Nick Chong · 3 days ago · 2 min read · Insights via Grayscale Investments
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Binance Academy announced a bounty program that will reward individuals for submitting terms to be included in a crypto glossary. The program is part of a broader project aimed at providing free and impartial educational materials on cryptocurrencies and blockchain.
The Bounty Program in Detail
The two-week program was announced on 14th Mar. and is scheduled to end on 28th Mar. at 00:00 UTC. During this period, contributors can submit 200-500 word entries using Google Forms. In return, Binance Academy will reserve the right to copyright glossary entries that are approved. Other requirements include author details, a list of references, and a format in which submissions have to be made.
— Binance Academy (@BinanceAcademy) March 14, 2019
Every accepted submission will earn a reward of 2 Binance Coins (BNB) and there will also be additional rewards for the top 5 contributors. The overall best contributor will walk away with 10 BNB while the second and fifth best contributors will receive 5 BNB each. According to the statement from Binance, all bounty winners will receive their BNB tokens by Apr. 18th.
What Binance Academy Seeks to Achieve
Binance Academy, the educational division of the Binance cryptocurrency exchange, was launched with the aim of promoting blockchain and cryptocurrency education through the provision of “accurate, unbiased and free” learning materials on cryptocurrency related topics. The initiative already boasts materials on topics grouped under themes such as blockchain fundamentals, coins and tokens, and security.
Binance is well-known for using programs and competitions to incentivize participation in the cryptocurrency community. For instance, the community coin of the month vote led to the listing of coins voted for by community members. This provided insight into the cryptocurrency projects that had active users and brought such projects to the fore. Similarly, the Binance Dexathon coding competition in 2018 gave out $1 million to the developers that built the best version of the Binance Dex.
In the same vein, the glossary submission bounty engenders participation in the crypto community by rewarding experts and enthusiasts for sharing their knowledge. Beyond this, the initiative increases blockchain and cryptocurrency adoption by providing free access to high-quality, accurate learning material.