It is a Swiss-based blockchain project founded by the Web3 Foundation and has a market value of $6.1 billion. Polkadot (MATIC) altcoin announced its latest initiative to help its ecosystem fight fraud.
Polkadot (MATIC) Management Distributes DOT Reward to Users Reporting Fraud
The company made the official statement of the venture as follows:
“For the past year and a half, a group of employees has been quietly working hard behind the scenes to make the Polkadot ecosystem safer for its users. Unfortunately, fraud is common in our industry and in many cases users have to fend for themselves.
Emerging Polkadot cryptocurrency The threat to its brand is serious, but our concern goes beyond that. We don’t want Polkadot to be an open ecosystem; We want it to be a secure ecosystem where its users don’t have to worry about being scammed all the time, and scammers should think twice before throwing their networks out.”
In addition, Polkadot announced that it will reward users who report formations that pose a fraud threat in its ecosystem. Polkadot will continually reward community members with rewards paid in USDC to encourage them to continue doing this work.
Polkadot shared that the award is currently managed by three community members and two general managers from the W3F Anti-Scam department. However, in the long run, Polkadot hopes that the reward system will eventually be managed solely by the community.
As part of a community-led anti-fraud initiative, community members have been tasked with finding and removing scam sites, fake social media profiles and phishing apps, and protecting Discord servers from raids.
In addition, the community will create an Anti-Scam Dashboard that will serve as a central hub for all anti-fraud activities in its ecosystem, along with educational materials for users.
The DOT altcoin team reported that more than 16,000 DOT rewards have been distributed to users so far.
*Not investment advice.
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