While this is as partially as a result of the youth of the cyptocurrency ecosystem, we are caught in a catch 22, where ICOs need more legitimacy and will never get big without it, while traditional sources of policing will not focus their efforts on scams in our ecosystem unless we get truly big enough to trifle with. The only solution to this particular conundrum would be to cultivate a self-sustaining, community-driven ecosystem where anti-scamming behaviour is actively promoted and rewarded.
Herein lies the ultimate goal of the SCAM Foundation.
At the SCAM Foundation, we have a small group of people working on the problem of eradicating scams. Our Co-founders include Brian, our head of technology, and Eddrick, the head of marketing. Brian is an illustrious computer science graduate from Carnegie Mellon University, with a deep understanding of Solidity, with rich experience in building financial tools. Eddrick, on the other hand, is a seasoned veteran in the ICO ecosystem, helping multitudes of accredited ICOs achieve their crowdfunding targets. We are united by the common desire to stamp out the rampant scamming that occurs particularly in our ecosystem and utilise this as a springboard to bootstrap a global operation against scamming.
Scammers make off with a victim's money. The victim simply has to proceed to the SCAMNetwork platform to post a bounty. The request would be vetted and the bounty automatically escrowed in a smart contract.
Our SCAM Hunters pick the bounty request and proceed to utilise their abilities to hunt down the scammers at large. They provide a Proof of Hunt and identities of the scammers to the SCAMNetwork, which bets the proof and proceeds to post the information on the SCAMNetwork.
Victims can seek justice against their scammers with this proof, allowing them to easily utilise the existing legal system to seek legal redress and financial compensation.