Market Analysis Report (25 Nov 2022)

Polkadot has announced a new initiative to help its ecosystem fight scams. The initiative is set to rely on security-minded individuals within its community, incentivizing them with rewards paid in USDC.

Polkadot shared that its bounty is currently managed by the general curators, which currently consists of three community members and two people from the W3F Anti-Scam department. In the long-term, Polkadot is looking to have the bounty managed exclusively by the community.

As part of the initiative, community members are tasked with finding and taking down scam websites, fake social media profiles, and phishing schemes. The community will also create educational materials for users and an Anti-Scam Dashboard that will act as a central hub for the program.

Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.