Polkadot community introduces rewards initiative to help eliminate scammers
The Polkadot community is demonstrating its tireless commitment to stamp down on scams and frauds in the Web3 world by incentivizing its members to help them clean up the space.
The initiative began early last year, and has developed to provide a range of “bounties” for members of the network’s community who successfully flag harmful websites and phishing operations.
Web3 Foundation, the entity that nurtures and stewards Polkadot alongside other initiatives, formed a dedicated Anti-Scam department which has devised a method for distributing these bounties through the Polkadot Treasury.
Michalis Fragkiadakis, Anti-Scam Lead at Web3 Foundation, said: “The objective was simple: do what we can to protect users and make Polkadot a safe ecosystem. Simple in theory but tricky to accomplish, especially if you want to stay true to the Web 3.0 ethos and do it in a decentralized way and on-chain.
“Our efforts are not focused solely on taking down scam sites. Participants came up with ideas to utilize all tools at our disposal and expand the anti-scam activities in other areas.