Today the Internet of Services Token (IOST), a top coin with a market cap over $200 million, announced that it will be conducting the largest referral program in the history of cryptocurrency on its newly launched community hub. In details on their official announcement, the coin stated that participants would be able to earn a whopping 600 IOST ($15 USD value) per person successfully referred. When approached for details, a representative of IOST confirmed that more than $1 million USD worth of IOST are eligible as prizes throughout the referral program; with individual prizes for the top referral earners reaching more than $16,000.

While airdrops, bounties and referral programs are common sights for cryptocurrency veterans, it’s not often that established coins conduct programs like this. The only recent example of a similar event was held by Tron and helped play a key role in their move from a top 100 coin to a top 10 coin. That airdrop however is dwarfed in size by the IOST Referral Program. The program is fairly controversial, with several reddit users calling it a tactic for increased market share and visibility. However, many redditors expressed joy on forums that IOST is investing so heavily in building their community and growing brand recognition.

Despite being largely under the radar in the West, IOST has a sterling reputation in China, Korea, and Japan. Last month, IOST was named Best Public Blockchain Technology at the 2018 Global Blockchain Conference in Beijing, with founder Jimmy Zhong also receiving the award of Best Blockchain CEO.

The project is backed by big-name venture capital firms including Sequoia China and Zhenfund, and recently announced a secondary raise of $50 million from venture capital backers to fund Bluehill, a blockchain incubator and accelerator. Since its inception last month, Bluehill has already partnered with seven promising coins, including ContentBox, Certik and Covalent.

It remains to be seen whether the IOST Referral Program will be effective, but for now, interested cryptocurrency enthusiasts should head to the IOST Community Hub to claim their IOST.