Although the development and launch of new Web3 products is exciting, errors that arise during this process both negatively affect the user experience and can damage the reliability of the ecosystem. At this point, 1inch DAO (Decentralized Autonomous Organization) comes to the fore with a prominent solution proposal. The 1IP-56 offering, available on the 1inch management platform, aims to create a bug bounty platform that aims to leverage the power of the crypto community.

According to the 1IP-56 proposal, this yet-to-be-named platform will be developed by a Russian coding team called xcrwd. Although its exact identity is not clear, the xcrwd team is claimed to be comprised of talented developers. The main purpose of the platform is to enable the crypto community to come together and hunt for bugs in the beta phase of Web3 products. In this way, it is aimed to detect and correct potential errors early. Thus, it is aimed to improve the user experience by launching Web3 products in a more stable and error-free manner.

1inch is the first product to be listed on this bug bounty platform. This shows 1inch’s commitment to its community as well as its desire to test the platform’s functionality. Community members will be able to contribute to the functioning of the platform by conducting bug research on 1inch’s different products. In exchange for detailed reporting of the errors found, community members will be rewarded with crypto currencies. Thanks to this incentive system, the development of Web3 products will be accelerated and community members will be actively involved in the process.

The xcrwd team requests a budget of $150,000 for project needs such as development of the platform, community management, smart contract integration. Approximately $20,000 of this budget is allocated for rewards to community members who actively contribute to the development of the platform. The remaining part of the proposal will be spent on technical developments such as the background, front-end and design of the platform.

However, the information on the LinkedIn profile of Danya, the founder of the xcrwd team, that he works as a quality control (QA) specialist at 1inch Labs, has not yet been confirmed by 1inch. This has raised some concerns about transparency in the community. Voting on the 1inch management platform will end on June 15.

As of press time, the 1IP-56 proposal has overwhelming support from the 1inch community. The snapshot shows approximately 99.4% support for the proposal and 0.58% opposition. This reveals that the community wants to play an active role in the development of Web3 and is keen on the idea of ​​a bug bounty platform.

If the proposal is accepted, the xcrwd team aims to complete development of the platform during 2024. With the launch of the platform, Web3 developers will be able to perform a comprehensive error analysis by offering beta versions of their products to the community. Community members will be rewarded with cryptocurrencies through bug hunting and reporting, and will be able to contribute to the development of the Web3 ecosystem. In this way, Web3 can become more powerful, reliable and user-friendly.