Many Nigerians interested in cryptocurrencies may have heard about the name Inknation or Pinkoin from family or friends. Many are curious about this platform which promises universal income for holders. We will be having a comprehensive review about Inknation and exploring whether it is a legit platform or a Scam.
What Is Inksnation?
Amos Sewanu Omotade Sparks founded Inksnation. It is a financial empowerment scheme that promises to eradicate poverty worldwide within a year with its blockchain known as Inksledger. The organization is a DAO (Decentralized Autonomous Organization) and has its headquarters in Lagos state, Nigeria. The cryptocurrency offered by the inksnation is called Pinkoin.
The Inksnations Blockchain: Inksledger
The inksledger is the blockchain of Pinkoin. This blockchain is not built upon any other existing blockchain technology. The blockchain plans to use a mechanism of consensus know as proof of love instead of the commonly known proof of work mechanism.
Is Inksnation (Pinkcoin) A Scam?
Yes, inksnation is a scam. It does not follow the characteristics of a typical cryptocurrency project. It is neither decentralized, trustless, immutable, and transparent.
The Security and Exchange Commission has warned people against investing with Inksnation because it is not registered or regulated by the commission.
Reasons Why Inksnation Is Not Legit
- For those familiar with cryptocurrencies, you will know that the level of demand and supply determines the value of a cryptocurrency. The native cryptocurrency of Inksnation known as the Pinkcoin (PKN). Pinkoin is not available on any known cryptocurrency exchange meaning the crypto is untradeable. This is why it is a mystery how 1 PKN (Pinkoin) is worth over $500 as they claim.
- Also, the platform claims to offer a form of a debit card called Pinkard, which they claim can be used to withdraw and carry out transactions anywhere. Still, this card is not issued by any financial card company and is just printed in the form of an ID card, making it practically useless.
- The platform’s deadline for the beginning of their poverty eradication project was in the August of 2020. Since then, they have been postponing the date from August to November 12 and now to 2021 without any tangible reason.
- Inksnation claims that they want to eradicate poverty from Nigeria, and everybody, including a newborn baby, will be paid a monthly salary of N120,000 by just registering with a minimum of 1000. How is it possible to earn N120,000 monthly with N1000 without doing anything. This makes no financial sense and is similar to how financial scams operate.
- Recently Inknation claimed to have made an upgrade to the website and requested their users to verify their account by inputting their BVN and paying a sum of around N200 using their debit cards. The platform claimed that the money will be refunded after updating. However, there is no evidence that those that paid the money requested were refunded.
Like we earlier said, the SEC has already issued a warning stating the following “The general public is hereby warned that any person dealing with the said entity and others in the same business in any manner whatsoever does so at his/her own risk.”
Inknation has been able to play on the lack of knowledge of thousands about cryptocurrencies. It is clearly a scam and has no elements of popular cryptocurrencies like Bitcoin, Ethereum, and Tron. It is therefore risky for anyone to invest their money in this scheme. There is a general saying that business is all about taking risks. However, it is essential to take sensible risks and do adequate research about fraudulent platforms like Inknation.
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