When Bismuth launched in early 2017, it entered the industry with a new, original codebase developed in Python. Not a single dollar of capital was raised, and till this day it remains that way. At the time, competing projects without a single line of original code were easily raising millions of dollars- which enabled them to ludicrously spend their vast reserves on paid articles, advertisement slots, extreme social marketing, and perhaps biggest of them all: exchange listing fees.
The carefree and enormous spending of such projects completely raised the bar in terms of service costs in this industry- for example, exchange listing fees multiplied nearly hundred-fold, with some large exchanges charging over a million dollars for a listing during the height of the rally. Although many crowdfunded projects had no problem covering the incredulous listing costs, this left the few original unfunded projects unable to gain a place on such platforms with huge audiences. Bismuth was one of such projects, and till this day relied on its development fund- fully denominated in BIS- to cover bug bounties, community engagement prizes, listing costs on small exchanges, and test-net rewards. The development fund has witnessed very conservative spending over the past couple of years, and the Bismuth Foundation has decided to completely revise the spending strategy by introducing a completely new and radically improved bounty programme.
The new bounty programme will touch on crucial areas that will support the platform’s long term growth- such as new marketing efforts, attracting fresh minds to develop innovations on top of Bismuth, on-boarding professionals to help with our areas of slowest development, hackathons, and much, much more. The Bismuth Foundation will retain its conservative, smart spending strategy throughout the entire revised bounty schedule, to avoid unnecessary wastage of funds. The new bounty programme will be one of the many crucial steps in attracting new developers, users, and investors to the Bismuth platform. In an industry where many projects have no substance but only capital for outreach expenditures, Bismuth has always been a project of incredible substance and originality- and unlike before, now has a schedule to intelligently introduce our first round of efforts in marketing and outreach, through the new bounty programme.
Regards,
The Bismuth Foundation
