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CATEGORIES

Community Education Security

MATCH ROUND 6

0 DAI

FINAL MATCH

ROUND

7 DAI
3 contributors

Description

{"ops":[{"insert":"Why Community Based Audit"},{"attributes":{"header":1},"insert":"\n"},{"insert":"\nDecentralized blockchains is a great argument to make investors and Dapp users feel safe, but to our disappointment as security auditors we see on a daily basis that we are loosing this great feature.\n\nMany projects centralize their decisions using function accessible only by few administrators with almost unlimited permissions. Audits are expensive and not all projects can afford one, the ones that do will not report to the community issues related with owner privileges. This issues can be solved by making community based audits since allowing the projects to do their own audits will always endup to be in their own favor.\n\nAn audit ordered by the community will:\n\nPoint out any unnecessary permission used by a project, this will help users avoid giving too much power to a centralized project over their assets."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Incentivize projects to avoid such behavior. "},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"If a security issue is found it will be reported to the team while coordinating with them to give enough time to solve the problem, once solved all issues will be reported to the community."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"It will allow project with an active community to get free audits."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Help educate the community about security matters and sensibilize them to the risks."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\nHow the auditors earn incomes in this model"},{"attributes":{"header":1},"insert":"\n"},{"insert":"\nThe same way a PoW coin work, the value of minable coin is consequent to the minors efforts to mine a new block and secure the network. Miners are incentivize to sell at a certain price to keep their business running.\n\nThe miners in this case will be the auditors, after the end of an audit the auditors work will be reviewed by a manager that will approve their submissions quality and approve the audit. Tokens will be minted as a reward to the auditors and managers, token minting will follow a strict monetary policy implemented through smart contracts. \n\nHow to sustain the token price"},{"attributes":{"header":1},"insert":"\n"},{"insert":"\nAuditors and Managers will be incentivized to sell their tokens with a price correlated to the amount of work that they provided, the same way as miners are.\n\nThe community will be able to order audits by buying tokens from the auditors and staking the tokens in an audit pool. Audit pools will be ranked following their total staked amount and executed in sorted order by the auditing teams.\n\nMultiple mechanism can be implemented to sustain the token price, auditors work being the first. Another good example will be a vesting mechanism where the staked tokens in a pool will be released back gradually to the community. Other dapps can be built on top of this platform to provide more utility to the token thus more value, even a derivative market can be implemented since the staked token will be worth a certain value opening a way to new kind of DeFi projects. \n\nTo simply understand this proposal everyone has to keep in mind the analogy between a PoW coin and the work provided in the context of community based audit.\n\nEveryone provide an amount of efforts to keep the model running, and by building a strong community we will be able to incentivize projects to respect users, avoid scam and discover vulnerabilities.\n\nFunding "},{"attributes":{"header":1},"insert":"\n"},{"insert":"\nICO model is most often not suitable for long term growth. This proposal aims to create a real value to the minted supply and especially not overestimate it, every token will be backed by real efforts made by the community, auditors or managers. Providing real work will incentivize to either sustain the token price or token price growth.\n\nThe funding will:\n\nHelp the project to kickstart and build a beta platform on Kovan network."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Hire developers and designer to build a strong ecosystem."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"Bounty funding and audits (since without such platform we are forced to use a conventional audit process )."},{"attributes":{"list":"bullet"},"insert":"\n"},{"insert":"\nTeam"},{"attributes":{"header":1},"insert":"\n"},{"insert":"\nAnyone finding the idea interesting or has an improvement is welcome to contact me on gitcoin chat (username: ridesolo) and why not create an all gitcoin community team :), you can also join the telegram channel "},{"attributes":{"link":"https://t.me/SmartAuditNetwork"},"insert":"https://t.me/SmartAuditNetwork"},{"insert":"\n"}]}

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