Home CryptocurrencyAltcoin Polkadot incentivizes its community to fight fraud through an “anti-fraud reward”

Polkadot incentivizes its community to fight fraud through an “anti-fraud reward”

by SuperiorInvest

Polkadot, the protocol that connects blockchains, has announced its latest initiative to help its ecosystem fight fraud.

According to the company, relying on security-minded individuals within its community to combat fraud has proven to be an effective method of protecting its ecosystem. To motivate its community members to keep working, Polkadot consistently rewards them with rewards paid out in USDC.

Polkadot shared that its bounty is currently managed by general curators, which for now consist of three community members and two people from the W3F Anti-Scam department. In the long term, however, Polkadot hopes that the reward will eventually be managed entirely by the community.

As part of a community-led anti-fraud initiative, community members are tasked with finding and removing scam sites, fake social media profiles and phishing apps, as well as protecting their Discord servers from raids. In addition, the community will create educational materials for users as well as an Anti-Scam Dashboard that will act as a central hub for all anti-scam activities in its ecosystem.

Overall, this initiative encourages participating members to come up with ideas for expanding anti-fraud activities to other areas. By decentralizing their anti-fraud efforts, the Web3 Foundation and Parity have moved their decision-making process to the community.

Related: Polkadot co-founder Gavin Wood steps down as CEO of Parity

Polkadot seems to be taking the necessary steps to grow and strengthen its ecosystem. On October 17, Cointelegraph reported this Polkadot has reached an all-time high in development activity. The project’s developers have announced that there are now 66 blockchains active on Polkadot and its Kusama parachain startup network.

Since its inception, chains have exchanged over 140,000 messages through 135 communication channels. The coffers of Polkadot and Kusama together paid out 9.6 million DOT and 346,700 KSM ($72.8 million in total) to fund spending proposals in the ecosystem.

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