Understanding The Difference Between A Social Mining Incentive, Bounty Campaign and Airdrop?

Introduction

Airdrops, bounties and social mining incentives are all a part of the broader category of incentives. They are tools used to incentivize miners, developers, users and anyone else with an interest in your project to take some action. Airdrops, bounties and social mining incentives all have different uses within a token ecosystem. Each is useful for different reasons at different times in the life of your project. In this post, we’ll be going over the differences between these three types of incentives. Let’s get started!

What is a Bounty Campaign?

Let’s start with the first type of incentive we’ll be going over: bounty campaigns. Bounty campaigns are basically just reward systems that you build into your token ecosystem. Bounty campaigns are for those who want to build a project but don’t have the skills or expertise to do so. Bounty campaigns are generally reserved for one specific group of people: miners. There are three types of miners: developers, marketing and bug bounty hunters. Bounty campaigns are useful for attracting the developers who can build the infrastructure of your token ecosystem while also attracting the marketing personnel who can promote your project to the appropriate audiences.

• Examples: Ethereum Bug Bounty Campaigns, Binance Bug Bounty Campaigns, Bitcoin.com Bounty Campaigns and more

What is a Social Mining Incentive?

Social mining is a process where users can earn rewards for their participation on social media platforms.
Social mining incentives are similar to bounty campaigns in that they are used to attract miners to your project. However, social mining incentives generally appeal to a much broader audience than bounty campaigns. Social mining incentives have at their core a coin-for-like system. A social mining incentive will allow a user to earn tokens by liking, commenting and sharing content. As your user base grows, the amount of rewards that they can earn will increase as well. To further grow your token ecosystem, you should create a social mining incentive that will allow users to earn tokens by doing what they already do on social media.

Examples:

• DAOVERSE is DAO Labs' Social Mining platform, incentivizing any interested individual to contribute and build DAO Labs' Social Mining community. https://community.daolabs.com/ &

• Avalanche Hub – https://community.avax.network/

What is an Airdrop?

Next up in our list of incentives is the airdrop. Airdrops are token distribution campaigns that allow you to distribute tokens to a large number of people in a short amount of time. Airdrops are great for quickly distributing tokens to a large number of people, who will then be able to use those tokens in your token ecosystem.
Examples: Looks Rare which offered 60% of Looks to the community & SOS Foundation which also gave 50% of it’s total supply of 100 trillion which later faced a backlash.

KEY ATTRIBUTES TO COMPARE & CONTRAST SOCIAL MINING WITH OTHER INCENTIVE METHODS

1. Token distribution
2. Project
3. Sustainability
4. Incentives

ADVANTAGES OF SOCIAL MINING TO OTHER INCENTIVE METHODS
• It builds a strong crypto community that understands the projects and are rewarded for their commitments unlike Airdrops which targets majorly token distribution as a marketing stunt.
• It is pure community strength and investments which is the absence of Venture Capitalists and Whales which causes pump and dump in major Airdrop and bounty Campaigns.
• It is the first project to introduce the ILO – Initial Labour Offering, whereas Bounty Campaigns were many standing on ICO – Initial Coin Offering alone.

THREATS AND WEAKNESSES OF SOCIAL MINING

• Social Mining is very sustainable and possibly will be open to everyone which means even hackers who are after huge incentive platforms to deprive other community users from benefiting well from the project. This can be harmful to the project.
• Lack of KYC has served as a possible weakness to the ecosystem as it gave an open room for multiple accounts and spammers.
• Other Incentive Methods like Airdrop, giveaway and bounty campaigns used by top organizations that have succeeded built-in a strong community through KYC which I strongly suggest should be implemented in all Social Mining Platforms.

Conclusion
The core difference between these types of incentives is their target audience. Social mining incentives are great for attracting the broader group of users who already like and use social media. It the is best for community building on the core objectives of your project.

Useful Links For New Users and Organizations
DAO Labs: https://www.daolabs.com/
DAOVERSE: https://community.daolabs.com/
Documentation: https://docs.daolabs.com/
Twitter: https://twitter.com/TheDAOLabs
Telegram: https://t.me/DaoLabs