In the wake of Bitconnect's downfall, a new organization has sprung up called Crypto Watchdogs. The goal of the group is to investigate and expose cryptocurrency scams.
The group will allow members to submit evidence on potential scams and reward these individuals with the group's new token, Justice coin (XJC). This “bounty-hunt” program is currently recruiting members for the cost of a $100 non-refundable “donation”. For that members get to participate in these hunts and have direct access to the Crypto Watchdogs team as well as participation in an upcoming token airdrop.
Crypto Watchdogs plans to use these donations to expand their organization and acquire advanced investigation tools such as facial recognition software.
The token program is broken down as follows (as quoted from cryptowatchdogs.org):
The maximum supply of the XJC token will be 100,000,000 XJC, and it will be distributed in the following way:
• 15% will be airdropped equally among contributors who donated for the program
• 15% will be airdropped equally among the founding 200 members that represent the staff of Crypto Watchdogs
• 15% will be available for mining
• 15% for staking
• 40% for the bounty-hunt program as a rewards fund
The XJC token will be both PoW and PoS, and there will be a dedicated wallet to download from the website around the end of March 2018, a few days before the XJC token airdrop.
I feel this is definitely a positive addition to the crypto space. We need a strong organization fighting against the constant influx of scams and Ponzi schemes entering the space. We need some superheroes looking out for the little guy.
As everyone knows, organizations need funding to operate and grow. The non-refundable donation route eliminates the need for an ICO, which opens up participation to the United States and any other country that has strict ICO laws.
The token uses Monero’s protocol – a nice nod to privacy coins which have been getting a lot of attention lately. The group has already eyed two exchanges for trading, Cryptopia and Binance.
Currently the organization is conducting an extensive investigation into Bitconnect and compiling a list of those affected. Check out their website for the latest info on this investigation.
Membership registration is scheduled to end on March 31st, 2018. You can visit their website at cryptowatchdogs.org and follow the group on Twitter and Youtube.
Thanks Stacey, I am going to be working with these guys and I believe they really are white hats and very serious about this mission.
Congratulations @cryptostacey! You received a personal award!
Click here to view your Board
Congratulations @cryptostacey! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!