ICO Analysis: Bounty Angels

ICO bounty programs are popular among investors and blockchain startups alike. They give opportunistic cryptocurrency investors a way to earn tokens for promoting a project and they give companies a way to market their project.

Bounty Angels is looking to automate the process, matching who the company describes as “blockchain entrepreneurs,” or bounty hunters, with ICO founders. Bounty programs are marketing campaigns launched by companies in which bounty hunters can earn tokens for touting the upcoming ICO. It solves a problem for a new startup that might not have the marketing muscle or the capital to gain the global exposure they need for a successful launch.

Bounty hunters, however, face many hurdles in identifying relevant projects to promote, in some cases being overlooked for a lack of a track record, for instance. ICO founders also face challenges, including engaging with bounty hunters who break the rules.

Bounty Angels is offering a solution, one that automates and streamlines the bounty process for both sides. Bounty hunters generate a performance history and that data is then shared with ICO founders on the Bounty Angels platform. For the bounty hunters, they won’t have to worry about engaging with a worthless or scam project, as Bounty Angels vets all of the ICOs that are on its platform. There is an alpha version of the platform available today, according to the company’s blog, though when we clicked on the link it appeared to be down for maintenance.

Artificial intelligence appears to be part of the long-term plan, as evidenced by the white paper that states: “Automated technologies when coupled with the expertise of professionals and, going forward, artificial intelligence, will allow [us] to create an all-new image of Bounty programs.” The team admits it is an ambitious goal, one that involves “launching our service around the world … to attract the highest possible number of customers and Bounty Hunters.”

The project is powered by the BANG token, which bounty hunters have the option to accept as a reward for their marketing efforts. Bounty hunters can also choose to accept free tokens from the project they’re promoting.

Token

The Bounty Angels  BANG token will be issued in the ICO. BANG is designed to fuel the project’s ecosystem including payment to bounty hunters and can also be exchanged among token holders. The company maintains that the BANG token cannot be deemed a security or any other financial instrument.

 

Source: Bounty Angels

There is also a bonus program.

Source: Bounty Angels White Paper

Team

Anatoly Krasovsky is at the helm of Bounty Angels. He’s also a project manager at NEWSBTC, according to his LinkedIn profile. The company’s CTO, Andrew Tar, is also a journalist.

Verdict

The Bounty Angels ICO has the potential to catch on like wildfire among ICO investors. It’s an engine to connect bounty hunters with the best blockchain projects that are looking for marketing. While the project displays tremendous promise, it doesn’t appear to have advanced enough from the concept stage, as evidenced by its dependence on the ICO funds to both develop the platform and hire developer talent. Once these pillars are in place, there could be no stopping Bounty Angels.

Risks

  • The company is still hiring developer talent for the creation of  “complex smart content that will
    make it possible to automate distributions.” The fact that the developer talent is not yet in-house exacerbates the risk for investors as it could lead to delays in the building out of the ecosystem until the team is a well-oiled machine. Not to mention if the fundraising efforts fall short and prevent them from hiring top talent. (-3)
  • There doesn’t appear to be a mention of mobile anywhere in the white paper. While this doesn’t necessarily mean that an iOS and Android app isn’t on the horizon, it may be far down the roadmap if it didn’t warrant a mention. (-1)
  • Bounty Angels is not the only rodeo. They allude to a competing project, Bounty0x. (-1)

Growth Opportunity

  • Research suggests that there’s a direct link between bounty programs and ICO tallies. The larger the bounty campaign, the higher the amount that the ICO ultimately raises, suggesting that the engagement of bounty hunters pays off. According to Element Group, which performed the research, “[A] $1 increase in bounty campaign volume predicts between an $8 and $15 increase in the final amount raised.” This should incentivize ICO founders to participate in bounty programs and potentially join the Bounty Angels platform. (+3)
  • Artificial intelligence is a key technology that could propel the platform beyond the competition, especially if said competition isn’t automating their process yet. While it’s unclear when AI would be implemented, it does appear to be on the roadmap. (+3)
  • According to the website, Bounty Angels has received a good amount of media attention, which may have something to do with the fact that its management team doubles as journalists. This is a plus for the project and its upcoming ICO. Also, if the adage ‘you get what you pay for is true,’ that’s a plus for Bounty Angels as it’s a paid platform. (+2.5)
  • What the company describes as “intensive work” on the project hasn’t even begun yet. While we could view this as a risk or reward, we decided to count it as a plus, as it explains why so much has yet to be done. It also reminds us that Bounty Angels has yet to reach its full potential of where the project can be when it is in full-throttle. The beta version is scheduled for January 2019.  (+3)

Disposition

We come to a score of 6.5 for the Bounty Angels ICO. Keep in mind we will plan to revisit this project once it kicks into high gear.

Investment Details

  • Token Type: ERC20
  • Platform: Ethereum
  • Symbol: BANG
  • Pre-ICO: Sept. 3, 2018 – Oct. 3, 2018
  • Public Crowdsale: November – December 2018
  • Token Supply: 20 million
  • Tokens Available for Sale: 14 million across the pre-ICO and ICO
  • Soft Cap: Pre-ICO = $100,000
  • Hard Cap: Pre-ICO = $500,000; ICO = $3.5 million
  • Token Price: to be announced
  • Payment Methods: to be announced

Featured image courtesy of Shutterstock.

Author:
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.