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What You Need to Know About Crypto Bounties

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There are many terms crypto newbies will need to familiarise themselves with and one of such terms is ‘Bounty’. What really are bounties and what do they do in the cryptocurrency space? That is what we would be looking at today. The first thing that comes to mind when you hear the term ‘Bounty’ is a bounty hunter from an Wild Wild West movie. However, in the crypto world you are not hunting criminals to get bounties. Bounties refer to tasks or projects created by coin developers, at the completion of each task, you receive a reward in coin form. Most often, these tasks are not too complicated and are necessary for the success of the coin in question. A bounty program is an offer blockchain startups make to   reward their users for performing various tasks to promote and improve their product.

Types of Bounties

There are different types of bounties you can participate in. The most popular ones include the following.

Forum Signature Bounties: This sort of bounty require little effort from bounty hunters and that makes them very popular. All the bounty hunter need is to belong to a crypto forum like BitcoinTalk which has the largest crypto membership. The forum attaches a code to its the forum user’s account this results in a little advertisement or message promoting the project automatically posted at the end of every forum post.

Video bounties: Bounty hunters are required to create video content and share them on video sharing platforms such as  YouTube. Videos of high quality, original or creative content and videos that get a lot of views are highly rewarded by bounty programs.

Content Creation Bounties:

Some bounty programs require you curate contents. These written contents are posted on blogging platforms such as Steemit, Medium or Newbium or even on BitcoinTalk.

Translation bounties:

Very rarely, ICOs or crypto projects may need multilingual bounty hunters to translate materials into two or three languages. To get access to the bounty, Bounty hunters must be able to communicate in the native language and translate documents such as white papers ,websites, roadmaps, announcement posts and press releases.

Social Media Bounties:
This is the most popular and most sought-after form of bounty. Almost everyone has a social media account so, ICOs reward users for performing tasks such as getting the word out to the large population on social media. Tasks are usually as simple as reTweeting posts, displaying hashtags of the project  For Twitter, users are usually required only to reTweet posts, or display hashtags in their Tweets or just liking the page.

 

 

What do you think about bounty hunting? Share your opinion with us in the comment section below.
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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Cryptocurrency

All You Need to Know About Airdrops

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Everybody likes free things, although we are usually suspicious of them. This is because we have been used to thinking that free things serve as a bait to hook you on to something else. So, people would usually shy away from free things particularly free money. But in the cryptocurrency world, there is actually free money and it is referred to as ‘Airdrop’

What is Airdrop

Airdrops refers to a process whereby a  cryptocurrency enterprise distributes its  tokens to a user’s wallet, completely free of charge. Usually, airdrops are done by start-ups, although, established companies or platforms can do them as well. The airdropped coins usually are fairly low in value or used within the ecosystem of a particular platform, but they definitely have the potential to grow. Airdrops are like marketing campaigns organised by a cryptocurrency startup to raise awareness about their services or products. That way, they can generate more interest and exposure for their products. As information about the Airdrop and that particular token spreads among the community, raising the awareness, which in turn increases the trading volume of a particular coin when it gets listed on an exchange. There are basically two types of airdrops. The surprise ones and the ones that are announced prior to the time it is airdropped.

Airdrops are different from Initial Coin Offerings. While ICOs involve a private sale where investors purchase tokens in a private sale often followed by a public sale round where small investors purchase tokens. However, airdrops do not involve any purchasing and are just token giveaways.

How to get free coins

Now that we have established that airdrops are just giveaways, you need to know how to participate in one, in these simple steps. First, you sign up for an Airdrop by filling out a form. Next, you give out your wallet’s address for receiving coins, and free tokens land in your wallet at the speculated time.

You can also sign up for online services that provide information about airdrops. These online services will send you an alert when there is an airdrop. Such as   Airdropalert.com or Airdropaddict.com. Also, there are telegram groups and twitter account of coins that announce new airdrops.

Beware of Airdrop Scams

There are many scammer out there ready to take advantage of every situation.  The cryptocurrency industry is not left out. It is still largely unregulated and still growing. For this reason, many scammers set up crypto projects for the purpose of scamming users out of their money. So one has to be very careful.

Some airdrops are setup to hack into the wallets of unsuspecting users thereby stealing their private key. You should ensure that the airdrop is authentic before participating in it. You can also store your crypto in cold storage to prevent them from being stolen.

 

What other thing do you know about airdrops? Share your opinion with us in the comment section below.
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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Sygnia to Launch It’s Cryptocurrency Exchange

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Sygnia, an innovative FinTech company based in South Africa is gearing up to launch its own cryptocurrency exchange platform. The company which provides asset management, stockbroking and administration services, as well as a wide range of savings products, to institutional and retail clients has announced that it will launch its cryptocurrency exchange later this year.

BusinessTech reports that the firm, which currently has R180.6 billion ($14.5 billion) in assets under management (AUM), plans to open the exchange — called SygniaCoin — during the third quarter of this year.

According to the Sygnia CEO, Magda Wierzycka.
We aim to launch SygniaCoin, a cryptocurrency exchange, in the third quarter of 2018,” “The cryptocurrency market is evolving at a rapid pace internationally and domestically, and is attracting both domestic and international flows.”

“With its fintech focus, Sygnia is well-positioned to become the first major financial services institution to embrace cryptocurrencies and to offer investors a secure trading and execution platform backed by an international infrastructure, well-designed custody and integration with standard savings products.”

Sygnia which manages and administers assets on behalf of over 600 domestic and international institutional clients and over 6 000 individual clients is trying to stay ahead of the curve to become a major player in the cryptocurrency and blockchain space here in Africa and beyond. The integrity of these relationships is the core of our business.

Even though the South African government has no policy regarding cryptocurrency, Wierzycka said that the Sygniacoin will base its operational and security policies on the BitLicense framework adopted by the NewYork states department of financial services. with the expectation that the government will establish futuristic guidelines.

A recent survey conducted found that 47 percent of South Africans who have not yet invested in cryptocurrencies plan to do so in the future. Even though the cryptocurrency market is currently seeing a downward trend, the interests and expectations from the cryptocurrency market are on the upward slide.

Whats your opinion about Sygnia’s exchange development? is it coming at the right time? will its framework Bitlicense stand the test of time? Share your opinion with us in the comments section below.
 Image source: pixabay
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Blockchain

Largest Diamond Retailer Joins Blockchain

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The world’s largest retailer of diamond jewellery, Signet jewellers has joined Tracr, the diamond program being developed by South African gem juggernaut, De Beers Group.

Signet is part of a growing chorus of industry giants that are part of the Tracr pilot program, which will track each diamond that gets mined on a shared distributed ledger. This blockchain project is a measure that ensures that gems are not illegally mined by slaves in the war-stricken zones thereby providing comprehensive prove mine-to-customer records.

TRACEABILITY

The benefit of using the blockchain technology is to ensure that there are not illicit activity along the way. From the mining to processing and finally sales process. Tracr would ensure there’s no theft or illicit substitution along the way, so the end user is assured of their diamond’s authenticity and quality. Its a first of its kind being employed to track each diamond from mine to retail digitally.

Tracr is focused on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility,” De Beers CEO Bruce Cleaver remarked in a statement.

Virginia Drosos, the CEO of Signet, agreed: “Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr.”

The adoption of the blockchain technology is not only in the area of diamond mining but also Walmart recently filed a patent for a blockchain-based digital marketplace. Walmart’s system would track the products that stores sell to a particular customer.

Similarly, in an article published by cryptotvplus, major banks in Southeastern Asia recently completed a cross-border transfer of funds from Thailand to Singapore in “a matter of seconds” using the blockchain technology.

The move from the regular system of operation to a distributed ledger is fast increasing because of the convenience of use.

This is why the worlds financial players like the Rockefeller Family is investing in blockchain technology and startups through its venture-capital arm. David Pakman, a Venrock partner, said the fund is less concerned about turning short-term profits than in making long-term investments in blockchain and the cryptocurrency industry. “There are a lot of cryptocurrency hedge funds,” Pakman said. “This is different.”

 

 

Do you believe the blockchain technology should be adopted by the available existing systems? Share your opinion with us in the comment section below.

 

Image credit: timessquare.com.hk
Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Banks Collaborate Using Blockchain Technology

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Cryptocurrency and blockchain technology has been an avenue for individuals, organizations and corporations to make money, create value and reduce the cost of carrying out transactions. Banks have not welcomed the idea as it seems to threaten their very existence. The technology which at a glance seems to eliminate them as middlemen and connect the buyers with their sellers directly is eventually tending towards that direction.

However, some banks don’t share the same sentiments and have begun to make effort to find ways to collaborate with the technology to drive economic growth and provide value to its customers.

Such is the case of some Banks in Thailand, collaborating together to achieve a successful blockchain-powered cross-border funds transfer from its country to Singapore. The effort which involved various multinationals including Japanese Mitsubishi Corporation, independent group company and Japan’s largest bank MUFG – which operates independently, and Singapore-based banking giant Standard Chartered.

Thailands bank of Ayudhya revealed in an announcement, the successful pilot testing regarding international remittance from a local bank account to a Standard Charted account in Singapore using its own Blockchain. It was stated that the transaction was made possible with the blockchain technology. In  the statement, Krungsri head of digital banking and innovation Thakorn Piyapan said:

“[T]he technology-based transaction helps enhance their subsidiaries’ financial liquidity toward greater flexibility and efficiency.”

The transaction was conducted under the guidelines of the Bank of Thailand’s regulatory sandbox, thereby putting them in the clear of violating any regulations. Krungsri, a wholly-owned subsidiary of MUFG, is the latest Thai bank to successfully try blockchain technology for remittance ahead of adoption.

Nearly a year ago, Thailand’s Siam Commercial Bank (SCB) collaborated with Japan’s SBI Remit to launch a retail remittance bank service powered by Ripple’s blockchain tech. With nearly 50,000 Thai nationals living and working in Japan, the remittance corridor between the two countries sees approximately $250 million in transfers each year.

This achievement is a big foot and a boost in the propagation of the gospel of blockchain and cryptocurrency around the world. Foretelling the widespread adoption of this technology by banks. This foot is expected to repeat itself again

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