Polkadot Encourages Community to Fight Scams for Bounty, Details Here

The Polkadot protocol is bidding on its own community members to keep the network away from scammers and bugs. Polkadot has announced its plans of launching a community-driven anti-scam initiative. The aim is to give its community members a say in the governance of the protocol, while also rewarding them in bounties paid in USD Coin for keeping the network scam-free. Launched in May 2020, Polkadot is the brainchild of Ethereum (ETH) co-founder Gavin Wood.

Polkadot assigns its volunteering community members to find and report scam sites, fake social media profiles, and phishing apps. The project also relies on its community to protect its Discord servers against hack attacks.

In order to educate people about the kind of threats looming over the cryptosphere, and ways to prevent falling prey to them, Polkadot will also be creating an Anti-Scam Dashboard to act as the central hub for all anti-scam activities in its ecosystem.

“Decentralising anti-scam efforts and bringing them on-chain is no easy task, mainly because most scam fighting happens in Web2. Bounties allow a portion of the treasury to be earmarked for a specific task. It's controlled by the curators of the bounty, individuals or entities with expertise in the field, to be dispersed according to the purpose of the bounty,” Polkadot said in a Medium post.

Polkadot shared that its bounty is currently managed by the general curators, which for now, consists of three community members, and two people from the W3F Anti-Scam department.

The network aims to keep members motivated to come up with ideas for expanding anti-scam activities to other areas associated with its services.

As of October 17, Polkadot hit an all-time high in development activity. Project developers reported that 66 blockchains are now live on Polkadot and its parachain startup network Kusama, a CoinTelegraph report had said at the time.

It is only natural, that the network is striving to secure its community members amid already volatile market conditions.

Crypto scams, in recent times, have risen hand-and-hand in adoption of digital assets.

In a recent report, Chainalysis claimed that the month of October has been the worst in terms of crypto-related crimes this year. The crypto sector lost over $718 million (roughly Rs. 5,890 crore) owing to such crimes.

A recent report by BanklessTimes has claimed that Americans crypto investors lost over $1 billion (roughly Rs. 8,000 crore) in total to scammers.

Under the circumstances, a number of blockchain networks are enticing protective community members with bounties. For instance, in August, the developers of the Ethereum blockchain quadrupled bug bunty to go as high as $1 million (roughly Rs. 8 crore).