Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on April 13, 2021, 02:57:30 AM
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Since 2017, bounty campaigns have been one of the traditional and effective ways for projects to promote ideas, create communities and potential users/investors. As far as I know, tens of thousands of people, or even hundreds of thousands, are doing bounty hunters as part-time jobs to generate extra income.
Normally, projects running a bounty campaign will pay project tokens to hunters because tokens are generated from the air and this helps to increase the number of token holders. However, amid rising transaction fees on the Ethereum blockchain, many projects have been delaying token distributions and this frustrated hunters, who moved from project support to anti-project. And so the bounty campaign had the opposite effect on the community.
Even for BSC with lower transaction fees, about $1 compared to $3-5 on Ethereum, conducting tens of thousands of transactions cost the project tens of thousands of dollars, which can be used to conduct a small bounty campaign to promote project.
So I think we can find a solution to this problem. One of the ways is being done by Sofico Bounty Manager. This is not a promotional topic for Sofico, it just offers a new way that bounty hunters can ask Bounty Manager to do if projects want to delay token distributions to avoid costly transaction fees.
This method is very simple: take advantage of the exchange's internal transaction fees.
That is, instead of sending token to hunters personal wallet, project sends token to the hunters' account on an exchange where token has just been listed. This has several characteristics:
+ Waiting time: quite long, 2-3 months for token to be listed on an exchange. This time can be shortened if the project conducts IEO;
+ Procedure: a bit more complicated because hunters need to fill out a crawl form after token is listed. The project also needs to link to an exchange;
+ Cost: very cheap because tokens are easily sent from an account on the exchange to other accounts;
+ Benefits: project avoids high transaction fees, exchange has new users, hunters conveniently liquidate the rewards from the campaign. They also save on transaction fees, don't need to send tokens from wallet to exchange.
What do you think about this? Will this new token distribution method be applied more by bounty managers in the future? And is there a more efficient and plausible approach that we can propose or apply?
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This is a good idea considering the cost of commissions. But here, too, there are some nuances. For example, not many people want to wait that long. I think it's better that way than waiting and not waiting for anything. And it should also be noted that the exchange may not always be available in some countries of the world.
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I think its a good idea. Though I don't understand the part you said the transaction fees are reduced. Isn't it the same amount of gas used to send to each private wallet that is used here to send to exchange wallet?
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I still remember Safepal and AMepay doing things like that to distribute tokens to accounts/applications in wallets that are already connected to send tokens, I think I only saw this done in the airdrop.
The Latoken exchange also does the same thing by sending a number of tokens through the accounts on the exchanges they have registered. If BM does something like that, it looks like the KYC requirements will apply in the future, if that happens then fewer users will join the bounty program.
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I think its a good idea. Though I don't understand the part you said the transaction fees are reduced. Isn't it the same amount of gas used to send to each private wallet that is used here to send to exchange wallet?
As I understand, if the project links to the exchange and asks the exchange to help transfer a large amount of tokens from the exchange's wallet to the user's wallet on that exchange, the project will save onchain transaction fees from the project wallet to hunter's wallet, since the exchange's internal transaction costs are zero.
However, there is an issue that a member mentioned: sometimes some exchanges are blocked in some countries, so the project also needs another way to distribute tokens to those hunters.
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As much as this sounds good to hear but unfortunately many projects owners will never agree to this because they never had the full intention to pay hunters what is due to them, they are just being unfair to hunters who support and promote their project.
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This is a very good idea cus I've had a little experience with this a few days ago where I did an internal transfer of erc20 token to a friend account on the same exchange I was transferring from, and to my greatest surprise, the transaction was absolutely free of charge, I mean a dime was not token from my account as fees, so this is why I think this is a good idea but on the other hand, I think project managers will find it difficult to implement cus this will definitely lead to price of the coin dumping really hard, most especially if the project isn't a strong one and if it's only listed on maybe just one exchange, many hunters would sell as soon as they receive their coin or token and this can lead to many sellers and little to no buyers if the exchange in question doesn't have good liquidity.
But in all, it's a good idea
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I don't really understand the mechanism of the new method of token distribution you stated above. However, as long as it is applicable and leads to a good solution, I support what Sofico Bounty Manager did, other bounty managers probably follow it as it can be more effective to do. I know, the transaction fees become one of the biggest problems in token distribution nowadays. If there is a new method to deal with it, it will be very appreciated.
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Whatever the payment method used by the Bounty Manager at this time, the most important thing is that the token has a value and is already registered on the exchange, even if it is sent to a personal wallet, it doesn't matter. Sending Bounty tokens directly to an exchange wallet does have an advantage because it can reduce further delivery costs, but if the token is listed on another exchange, the shipping costs usually become more expensive.
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Because each existing bounty program allocates a number of tokens to pay for bounty hunters, the payment method using a wallet still seems to be my choice.
ethereum high gas fees make the project developers postpone payments by waiting for lower gas fees, if the team doesn't want to lose money just for gas fees, I think they can send tokens with stable coins.
I mean, Bounty manager can send stablecoins at the same price as the price on the exchange
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The challenge posed by the hefty transaction fees especially in the Ethereum network is pushing many to think of ways to avoid paying those incredible fees. There will always be good solutions just like the one mentioned above - direct to the exchange where the project has an approved agreement already. Otherwise, the best thing to do is never to be under the Ethereum platform and this is also what many are doing as we already have many good alternatives on the market.
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Its not a bad idea to pay on exchange directly to the hunters Account even team can save quite a good amount of transaction fee and that can be used in marketing the project. I also do participate in Sofico bounties and I trust sofico bounties currently they have started to ask hunters to create an account on the exchange to receive the coins. I also believe many others bounty managers will also follow the same way that can save the transaction cost of the project.
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Its not a bad idea to pay on exchange directly to the hunters Account
It is a great idea and it should be very helpful for the bounty hunters. Bounty hunters can minimize the transaction fees from the private wallets to exchange wallets. I really hope this can be applied to all bounty managers. We need something new to simplify the transaction, so the bounty hunters no need to spend fees for transactions anymore. They can directly trade the token rewards to the exchanges.
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This is a good option, but the downside may be that some exchanges have introduced a mandatory KYC and some exchanges impose restrictions on registration from some countries.
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I think that method of payment distribution can be better if the project is going to list it's project in that exchange through the IEO instead of going through the process of reducing bounty Hunters reward because of gas fees, using exchange wallet could be somehow better in sending hunters there bounty reward.
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This method has its drawbacks as well. I think not everyone will agree to immediately register on a certain exchange and be verified there with identification. In addition, not everyone wants to immediately sell or exchange the received tokens, and this method directly pushes for this, since it is not recommended to keep tokens on the exchange for a long time.
Moreover, there is no particular need for this. Ethereum transaction fees should bounce back soon after the introduction of the London hard fork on August 4th.
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I think this is a better way of paying the bounty hunters because both will save gas/transaction fees (If the ICO uses ETH platform) and the ICO will also benefit from an exchange like the listing benefits. The only disadvantage that I could see is that some hunters could not choose their desired exchanges (especially if the certain ICO will list their tokens to several exchanges) because of the saved transaction fees and some exchanges might be ban in other countries.
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Perhaps when the London update is launched, gas will no longer be an issue for Ethereum users, but many hunters do not have ETH in their personal wallets to transfer tokens to the exchange. I still prefer to receive tokens on the exchange, I can liquidate them as soon as necessary.
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Never seen project sending bounty rewards directly to exchange addresses.
And I dont believe bounty hunter is not able to keep 20$ worth Ethereum on erc20 wallet just to transfer bounty rewards. It is silly not to keep such amount. This will allow to be first to transfer reward to exchange and sell it.
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Never seen project sending bounty rewards directly to exchange addresses.
And I dont believe bounty hunter is not able to keep 20$ worth Ethereum on erc20 wallet just to transfer bounty rewards. It is silly not to keep such amount. This will allow to be first to transfer reward to exchange and sell it.
it's a strange thing to do that, because it's impossible to do. because it could result in the loss of coins that were sent directly to the exchange address, because it could be that the coins obtained did not trade there.
all bounty hunters can be sure to keep some coins that are often used for gas costs and usually will do that to avoid being late for execution to quickly sell them.
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We often find out this codnition, waiting for the bounty distributions for months and finaly we don't get the rewrads because they are scammers, shit projects,
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In my opinion, they will take advantage the condition to save a lot of money than spending on transaction fees. Managers will do things they think the most appropriate in order to save funds, avoid the massive dump, and the good for both parties.
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it could be a good idea, a solution to reduce the fees, but sometimes it can take a long time before the tokens of an ico reach, are listed on an exchange, however I prefer the bounty with weekly payments in btc or eth, but seen that are scarce for now, even those that pay in tokens on the bsc blockchain are fine, then at the end 1 $ of fee is not so much compared with the eth fees
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In my opinion, the most standard bounty distribution for the rewards should be no more than one month. one month of waiting is a very long time, moreover, we have worked for certain weeks and waiting for a longer time than the bounty itself, I really hate about this where they always wait8ng for the announcement of certain bounty to distribute and the token as soon as possible
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it could be a good idea, a solution to reduce the fees, but sometimes it can take a long time before the tokens of an ico reach, are listed on an exchange, however I prefer the bounty with weekly payments in btc or eth, but seen that are scarce for now, even those that pay in tokens on the bsc blockchain are fine, then at the end 1 $ of fee is not so much compared with the eth fees
Aiming for bounties with weekly payment in Btc and Eth. Not impossible to land it here as AltcoinsTalks progress every another year. Btc or Eth payment is secure. Worth to hold for a long time.
Almost bounties now are using BSC wallet but the problem is after the campaign, Payment will be sent after 3 or 5 months which so long. Actually, hunters are not sure if they will have a profitable payment or another waste of time. Of course it depends to the manager and the team working behind the scene.