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Amid the ongoing increase in crypto scams and frauds, various platforms are taking steps to help protect their users. One such platform is Polkadot.

Polkadot has introduced a bounty program that rewards community members for combating scams. Polkadot will pay the bounty in the USDC stablecoin.

Polkadot, one of the top blockchains in the crypto industry, has unveiled a new program to help its community fight scams. The platform stated that depending on security-driven individuals in its community to combat scams has been very effective.

As a result, it decided to devise a way to encourage those safeguarding the network from scams. Hence, the platform developed a bounty system that pays such individuals in USDC.

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Meanwhile, Polkadot noted that general curators are managing its present bounty system. The general curators comprise two initials from the Anti-Scam department of the W3F and three members of the Polkadot community.

However, Polkadot hopes the community will solely manage the whole process. In the community-led anti-scam program, members must locate and take down scam platforms, phishing apps, and fake social media accounts and protect their Discord servers.

In addition, the community will provide educational materials for its members. This will help train them about scam activities and actions to take.

Also, there will be an Anti-Scam Dashboard. This will serve as the central hub for all actions about preventing scams inside its ecosystem.

Polkadot Blockchain Hits New Record 

Generally, the program encourages members to take part. It also pushes them to think of new ideas that may be used to broaden the scope of anti-scam actions.

Furthermore, the Parity and Web3 Foundation have adopted a decentralized approach in their dealings. This ensures that the community is more involved in the decision-making phase about their anti-scam initiatives.

Meanwhile, the Polkadot team is among the blockchain platforms taking steps to grow and strengthen its community. On October 17th, reports stated that the Polkadot network had hit a new ATH in development activity.

According to reports, over 66 blockchains are now hosted on the Polkadot network, including Kusama, Polkadot’s parachain startup network. The Kusama and Polkadot treasuries have collectively paid out over 9.6 million DOT.

Most of these funds were used to fund different operations and developments on the network.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.