SOCIAL MINING AND OTHER CRYPTO INCENTIVE METHODS: COMPARE AND CONTRAST
There are crypto incentive methods available to promote crypto projects prior to the introduction of the decentralized finance (DeFi), the incentive methods include airdrop programs, bounty campaigns, giveaways etc. With the introduction of DeFi comes the introduction of social mining which is superior to others in my personal opinion. Giveaways can come in different shape and form such as airdrop and bounty or even in more competitive mode such as invite contest.
Compare and Contrast
While airdrop requires very little effort for task completion, therefore the expected reward token is little as well but bounty on the other hand requires more effort and more reward is given to bounty hunters compared to airdrop. A giveaway is simply the reward given when a simple task is met.
All of these are marketable tools utilized by different cryptocurrency projects. The success of a project can be duly affected because both bounty and airdrop hunters lack sustainability for the long term goals of a crypto project and this isn’t mutually beneficial to the developers as well. This is a problem that the social mining has come to solve. Ultimately, social mining is also an incentive method that rewards users for building their community through contribution.
Only social mining provides consistent rewards and provides means for constant interaction with the project which facilitates community building, unlike other crypto incentive method like airdrop program or bounty hunting that doesn’t provide consistent reward or enable community building.
Threats and weaknesses of social mining
System abuse is a major issue that is quite common with social mining platforms whereby some users tend to act in a fraudulent manner by creating multiple accounts. This can only be corrected by validators spending genuine time to correct the system from those trying to cheat it.