Polkadot's "anti-scam bounty": encourages its users to fight scams

    Tanya Sharma
    Tanya Sharma
    Published on November 25, 2022 4:50 PM

    Updated on January 10, 2023 2:20 PM

    Polkadot, a blockchain-connecting protocol, stated that it consistently pays community members with bounties paid in USDC.
    Polkadot's "anti-scam bounty": encourages its users to fight scams
    Source: Unsplash

    Source: PolkaDot Network

    To keep participants motivated and allow for better financial planning, Polkadot changed the denomination of the incentives from DOT to USD in June. As a result, the incentives in DOT have significantly increased.

    Polkadot coming up with its unique concept 

    Polkadot is software that aims to reward a global network of computers for maintaining a blockchain to enable users to establish and operate their blockchains.

    Polkadot supports many blockchain applications, but it is perhaps best known for DOT, the network's native currency.

    Because the Polkadot blockchain is open-source, everyone in the community has access to the platform's source code and can contribute. Polkadot is a multi-chain, heterogeneous, scalable solution in a nutshell.

    Among all the potential Ethereum challengers, Polkadot is one that the community and investors have taken seriously. Its unique concept of unified parachains expands options for consumers and developers in the upcoming Web3 world.

    Polkadot is trying to grasp on worst market phase

    A broader look at the market suggests that Polkadot bears need help to grasp the current trend. The cryptocurrency market is in its worst period.

    In the previous three weeks, Polkadot entered the high liquidity zone near the Point of Control (POC, red) in the $6.3 region.

    In the current market climate, some triggers could cause a wild movement. Polkadot's pricing would suffer as a result in the coming days.

    Related: DAOs and Dapps are now improvised by Polkadot and Dotsama

    Polkadot's attempt in combating scams

    Crypto scams can take numerous forms, such as giveaway scams, seed stealers, bogus service agents, and social media groups, and scammers are constantly inventing new ways to deceive their victims. Polkadot has unveiled its latest attempt to assist its ecosystem in combating scams.

    According to the organization, relying on security-conscious members of its community to combat scams has proven to be an efficient technique for protecting its ecosystem.

    Polkadot routinely compensates its community members with bounties paid in USD coins to incentivize them to continue doing the work.

    Polkadot's curated team to look after scam sites

    Polkadot revealed that its bounty is currently maintained by the general curators, who are presently three community members and two members of the W3F Anti-Scam department.

    However, Polkadot expects the bounty to be someday administered entirely by the community.

    Community members are entrusted with detecting and removing scam sites, false social media profiles, and phishing apps as part of the community-led anti-scam program and protecting its Discord servers from raids.

    Furthermore, the community will develop teaching materials for users and an Anti-Scam Dashboard that will serve as the focal focus for all anti-scam initiatives in its ecosystem.

    Polkadot and Kusama

    Polkadot appears to be making the required improvements to its ecology. Polkadot reached an all-time high in development activity on October 17. According to project developers, Polkadot and its para-chain startup network Kusama now have 66 blockchains online.

    Over 140,000 messages have been sent between chains over 135 messaging channels since its debut.

    The Polkadot and Kusama treasuries have collectively paid out 9.6 million Polkadot and 346,700 Kusama ($72.8 million total) to finance ecosystem spending initiatives.