Polkadot Hails Anti-Scam Bounty Program with Community, DOT Price Down 4%

UTC by Steve Muchoki · 3 min read
Polkadot Hails Anti-Scam Bounty Program with Community, DOT Price Down 4%
Photo: Depositphotos

Since the Polkadot anti-scam bounty program began, over 14,000 entries have been listed as potential fraudulent sites.

The Polkadot (DOT) ecosystem has applauded its anti-scam bounty program geared towards developing a safer network for all. Dubbed Child Bounties, the Polkadot anti-scam bounty program has been incentivizing community members for every fraudulent site formerly reported. The proposal noted that all scam bounty rewards have been denominated in USD, with a price per DOT set at $20.

Polkadot Offers Anti-Scam Bounty Program

The Polkadot anti-scam program calculates rewards based on the 7-day EMA on the first of each month or whenever each bounty is rewarded. However, the program managers noted several thresholds to be met by those willing to participate. At the top list, individuals who wish to join the Polkadot anti-scam bounty program must be either moderators in any of the official social media channels or ambassadors.

However, the proposal has noted that exceptions will be given to special considerations, including active community members with proven records.

The proposal has noted that companies that wish to join the anti-scam bounty program must specialize in fields appropriate for each task. Whereby all the participants must have an on-chain identity for at least seven days before entering the program.

“Since the bounty started in March 2022 and until the end of October 2022, a total of 5524 sites have been submitted, with the vast majority of them being taken down in the same or subsequent months. This is an increase of 270% compared to the previous initiative if we compare average monthly submissions,” the company noted.

Polkadot Wants More Trust to Win the Web3 Battle

The increased scams perpetrated by leading companies in the cryptocurrency market have tarnished blockchain reputations. Led by the Terra Luna and FTX fallout, confidence in the cryptocurrency industry has significantly been shuttered. Nonetheless, the Polkadot network has expedited its will to reduce scammers in the industry.

Furthermore, there is a ray of hope for a blockchain project working with its community to fight scams in the industry.

“After establishing the bounty program as a community and witnessing its effectiveness, we now rely solely on them for finding and responding to scam websites,” the company noted.

The company has created a list of identified scamming sites to help community members easily evade fraudulent activities. Since the Polkadot anti-scam bounty program began, over 14,000 entries have been listed as potential fraudulent sites.

The program has made the Polkadot ecosystem safer for more Web3 fanatics. As such, other blockchain projects are likely to kickstart similar projects to free the industry from regular scams.

According to our latest crypto price oracles, Polkadot (DOT) traded around $5.3 on Friday, down approximately 4 percent. The DOT market has a market capitalization of approximately $6.1 billion and a 24-hour trading volume of around $196 million.

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Steve Muchoki

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