Proposal: Set up an Accumulating Bug Bounty Reward with a goal of Reaching $5 Million

in steemit •  3 years ago  (edited)

I would like to set forth a proposal that we pick a very prominent & invested member of the community (most preferably @dantheman or @ned but @berniesanders @stellabelle @cryptoctopus @smooth @tombstone @itsascam @arhag @abit @rainman @pharesim @blackjack @ash @cass - any of the top 40 would probably do - @dan and @ned would also have the keys and the account would be monitored)

They would open and manage a new account for the community ( @bugbounty let's say) and put up a very basic weekly or twice-weekly bug bounty accumulation reward post, of which it is agreed upon that all the whales would continuously up vote (obviously many others would then vote to get curation rewards as well) - with All money stored as the bug bounty fund.

  • I do recall reading something about money being set aside for a bug bounties but a quick search didn't find it and I don't recall the amount but that could be just added to the pool basically.

Goal
This accumulated money will be put towards a bug bounty hunt program with the goal being to amass in the area of $3 - $5 million dollars - not all would be won at once, maybe top prize of $1 million (super critical system flaws) - to be on par with some of the highest bug bounties in the world - really, if the community wanted, we have the resources to make it much higher - and smash the highest in the world - talk about viral marketing.

Major things this could accomplish:

  1. This would give Serious credibility to Steemit (think of how much the price shot on the new of the $1.3mil payout)
  2. It could be very viral from a marketing perspective, I could even see some possible main stream media's coverage "New Social Media Network users pool together FIVE MILLION DOLLARS for bug bounty program"
    Steemit could be marketed as being the most secure cryptocurrency in the world aside from bitcoin - with the money to prove it.
    This would most certainly bring a bunch more eyes from the crypto and security world. That kind of money could attract some serious Heavy Hitters to at the very least come check out the site and white paper. As we all know, once they look into steemit they will migrate their blogs over, bringing their followers as well.
  3. It will give a huge incentive to any black hat hackers that may see flaws in the code but want to try them yet as they're not sure they could actually get the money out,
  4. Lastly I've been watching the markets over the last two weeks and it seems that a large percent of the SBD and Steem being earned from the top posters are not being reinvested or held, but instead immediately sold off which is the big reason we haven't been able to get past that .0045 hurdle again.
    I'm not very gifted at math but my simple math says that if the whales get 20 votes a day this would be using one of their votes - obviously not all of them use all their votes every day but we can estimate it would probably help to keep 1/25th or so of the newly minted SBD and Steem from posts from entering the exchanges.

Let me know what you think.

💖ॐBlessॐ💖

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Absolutely brilliant idea and I hope @ned and @dan (@dantheman) notice this and help make it happen!

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Ty! <3

Great idea dude, a bug hunting we would go!!

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Thank you

Spot on! I've been saying this all a long.

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<3

I tried to find out before about a bug bounty when i found the 6 tag bug.
Never got a reply not even a whisper so im a little skeptical that they would even want one.
https://steemit.com/steemit/@sparkeddev/steemit-bug-to-add-more-then-5-tags