Post
Topic
Board Economics
Re: IBOs instead of ICOs?
by
audaciousbeing
on 15/01/2018, 12:20:33 UTC
I read a recent article about something innovative that UCash has been implementing: IBO instead of ICO. You will ask, what is an IBO? Basically, IBO participants “invest their skills and time to earn rewards in the new cryptocurrency”. Contributors to the IBO are given specific tasks that are associated with corresponding amounts of crypto tokens as rewards.

Here is the link to the article that explains it more into details:
https://www.financemagnates.com/cryptocurrency/innovation/forget-icos-initial-bounty-offerings-exchange-skills-crypto-tokens/
https://cointelegraph.com/explained/how-initial-bounty-offering-can-help-the-unbanked-explained

The concept itself is quite original and innovative, or is it a way to escape from regulations?


From what I read, there is no much difference of what is currently available that we have here. In the case of IBO, what it simply means is that instead of hiring a developer to be paid with either fiat or btc, you pay with that coins you are promoting so what you get is human services. But its no different because now, quite a number of ICOs will offer their coins in payment of services received. The campaign managers, the signature advertisers, Facebook and Twitter campaigns, language translators etc. they all get paid using the currency.

What I see here is just an avenue currently developed to make it seems new, but I don't see more developers using that option because

1. A lot of developers wants what they can quickly convert to fiat or btc and pay people as the need arises and

2. A lot of bounty hunters are not even interested in the project rather what they can convert immediately and if a developer is insisting on his own coins, he might not get the required audience.

3. A lot of investors have no specific skills to offer the project just their funds and for them to get returns on investment.