto is pushing humans into relying on technology... Which isn't terrifying at all...
